Amanda Hardy Lai

Amanda has worked in the financial services industry since 1998 and has been providing financial advice since 2006. Her career has been driven by a commitment to ensuring the highest standards of financial advice and client care. To book a consultation with Amanda click here.
Concession card benefits: How to unlock savings

Concession card benefits: How to unlock savings

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Ever wondered if you’re really getting the most of the benefits available to you as a retiree in Australia? While Joan from WA might be enjoying substantial savings on her electricity bills, you might be left pondering if your own state offers comparable perks. It’s no secret that the range of concessions—whether for utilities, transport, or healthcare—varies significantly across the country.

Depending upon whether you’re holding a Pensioner Concession Card (PCC), a Commonwealth Seniors Health Card (CSHC), or a Seniors Card, the advantages can differ based upon your location. Some states are notably more generous, offering a broader spectrum of discounts and rebates, while others might leave you feeling shortchanged.

So, let’s see the comparison of the key benefits offered by each state and territory. This overview will help you assess where you stand and whether it’s time to advocate for more equitable concessions in your region.

Is the Age Pension fair?

Is the Age Pension fair?

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With two-thirds of older Australians relying on it, the Age Pension is a lifeline—but also a lightning rod. Designed to support those most in need, it’s highly targeted. But is it too complex? Too harsh? Or too generous in the wrong places? Now’s the time to ask: what would a fairer system look like to you?

Coverage: a shared foundation

Around 65% of older Australians receive either a full or part Age Pension, providing a crucial safety net in retirement. While eligibility is means-tested, the Age Pension isn’t directly tied to your past earnings, offering support to those with limited savings. Payments are indexed to keep up with living costs, and being government-guaranteed, they offer reliable income for life. That reliability matters. But is it sufficient to meet today’s costs?

Complexity: too many hoops

Let’s face it—the rules are hard to follow. Asset thresholds, deeming, income limits, super treatment—it’s no wonder so many applicants feel lost. Even official sites can leave you with more questions than answers. People worry they’ve missed out, or worse, made costly mistakes. Have you ever felt that way?

Centrelink stress: shared struggles

Navigating Centrelink remains challenging for many. In late 2024, average claim processing times improved to 32 days, down from 84 days the previous year. Yet, of over 55,000 new Age Pension claims, along with an additional 17,953 outstanding existing claims – many remained pending. Phone support answered only 34% of calls, with nearly half the callers receiving a congestion message before being disconnected.

Behind the scenes, Centrelink staff face immense pressure, often dealing with complex cases and frustrated clients. Reports indicate that staff manage numerous aggressive incidents daily, highlighting the emotional toll of their roles. 

Have you noticed improvements, or do challenges persist? We invite you to share your experiences and thoughts in the comments below.

Couples vs singles: what’s fair?

A single person gets $1,149 per fortnight. Couples get $1,732 combined. Singles argue that living alone costs more—but couples say both people should receive the full rate. There’s no easy answer, but the gap sparks real debate. Where do you stand?

Mixing lump sums with income: Balancing flexibility, timing and risk

Mixing lump sums with income: Balancing flexibility, timing and risk

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Martin, 68, recently retired and is considering withdrawing a $70,000 lump sum from his superannuation to purchase a new car, embark on a long-awaited holiday, and keep some funds in reserve. However, with recent market fluctuations, he’s concerned about the timing and potential long-term impact on his retirement savings.

Understanding the implications of lump sum withdrawals

When retirees such as  Martin consider lump sum withdrawals, it’s good to know how these differ from regular income stream payments when taken from an Account-Based Pension (ABP). Notably, lump sum withdrawals from an ABP:

Do not count towards the minimum annual drawdown requirements set by the government for ABPs. For instance, individuals aged 65–74 are required to withdraw at least 5% of their account balance annually.

Can affect the longevity of retirement savings, particularly if taken during market downturns, potentially locking in losses.

The role of market volatility

Market conditions play a significant role in the decision to withdraw lump sums. With recent market dips, selling investments to fund a lump sum withdrawal could mean realising losses that might have been recovered over time. This scenario underscores the importance of sequencing risk—the danger of withdrawing funds during market lows, which can adversely affect the long term sustainability of retirement savings.