Q: I have read in a local newspaper that Age Pension rates have increased. I recently moved from New South Wales to Queensland. I am anxious to know if the Age Pension increases are for ALL Australians. Can you help? A: Any increases in the Age Pension are the same regardless of where you live in … [Read more...]
Q: After I turn 55, I intend to start drawing from my super account. Will my super then count as an asset, for the Age Pension asset test? As my partner is over 65, most of our money is in my super and we are currently eligible for the Age Pension. A: Generally speaking, the answer is yes. … [Read more...]
Q: Can you please confirm whether the assets held in a superannuation fund count towards the Centrelink asset test/income test? A: 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 … [Read more...]
Q: Could you please help with information about how annual deductible amounts are worked out by Centrelink for part Age Pension purposes. I have a defined benefit fund and an annual deductible amount. I gather Centrelink does not count this as income in assessing Age Pension amounts but I cannot … [Read more...]
Q: I’m over 65 and a member of a super fund, from which I receive an account-based pension. 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 Centrelink. Will my lump sum be counted as income in the … [Read more...]
Q: When I retire I will be 61 and my husband will be over 65 and will be eligible for either a full or part old age pension. If I keep my super in an accumulation account and withdraw lump sums to cover additional living expenses, how will this affect my husband’s pension benefits? Is this the … [Read more...]
Note: This article is a supporting article to the two-part series, ‘Crunching the numbers: a $1 million retirement’ and ‘Crunching the numbers: a $2 million retirement’. If you live off the earnings only from your invested capital then your capital can indeed last ‘forever’. The … [Read more...]
Due to reader demand and current market conditions, this article has been updated with new figures to allow readers to compare what a $2 million retirement can deliver if retirement savings are invested with returns of 5% each year, or if invested with returns of 7% a year. If you opt for a 5% … [Read more...]
This article is written by Bruce Sutherland, a regular SuperGuide reader, a self-funded retiree and now ex-SMSF trustee. Bruce is a former CEO, and a former strategy consultant, and he holds a degree in Economics. Bruce has closed his SMSF because he believes that a SMSF is no longer tax-effective … [Read more...]
The question is a popular one among prospective retirees, and the answer can be best explained by dividing the question into four parts: What is the Commonwealth Seniors Health Card (CSHC)? Who is eligible for the CSHC? What year of income does Centrelink use when testing for CSHC … [Read more...]
In March, July and September of each year, the Federal Government changes the rules for claiming the Age Pension… for the better! The Age Pension income test and the Age Pension assets test are adjusted three times a year in line with increases in the Consumer Price Index. From 1 July 2012, the … [Read more...]
Note: Click here if you are looking for the latest Age Pension rates When you start a superannuation account-based pension you must withdraw a minimum amount each year, based on your age and size of your account balance, to enable the earnings on your super pension account to be … [Read more...]
Note: The case studies have been supplied and updated by the Financial Information Service. SuperGuide would like to thank Financial Information Service officer, Regan Welburn for his assistance in updating and supplying the case studies. The latest update was May 2012, taking into account the March … [Read more...]
At SuperGuide, we receive many questions from readers asking about the concession cards available for older Australians, in particular, the Commonwealth Seniors Health Card (CSHC), the Pensioner Concession Card, and sometimes the Low Income Health Card. If you're entitled to hold one of these … [Read more...]
This article is updated every few months with the latest lifestyle/income data. The most recent data was released on 15 November 2011 (for lifestyle costs as at September 2011). You’re thinking about your retirement and worried about whether you’ll have enough money to live the life you want, … [Read more...]
