From 1 July 2013, the official Age Pension age for women increases to 65 years, from 64.5 years previously. (From July 2017, the Age Pension age increases to 65.5 years until it reaches age 67 from July 2023.) Historically, the Age Pension age for women was 60 years, but since 1 July 1995, only … [Read more...]
If you own financial investments and receive the Age Pension, or you hope to claim the Age Pension, then you need to be aware of 2 important changes to the deeming rules for the Age Pension income test. These changes may mean that you’re eligible for a greater Age Pension entitlement. From 1 … [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 2013, the … [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...]
Many Australians are facing hard times but mortgage repayments and everyday living expenses continue even when you lose your job, or suffer illness or other misfortune. We have received many emails from readers asking when, and how, you can claim your super benefits, including whether you can … [Read more...]
Q: I’m 24. I am currently paying off my house but I have a loan which a debt company bought off the bank. They sent me a letter of demand saying I have until the end of the month to pay the amount or they are going to take my house. Is there any way I can take out my super to pay that so I don’t … [Read more...]
This article answers two questions from readers about whether you can access your super benefits early to pay for heart surgery (Question 1), or to pay for weight loss surgery (Question 2). Accessing super early for heart surgery Q1: I am 52 years old. I’m having heart surgery and won’t be … [Read more...]
Q: I owe approximately $190,000 to the bank on my 2-bedroom unit, and I would like to know if I can invest my $60,000 of super into the unit to reduce my mortgage repayments to the bank? Superannuation is subject to special access rules called preservation. What this means is that you cannot … [Read more...]
Q: Are you allowed to extract money from your super fund before retirement if you're having money troubles? The first step is to check whether your super fund permits early access to super benefits. Most super funds do permit such access but some do not. 1. If you apply under severe financial … [Read more...]
From 1 November 2011, any Australian applying to access super benefits early on compassionate grounds must apply to the Department of Human Services (DHS) rather than the Australian Prudential Regulation Authority (APRA). I explain what ‘compassionate grounds’ means later in the article. The … [Read more...]
