centrelink age pension
Structuring your investments, superannuation and personal assets to maximise your entitlement to Age Pension or the Commonwealth Seniors Health Care Card should be part of your retirement planning.
It may mean you can retire sooner than you think!
What is the centrelink age pension?
Age Pension is a benefit available to Australian residents at age 67.
You may be eligible for some Age Pension even if you have not “retired” as the calculations are based on your Income and Assets rather than retirement status.
We will be able to assist you in determining your eligibility and provide estimates on the amount you may receive.
What outcomes are we trying to achieve when looking at the centrelink age pension?
Centrelink Age Pension is often a very important piece of the retirement puzzle.
Receiving Age Pension or a part Age Pension may assist with meeting living expenses.
If some living expenses can be met without spending your retirement savings, this will make your retirement savings last longer, providing you a more comfortable retirement.
questions clients always ask about the age pension
Applying for Age Pension can be confusing. There are income and asset test rules that need to be met and applications that need to be completed. It can be a daunting process for some.
If you are eligible, you are required to update Centrelink as your income and assets change to ensure that you are receiving the correct entitlement. Centrelink Asset and Income limits and entitlements are reviewed on 20 March and 20 September each year, potentially changing your eligibility.
You may also be able to adjust your superannuation and investments to be entitled to a greater amount of Age Pension. This may be valuable to ensure a comfortable retirement.
If you are not entitled to Age Pension you may be eligible for a Concession Card that can assist with some medical costs and perhaps provide additional discounts in your State or Territory.