On 22 March 2020 the Federal government announced a temporary measure allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019/2020 and a further $10,000 in 2020/2021.
There is excellent advice available that is low-cost, and even no-cost. The government’s Financial Information Service and your super fund are a great place to start.
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.
On 22 March 2020 the Federal government announced that from 1 May 2020 the deeming rates would be lowered to 0.25% (lower rate) and 2.25% (upper rate).
Our Age Pension calculator gives you an indication of potential Age Pension entitlements. The Age Pension rates are those that apply from 20 March 2020 to 19 September 2020.
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.
A common question for those nearing or in retirement is “How much can a pensioner earn before it affects the 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.
Instead of rolling up to your local Centrelink, ATO or Medicare office to ask a question or get some help, we now deal with the government via our myGov account. Here we provide a simple guide to the myGov portal.
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.
The Work Bonus is an incentive to keep pensioners in the workforce. Find out whether you’re eligible for this fortnightly boost to your pension.
The Commonwealth Seniors Health Card is a valuable concession card that can help you with the cost of health care and other government services. Check if you’re eligible and the range of benefits it can offer.
Your eligibility for the Australian Age Pension depends upon your age, residency and whether you pass what is known as the “means test”.