When I talk to people about the importance of erecting safety nets under their lifestyle I am often countered with “won’t I be able to get Centrelink?”
Centrelink is social security not social comfort nor social choice.
Theoretically social security is to keep you above the poverty line if misfortune strikes. But many who rely on Centrelink may argue they are below the poverty line (e.g. aged pensioners.)
Could you really survive on these amounts?
The current maximum rate of the Disability Support Pension is $644.20 per fortnight for a single person. That’s $16,749 per year.
How are you going to keep food on the table, a roof over your head and meet medical costs on that?
And let’s suppose you not really saving much for eventual retirement. Could you survive on
the current maximum rate of the Age Pension, which for a couple is $1,057 per fortnight (combined)? That’s $27,482 per year.
Erect a safety net
When it comes to the most important things in life there is no substitute for proper prior planning and purposeful action.
The personal impact of misfortune is bad enough without being compounded by financial stress. Take action now to erect a financial safety net to support you if misfortune strikes.