You will need to pass two forms of assessment before The Age Pension is granted. One is the incomes test, the other the assets test. There is little leeway in reporting income, which is generally wages, salary, dividends or rent as well as income deemed by...
Defining retirement age may seem like a no brainer, but it’s actually a tricky definition. Put simply, there is no such thing as retirement age. Technically you can retire at any age you like, should your circumstances permit. But if you wish to apply for an...
One of the simplest ways of increasing retirement income can also be one of the most difficult. This is because the strategies – maximising entitlements – come with so many complex rules that many retirees are currently underpaid in retirement. And this does...
Centrelink is pursuing overpayments again As we reported in December 2021, Services Australia granted welfare recipients, including Age Pensioners, a debt reprieve until January 2022. The Minister, Linda Reynolds, stated at the time that debt recovery...
It’s easy to become confused when trying to understand how your assets might affect your retirement income. Are they personal assets? Assessable assets? Or deemable assets? There are many ways of defining assets, and there can be a lot at stake if you...
The Australian Age Pension is reviewed, or indexed, twice a year, with payments adjusted on March 20 and September 20. A small increase is usually made to both the Maximum Benefit Rate (base rate of the Age Pension) as well as the Age Pension supplement...
The Age Pension is often thought of as a single payment, but in fact there are two, sometimes three payments that combine to create this fortnightly income stream. These are called supplements and they are a regular extra payment for utility, phone, internet...
Explaining retirement lump sums and how they work is not nearly as simple as it sounds. Yes, there is a straightforward definition from the Australian Tax Office (ATO) – a lump-sum is an amount paid all at once, as opposed to an amount that is divvied up and...
We chatted to one of our customers, Tim Bridge (66-year-old retiree from Glendale NSW) and his wife, Bronwyn about their experience applying for the Age Pension. Here is Tim’s story. “We thought it was a complete ‘no-go’. We thought we were not eligible...