Skip to Content

Enjoy a future filled with the best of today

Life unchanging

Starting out

Under 35 years old

Gearing up

35-55 years of age

Making the most of it

Over 55 years old

The MLC Life unchanging Challenge

At MLC we know that the things that make us happy today are the things that we want to keep into tomorrow.

To get a taste for a possible life in the future, we decided to challenge three Australians to find out how prepared they are. Will they be able to keep the best of today?

Follow Ben and Jodie, Jacinta, and Raman who are armed with a camera, a selfie stick, and a budget that represents the average Australian Super Saving living allowance for their demographic at age 65.

With tolls, taxies, sushi, friends, family and a few unexpected expenses thrown in the mix, will they breeze through their week or will they get a wake-up call to start planning for a future filled with the best bits of today?

"Am I going to be able to keep enjoying the kind of life I enjoy now?"

That’s the central question behind the $587 challenge that MLC set for radio personality and TV host Ben Fordham and his wife – the dollar amount representing the average Australian Super Saving living allowance for a couple in their demographic.

What happens when they need to buy a birthday gift, a round of sushi costs $25 and he can’t get back and forth over the Sydney Harbour Bridge for less than $37?

“It all adds up,” Ben says.

"I'm more than likely going to be eating out for breakfast, lunch and possibly dinner."

With a busy lifestyle, and a passion for hitting the golf range, can Raman succeed in the MLC Life Unchanging Challenge? After mortgage, bills, clothing, medical and transport costs, how far can he make $320 go?

"Could I live on $268 per week?"

That’s the question Jacinta, a single mother of two, asked herself when she undertook the MLC Life Unchanging Challenge.

She documented her week-long journey, sacrificing her usual spends in favour of DIY yoga in the park, homemade cookies baked by her two girls, and more conservative choices at her favourite cafe. At times, even $20 proves “a bit too much”.

“This challenge has taught me about my spending and my saving, and to start thinking about what I want in the future,” Jacinta said.

Find out if they can make it through the week.

Things you should know

 

Based on insights from ABS and ASFA we have used the following assumptions to set the guidelines for Jacinta’s challenge.

  • Female income - $80Kpa+ 9.5% SG contributions
  • Full time worker
  • Super balance :  $61,922 in super balance at age 40
  • Desired retirement age:
    • Female – 67yrs
    • Based on ABS report
    • Life expectancy – 90yrs (ABS)
    • No additional (non-concessional) contributions

Cost of living assumptions made via the calculator here.
 

Based on insights from ABS and ASFA we have used the following assumptions to set the guidelines for Raman's challenge.

  • Male income - $75Kpa+ 9.5% SG contributions
  • Full time worker
  • Super balance :  $43,583 in super balance at age 30
  • Desired retirement age:
    • Male – 67yrs
    • Based on ABS report
    • Life expectancy – 90yrs (ABS)
    • No additional (non-concessional) contributions

Cost of living assumptions made via the calculator here.

 

Based on insights from ABS and ASFA we have used the following assumptions to set the guidelines for Ben’s challenge.

  • Male income - $100Kpa + 9.5% SG contributions
  • Female income - $80Kpa+ 9.5% SG contributions
  • Both full time workers
  • Super balance : Ben  $145,076 in super balance at age 45
  • Jodie: $61,922 in super at age 40
  • Desired retirement age:
    • Male  - 67yrs
    • Female – 67yrs
    • Life expectancy – 90yrs for both genders
    • No additional  contributions

Cost of living assumptions made via the calculator here.

These are assumptions only and not a forecast. Different assumptions would produce different results.

Have you got enough to keep the best of today? MLC can help you be prepared for your future.

Find out more