Submission to the Retirement Income Review on behalf of the Fix Pension Poverty Campaign

Summary: The Fix Pension Poverty campaign focuses on the experiences of Age Pension recipients, particularly those with few resources. Adequacy of the Age Pension report highlights the importance of supplementary payments and services for income adequacy. Minor changes to tax concessions could fund measures to positively impact older Australians with limited retirement savings. Policies benefiting higher incomes undermine the targeted welfare system. Inadequacy of Newstart impacts retirement savings, leading to early spending of existing savings. Age-based discrimination affects access to work and impacts retirement savings, particularly for women. Participation rate of older Australians in the workforce is increasing, providing financial assistance and positive impacts on health and wellbeing. Budget standards approach offers a better guide for income adequacy in retirement for those with lower income and savings. Age Pension may be inadequate compared to ASFA's Retirement Standard. Public perception of being fully 'self-funded' in retirement on superannuation savings may impact public support for Age Pension.