Stopping retirement in 2022?
Maybe you are planning on ‘unretiring’ in 2022. It could be because you need some extra income. Or because the type of work you want is now available. This is increasingly likely with Australian unemployment numbers heading much lower than before. Or maybe it’s because you want to rekindle those special social ties that exist within workplaces – even those on Zoom.
You could also have a burning ambition to test a new business idea, and make 2022 the year you launch your idea on the world?
Whatever the reason, it’s important to understand the ramifications of increased retirement income before you receive that first pay check.
If you are on a full or part Age Pension, you can easily do this by including your anticipated extra income in the Age Pension calculator.
And don’t forget there is a Pension Work Bonus that may apply to your situation, allowing you to earn extra income without affecting your base fortnightly payments.
If you are self-funded, extra income may threaten your eligibility for a Commonwealth Seniors Health Card (CSHC) if you have already qualified or are thinking of applying. Either way, it’s handy to know this upfront.
And regardless of status, it’s always important to be aware of taxation implications and reporting obligations when you begin to earn more money. So keep your eyes wide open as you re-embrace the world of work – and do talk with our support team if you are unclear about any of the rules.