James Coyle

Age Pension explained: All the basics you need to know

The Age Pension remains the backbone of Australia’s retirement income system. It was first legislated in 1908 when life expectancy for men exceeded the pension age of 65. Women were only added to these entitlements two years later, but could qualify from age 60. Since that time there have been extensive changes to this vital source of retirement income, but it continues to deliver extremely reliable income support for older Australians. It is administered by Services Australia (the Department of Social Services) and delivered through its agency, Centrelink. Over time the face-to face-dealings with Centrelink staff have given way to digital communications. This happens through the myGov website which amalgamates many Commonwealth Government services, including Centrelink, Medicare and the Australian Tax Office (ATO).

Top-5 articles in 2023

by James Coyle | Planning for Retirement

To say that the rules of retirement income are dynamic is an understatement. In compiling this ‘Top-5’ list, the first thing that jumped out was how often rules, terms and conditions can change. Over the course of the past year we’ve reported on two Age Pension increases, two increases to asset and income limits, the extended freeze on deeming rates, new concession card and superannuation rules, the Work Bonus credit and a whole lot more. We’re delighted that you value the weekly Retirement Essentials enewsletter so much (awarding it an 83% satisfaction rate according to the most recent Retirement Pulse). We hope you enjoy this ‘digest’ of ‘most read’ articles in 2023 and that you will be happy to share this list [DP – do we have a link?] with friends and family who may also benefit from these important updates.

Here’s the articles that you’ve rated the best this year.

To downsize or upsize. Is your home fit for purpose?

by James Coyle | Planning for Retirement

This time next week many Australians will enjoy gathering with extended families and friends. Hopefully you’ll find this a convivial occasion. It’s also a time when the spotlight is fixed firmly on the family home.

Whether you’re rushing around cleaning, decorating, cooking or preparing for guests, every room in the home is suddenly in use! This can prompt us to wonder if we are in a large home which is only fully utilised one week a year. In fact it can lead us to question if our home is still fit for purpose. Does it actually even suit our retirement needs?

Which brings us to this week’s discussion point; is it time to rightsize? To move closer to grandkids or relocate to a lower maintenance dwelling? Maybe even live on the coast? And then there’s the matter of size. We’ve all heard about a Downsize in retirement… but what about an Upsize? Your dream home may be one with water views from your bedroom. But did you realise that buying that on-trend apartment on the water’s edge might also increase your Age Pension entitlements?