“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 is allowed to retire. You can choose to retire whenever you want. A better question to ask ... Read more
Commonwealth Seniors Health Card: What it is and how to apply
The Commonwealth Seniors Health Card (CSHC) is a concession card that allows you to access cheaper health care in Australia if you meet certain eligibility requirements. What are the benefits of the Commonwealth Seniors Health Card? If you hold a Commonwealth Seniors Health Card, you’re entitled to receive the ... Read more
How superannuation affects 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
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. Note: The Age Pension rates used in the calculator are those that apply from 20 ... Read more
What is the current Age Pension age?
The current Age Pension eligibility age is 65 years and 6 months for any person born before 1954, though this age is progressively increasing from 1 July 2019 depending on your date of birth. Age Pension ages from 1 July 2019 are provided in the table below. Note that the Age Pension eligibility age is increasing by ... 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
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
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
How does SAPTO work? (Senior Australians and Pensioners Tax Offset)
SAPTO is a tax offset that’s available to eligible seniors and pensioners in Australia. It can reduce or even totally eliminate a recipient’s tax liability. It’s important to understand though that SAPTO is a tax offset. Tax offsets can only be used to reduce or eliminate your tax liability, they can’t generate you ... Read more
Superannuation rules: What applies at different ages?
Compulsory superannuation contributions (Superannuation Guarantee) and voluntary superannuation contributions are an integral part of the federal government’s retirement income policy, along with the taxpayer-funded Age Pension. As an incentive for Australians to stash money away for 30 to 40 years (rather than ... Read more
Take the SuperGuide Quiz (No. 1): How ready are you to plan your retirement?
How ready are you to start your retirement planning? Or have you already started? We have set this quiz to help you assess the key facts you need to be mindful of when planning for your retirement. If you have already retired, do you know the answers to the questions in this quiz? ... Read more
The super challenge: At what age should I retire?
Selecting a retirement age, even if you plan to continue some form of work during retirement, can be a difficult decision. In some cases, individuals don’t get a choice about when to retire due to health issues, or due to redundancy in later years and then difficulty finding another job. Although life after work is so ... Read more
Retirement income: Want to live on $100,000 a year?
We receive many questions from readers, and some of those questions relate to how much money is needed to create a comfortable life in retirement. At SuperGuide, we regularly update our ‘how much super is enough’ articles and these articles cover scenarios for those seeking modest, comfortable or more luxurious ... Read more
Beyond the Royal Commission: 10 super strategies to protect your retirement
I am waiting for the final report of the Financial Services Royal Commission before I fully express what I think about the behaviour of the financial services industry as a whole, including the superannuation industry. Apart from the apparent incompetence and dishonesty of some players in the financial services sector, ... Read more
Age Pension: Dramatic changes over past 10 years
In the past decade we have experienced many changes to the Age Pension rules. The most important and dramatic Age Pension changes that have taken place over the past 10 years or so are set out below. The eligibility tests have become a lot tougher, although the Age Pension rate continues to increase. The changes ... Read more