Investment group challenger has analysed the ABS data on superannuation and discovered that for all Australians aged 65 or older the MEDIAN value of their super is....$0.
Yes more than 50% of Australians aged 65+ have no money in super AND the 50% of people above the median have an average of just $119,000.
This is unlikely to be a surprise given the weighting of people who arrived into superannuation late in their working life and the dominance of women who may not have been in the workforce at all. However, again it emphasises that ageing Australians lets say average age 75+ have little cash to live on which impacts their ability to buy into a village and afford the fees that can rise above CPI given the heavy weighting of essential services such as electricity.
