In this article we detail how the Age Pension is assessed, how the income and assets tests work, and illustrate with case studies for a Single and a Couple.
An Institute of Actuaries working group has devised a simple rule of thumb for spending in retirement, based on your age and assets.
Age Pension rates increased on 20 March 2020. This article also explains how the Age Pension works, and includes the latest Age Pension rates for residents, non-residents, and the transitional Age Pension.
This article details the rules of the Age Pension assets test (how much your savings and other assets are worth), which is one half of the means test (along with the income test) that determines how much Age Pension you could be eligible for.
Your superannuation can potentially affect how much, if any, Age Pension you receive in several ways. As well as the amount you have in super, your partner’s age can have an impact as can what you do with any super payments you access.
Retirees are always looking for new ways to boost their retirement income or to pay for expenses, like home care. Although downsizing to a small home can be one option, the Pension Loans Scheme (PLS) offered by the federal government is a rarely considered alternative.
If meeting your retirement expenses is proving difficult, reverse mortgages are available to people aged 60 and over. We take a look at some of the benefits and drawbacks of this complex financial product.
Your eligibility for the Australian Age Pension depends upon your age, residency and whether you pass what is known as the “means test”.
Elderly retirees who need support to stay in their own homes can apply for government home care packages. We look at what they are, what the different levels cost, and when you may have to contribute from your own savings.
While the exact number is hard to pin down, various industry estimates put the total number of Australian retirees who are now living overseas at around 90,000, a figure which has risen steadily in recent years.
As official interest rates drop to a record low of 1%, Age Pensioners who depend on income from cash investments face a double whammy. Not only do they receive less income from their bank deposits as interest rates fall, but they also risk losing some pension because they are deemed to earn more than they do.
When you apply for the Age Pension claim you’re joining a long queue, and making mistakes can cause a lot of delays and frustration. This article is a step by step guide to claiming the Age Pension and getting it right the first time.
It was not that long ago that same-sex couples and families were treated differently to other couples and families for income tax and super law purposes.
In this article Jim Bonham explores the long-term impact of the January 2017 Age Pension changes, for both retirees and for future federal government budgets.
Doubling the effect of the Age Pension taper rate from 1 January 2017 (losing $3 for every $1,000 of assets over the assets test threshold, rather than losing $1.50 for every $1,000 of assets), means that Australian couples are effectively taxed 150% for lifetime super savings between $400,000 and $800,000. This hit means that doubling super savings will convert to about $11,000 less total income each year.