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...]
The upper asset thresholds for the Age Pension assets test lift again on 1 July 2013, which means more Australians may now be eligible for the PART Age Pension. A single person can own more than $735,000 in assets (excluding his or her home), and still receive a small PART Age Pension, while a … [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 upper income thresholds for the Age Pension income test lift again on 1 July 2013, which means more Australians are now eligible for the part Age Pension. A single person can earn just over $46,000 a year, and still receive a PART Age Pension, while a couple can earn just over $70,000 a year and … [Read more...]
In early 2013, SuperGuide published two articles which triggered a lot of emails from readers, especially from women, about the financial demands placed on older women, and the financial denial many women and men experience when thinking about the lifestyle they are expecting in retirement. A … [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’ (links for these articles are set out at the end of the article). If you live off the earnings only from your invested … [Read more...]
Note: This article is regularly updated with new figures to allow readers to compare what a $2 million retirement can deliver if retirement savings are invested with returns of 7% a year, or if invested on retirement with returns of 5% each year. If you opt for a 5% investment return, rather than, … [Read more...]
Note: This article is regularly updated with new figures (in particular the effects of Age Pension changes), to allow readers to compare what a $1 million retirement can deliver if retirement savings are invested with returns of 7% each year, or if invested on retirement with returns of 5% a year. … [Read more...]
Note: This article is updated regularly with the latest lifestyle/income data. The most recent data was released in May 2013 (for lifestyle costs as at March 2013), and includes Age Pension rates effective from March 2013 (until September 2013). Due to reader demand and the current market … [Read more...]
Note: This article is updated regularly with the latest lifestyle/income data, and latest Age Pension rates. The most recent data was released in May 2013 (for lifestyle costs up to March 2013) and includes March 2013 Age Pension rates (which apply until September 2013). Due to reader demand and the … [Read more...]
How much money do you need in retirement to live a lifestyle free of everyday money worries? For many Australians, this means a lifestyle where you can pay your bills without financial stress, you can enjoy an occasional holiday (or many!), you can maintain your car and house, and you can buy gifts … [Read more...]
In the 2013 Federal Budget, the government announced a pilot program to assist senior Australians to downsize to a home more suitable to their needs without reducing their Age Pension entitlements. According to the Budget papers, “from 1 July 2014, senior Australian homeowners who have owned … [Read more...]
Note: This article explains the Superannuation Guarantee rate. If you’re seeking information on other superannuation rates and thresholds see SuperGuide article Super rates and thresholds for the 2012/2013 year. In the 2013 Federal Budget papers, the planned increase in Superannuation … [Read more...]
On 5 April 2013, the federal government announced that it proposes to extend the deeming rules for Age Pension income test, so they apply to new superannuation pensions, from 1 January 2015. According to the government, all products held by pensioners before 1 January 2015 will be grandfathered … [Read more...]
