The Age Pension is the taxpayer-funded basic retirement income stream for those people who can’t fully support themselves. The single rate Age Pension is set to at least 25 per cent of Male Total Average Weekly Earnings.
The following articles refer to Age Pension and superannuation.
Q: I am 53 years old. I do not contribute to super and I have never been a saver. I have just paid off my unit. My question is: I earn only $37,000 a year, so I have never had a highly paid job. Is it too late for me [...]
In early February 2010, the Federal Government released a report reminding us that Australia’s population is growing, causing increased pressure on infrastructure such as housing, telecommunications, schools, energy, water and transport. Our growing population is also disproportionately ageing creating additional pressures on government spending, in particular, spending on [...]
You’re thinking about your retirement and worried about whether you’ll have enough money to live the life you want, or perhaps you’re more worried about not having enough money to even live the life you don’t want!
Uncertainty can create a lot of stress, and doing some research (see article Retirement planning [...]
Q: I work for the government and I belong to the PSS scheme (a public sector super fund). My question is, can I pay my superannuation into my mortgage and then receive the Age Pension? I am over 55.
Trish’s response: Before I answer the main part of your question, please [...]
The most popular question about superannuation and retirement planning is, without doubt: How much money is enough?
A glib response to this question may be: Enough money for what? From the many times, though, that I’ve been asked this question, I know that when most Australians ask it, they really want to discover the answer to: [...]
In March 2009, SuperGuide reported that certain SMSF lifetime pensions would receive a reprieve from repaying Age Pension entitlements when failing a solvency test (see Light relief for SMSF lifetime pensions). The solvency test is conducted by an actuary who assesses whether the SMSF has a strong chance of having the capacity to pay the [...]
Q: I’m over 65 and member of a defined super fund (public servant). I need to withdraw a lump sum of $40,000 from my super, as my super is not enough to live on. I will have to apply for a part pension (Age) from the Centrelink. Will my lump sum [...]
The new Age Pension rates, and thresholds, taking effect from 20 September 2009 are set out in the tables below. The Age Pension Bonus amounts also increase. Note that ‘pf’ stands for ‘per fortnight’.
Hurry, hurry! Deadline approaching! If you’re working and you’re aged 65 or over (or 63.5 or over if you’re a female), or will turn 65 (or 63.5 if a female) before 20 September 2009, then you need to read this article, and the Q and As following this article.
If you fall [...]
Although the Government has increased Age Pension rates, the income test for determining whether you can receive the Age Pension is set to become tougher for some Age Pensioners.
Age Pensioners are set to receive three pay rises from 20 September 2009:
a one-off increase in the fortnightly single Age Pension payment of $60
additional increase due to the six-monthly indexation of Age Pension payments
a $2.49 per week (or $4.98 per fortnight) boost in the pension [...]
Q: Can you please confirm whether the assets held in a self-managed super fund (SMSF) count towards the Centrelink asset test/income test?
Trish’s response: I can provide you with an overview of how superannuation benefits are treated by Centrelink, although you’ll need to check with Centrelink about your personal situation, and how your super benefits are [...]
Hi - I'm Trish Power and I am the author of Superannuation For Dummies and many other books on super and investing.And guess what! This site, SuperGuide, is the only INDEPENDENT website for consumers on superannuation in Australia. Read more
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