Amanda Hardy Lai, Author at Retirement Essentials

Applying for the Age Pension: Is it ever too late

by Amanda Hardy Lai | Centrelink Age Pension

You may be surprised to hear that there are people who discover—months or even years after retiring—that they may have been eligible for the Age Pension all along.

Sometimes it’s because they didn’t realise they qualified. Others assumed their assets were too high. Some didn’t feel confident navigating Centrelink’s process. And occasionally, life simply got in the way.

But is there such a thing as “too late” to apply?

The short answer is: you can apply at any time once you meet the eligibility requirements. But the longer you wait, the more Age Pension you might miss out on. In some cases, you may be eligible for back pay—but there are strict limits and specific rules about how far back payments can go.

Let’s take a closer look at what happens if you apply later than your eligibility date, and what you can do about it.

How small financial changes can reap big rewards

by Amanda Hardy Lai | Retirement Advice

Retirement offers an exciting new chapter in life — but it also often brings a range of financial decisions that aren’t always straightforward. Daniel and Emma recently reached out to Retirement Essentials for much-needed assistance.. Their meeting with adviser Andrew Dunkerley gave them clarity, confidence, and a practical plan for their retirement income needs.

Meeting super withdrawals before 30 June

by Amanda Hardy Lai | Superannuation

As the end of the financial year approaches, it’s a timely reminder for anyone drawing an income from an Account-Based Pension (ABP) to double-check they’ve met their minimum annual withdrawal requirement.

ABPs are a key tool for providing tax-effective income in retirement. But they come with rules — and missing a key one can have unintended tax or compliance consequences. Many Retirement Essentials members have shared questions about how it all works, so we’ve included answers to these questions to help clarify common concerns.

Understanding minimum annual withdrawal requirements

Each year, individuals with an ABP must withdraw a minimum percentage of their balance. This is calculated based upon their age and their ABP account balance as at 1 July of that financial year. (i.e the balance at 1 July 2024 is the one being used to calculate this amount for this financial year which ends on 30 June.) These percentages are designed to gradually draw down retirement savings over time.

For example, someone aged 65–74 must withdraw at least 5% of their ABP balance; this increases to 6% once they turn 75.

A little-known fact:

It’s important to note that lump sum withdrawals don’t count towards satisfying the minimum. The required payment must come from your ABP as an income stream.