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...]
From 20 March 2013, the deeming rates applicable to financial assets when claiming the Age Pension, will drop in response to the sustained fall in market interest rates. What this means for those holding financial investments, is that less ‘income’ will be counted for Age Pension eligibility, … [Read more...]
The new Age Pension rates, taking effect from 20 March 2013 (and applicable until 19 September 2013) are set out in the tables below. A single person eligible for the full Age Pension in Australia can now expect an annual Age Pension income (including supplement, and Clean Energy Supplement) of … [Read more...]
The upper asset thresholds for the Age Pension assets test lift again on 20 March 2013, which means more Australians may now be eligible for the PART Age Pension. A single person can own more than $730,000 in assets (excluding his or her home), and still receive a small PART Age Pension, while a … [Read more...]
Note: This article below explains the eligibility age for the Age Pension. For information on the retirement age for accessing superannuation benefits see SuperGuide article Preservation age: I’m 58. Can I withdraw my super benefits? Four years ago, in the May 2009 Federal Budget, the … [Read more...]
The upper income thresholds for the Age Pension income test lift again on 20 March 2013, which means more Australians are now eligible for the part Age Pension. A single person can earn more than $45,000 a year, and still receive a part Age Pension, while a couple can earn close to $70,000 a year … [Read more...]
Australian baby boomers are underestimating how much they will need for a comfortable retirement, even though they have high expectations for their retirement lifestyle, based on a survey conducted by super fund REST Industry Super. REST Industry Super commissioned the survey that interviewed … [Read more...]
Note: This article is the second in a series of special articles that SuperGuide will be publishing, designed to help SuperGuide readers more easily access the hundreds of questions and articles that we have published on the SuperGuide website. The first article in the series is Super Checklist: … [Read more...]
Note: This article is updated every few months with the latest lifestyle/income data and latest Age Pension rates. The most recent data was released in November 2012 (for lifestyle costs up to September 2012), and in September 2012 (for Age Pension rates, which apply until March 2013) This case … [Read more...]
