Hi, it’s Greg here from Retirement Essentials. The Age Pension for most people is the foundation layer of their retirement income. 7/10 people currently and that is forecast to continue will be eligible for a full or part Age Pension….
Why is the Age Pension so important for retirement planning?
I am planning to retire end of June 2019. After I use all my leave entitlements after I leave work I then plan to use my super as an income. Would I be entitled for any benefit from Centrelink. I will not be eligible for the aged pension until I am 66yrs and 6 months. I am noe 62yrs.
Hi Karin
You will need to speak with Centrelink to determine what you may be entitled to before you reach Age Pension age.
Hi Karen, Thank you for your comment. Please visit your nearest Centrelink office or visit their website on the link below. You can use their site to check if you are eligible for any payments/benefits from Centrelink.
https://www.centrelink.gov.au/custsite_pfe/pymtfinderest/paymentFinderEstimatorPage.jsf?wec-appid=pymtfinderest&wec-locale=en_US#stay.
I was wondering can I manage my own super without using a financial planner
Hi Dennis
Self Managed Super Funds are not simple and it really pays to do your research first to see if it is going to be worthwhile for you. It really does pay to get specialist advice before taking this step.
I am now 77 years of age and have been receiving the age pension since 2009. Due to circumstances I decided to try living overseas so I could afford to live a reasonable life. So I just packed up and moved to Vietnam to explore SE Asia. I have no Super, no real estate and no form of income. After living in Vietnam for a year I recently moved to Malaysia which i also enjoy. There are many benefits to living here like cheap rental, cheap power and wonderful food, also cheap. And in Malaysia first class medical and dental care as well.
Of course Centrelink are excercising all of their cost saving practises and have cut my payments to a level that make life difficult even here. Of course all the expected things like the energy supplement and rent assistance etc have gone. I now receive what they call the ,”out of country” allowance. According to your advice recently I should continue to receive quite a lot more than they are paying now. And with no home i find it incredible that I should have to beg and scrape to retain rent assistance. I live alone, don’t smoke or drink, my health is good but their behavior is intolerable and they refuse point blank to co operate
In any way unless I return to Australia. It’s hard enough to navigate the “my gov” site let alone find a “helpful and co operative” soul within the organisation, it’s totally demoralising. In closing I will say that I’m absolutely glad I’m here now, if I returned to Australia I would be a homeless vagrant living on the street and it would seem that’s how they would like it. In comparison, this is paradise !!!
So what is a “responsible way” to drawn down an income from my super?
Hi Jan,
Great question and definitely worth looking into however this would be something best left to a financial planner or accountant who can give you advice (and is qualified to do so) due to it’s nature.
If you have any questions regarding how superannuation will affect the pension, you can email these through to us on hello@retirementessentials.com.au
I’m 71 and my wife is 51. We plan to move to another State to our ‘retirement home’ which has a relatively small mortgage. Neither of us will initially have an income, but we may both have small casual incomes after a few months.
Should I apply for a pension through your service now, (I’m cutting down my current work before quitting completely.) My wife still works. Or wait until we move?
Ours would be a simple application with no other incomes or big assets.
John a good rule of thumb is to apply as soon as you are eligible and then update your details as your circumstances change. If you delay applying, and you are eligible, you will miss some payments and they will not be backdated.