To receive the Age Pension you need to be over the required age and meet the Age Pension income or assets test.
To see what the Age Pension currently pays and to get an estimate of what you may receive, visit the Department of Human Services and try their Online Estimator. You can also get advice from QInvest about maximising your Centrelink benefits.
The Australian Government is keen to encourage retirees to take an income in retirement, which is why they offer a range of incentives. Structuring your assets to take advantage of these incentives can make a big difference to how far your savings will stretch in retirement.
Keep in mind that access to Centrelink benefits depends on a range of factors, including your income and other assets (as well as those of your partner).
If you've reached retirement age, you could be eligible for a Commonwealth Seniors Health Card. It’ll give you access to cheaper prescriptions and other Government funded medical services, provided you meet the income test. To find out more, visit the Department of Human Services.
If you're aged 60 or over, you may be eligible for the Seniors Card. It gives you access to discounts on a wide range of both Government and non-Government products and services.
Managing Centrelink entitlements can be complex and small changes can have a big impact on your access to benefits. We recommend getting personal financial advice to make sure you maximise your super.
Talk to QInvest today for affordable and personal financial advice.