If you don’t qualify for a government payment when you retire, it can seem like there isn’t much help available when it comes to your living expenses. But many people overlook just what the Commonwealth Seniors Health Card (CSHC) can provide. If you’re eligible, this concession card gives you access to cheaper health ... Read more
How does SAPTO work? (Senior Australians and Pensioners Tax Offset)
A tax offset can reduce the amount of income tax you pay, but it doesn’t mean you get a refund. You’ll also still need to pay the Medicare Levy if you’re not eligible for an exemption or reduction. The Australian Taxation Office (ATO) assesses your eligibility when you submit your tax return. BackgroundThe Senior ... Read more
Age Pension calculator: How much could you be eligible for?
Welcome to the SuperGuide Age Pension calculator. Using the calculator is easy. Enter your details in the calculator below (in the yellow blocks) and you will see an estimate of amount of Age Pension you may be eligible for. You can skip any question that doesn't apply to you. Help information is available on ... Read more
Am I eligible for the Australian Age Pension?
Your eligibility for the Australian Age Pension depends upon your age, residency and whether you pass what is known as the “means test”. The Age Pension is one of the ‘three pillars of retirement income’ in Australia – along with superannuation and private savings. It plays a critical role in retirement income for ... Read more
Retirement age calculator: When can you access your super or the Age Pension?
Although there is no ‘retirement age’ in Australia, there are two ages that are important to know for planning your retirement: Preservation age: This is the age when you can access your super funds provided you have also met a condition of release (such as retiring or turning 65). Age Pension age: This is ... Read more
What is the current Age Pension age?
The current Age Pension eligibility age is 66 years (for any person born between 1 January 1954 and 30 June 1955). If you were born before 1 January 1954 you have already reached Age Pension age, and if you were born after 30 June 1955 your Age Pension age may be 66 years and 6 months, or 67 years, depending on your ... Read more
How do I apply for the Australian Age Pension?
We’ve all heard of the horror stories of people waiting longer than 6 months for their Age Pension claims to be processed by Centrelink. When you submit an Age Pension claim you’re joining a queue a mile long and getting it right the first time can save an incredible amount of time and frustration. This article is a ... Read more
How does superannuation affect the Age Pension?
Superannuation can affect the Age Pension in different ways, depending on whether you or your partner have reached Age Pension age, and what you do with any super payments you access. How the Age Pension is assessed For a detailed explanation of how the Age Pension is assessed, see SuperGuide article Case studies: How ... Read more
When should I retire?
The decision about when to retire is rarely made overnight. It’s a major life event and deserves careful thought and planning. Finances play a big part, but so do your health, your partner’s circumstances and whether you still enjoy your work or are itching to leave. Sometimes, the choice is made for you. Redundancy, ... Read more
Super’s rulebook: What rules apply to you at different ages?
Australia’s super system has lots of rules – many of which have significant penalties if you breach them – but not every rule applies to everybody at every age. There are different rules at different ages on how much and when you can contribute to super, when you can get your hands on your savings, and how much tax ... Read more
Quiz: Planning for retirement
Take the following 10 question quiz to test your knowledge on how to plan for your retirement. Don't worry if you don’t know the answer to a question. Have a go anyway and we’ll let you know the correct answer, as well as providing you with a link to a relevant article. Note: When you pick an answer the correct ... Read more
What is the Pension Bonus Scheme?
The Pension Bonus Scheme is a tax-free lump sum payment available to people who meet its eligibility requirements. The Scheme has not accepted any new registrations since 1 July 2014. It was designed to reward people for delaying their receipt of the Age Pension by continuing to work. How could you be eligible? ... Read more
Age Pension: Is it alleviating poverty?
It’s been the foundation of Australia’s retirement system for more than one hundred years, and the Age Pension has undergone major policy reforms over the years to provide an income for retirees. The Age Pension was introduced in Australia in 1909 and it paid $1 per week, equivalent to $65 today, to men over 65 and ... Read more
What is the retirement age in Australia?
“What is Australia’s retirement age?” or “What age can I retire?” are common questions. The simple answer is “it depends”, because there is no such thing as a ‘retirement age’ in Australia, nor any laws that dictate when someone can retire. In theory, you can choose to retire whenever you want. A better question to ... Read more
It’s your super, so why shouldn’t you be allowed access?
by Helen Hodgson, Curtin University The latest Productivity Commission report, Superannuation for Post-Retirement, highlights two aspects of post-retirement income policy that have recently attracted considerable attention: the age at which people should be able to access their superannuation, and whether lump sum ... Read more