By Alison Rahn, Western Sydney University Most Australians prefer to die at home but few adequately plan for it. Consequently, just one in seven dies at home. Some say they will make plans “when the need arises”. But what if you have a heart attack, go into a coma, have a stroke, or develop dementia before having ... Read more
Retirement cost of living: How much does a comfortable lifestyle cost?
As you approach retirement, you may have already spent time thinking about your likely spending habits once you stop work for good. We will review some industry reports to see how much retirees are spending, and help you assess what your own needs and preferences may be. Knowing what and where you will spend will ... Read more
Financial advice: What are the risks and benefits?
Financial advisers are supposed to act in the best interests of their clients. That’s not a vain hope or fluffy belief, it’s enshrined in law. But confidence in financial advisers has been rocked lately by a series of financial scandals and instances of serious misconduct unearthed by the Hayne Royal Commission. Most ... Read more
Surely I don’t need a testamentary trust will (TTW)?
It is amazing how many times I have been told when taking instructions on a new or updated will that “my affairs are quite simple”. That statement may be true of course but simple is a relative term. As an example, if you want to achieve the more common goals of protection of assets and reducing tax, and who doesn’t, ... 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
Australian Age Pension rates (20 March 2019 to 19 September 2019)
The rates for a full Age Pension for Australian residents for the period 20 March 2019 to 19 September 2019 are listed below: Single: $926.20 per fortnight (approximately $24,081 per year) - an increase of $9.90 per fortnight Couple (each): $698.10 per fortnight (approximately $18,051 per year) - an increase of ... Read more
Age Pension assets test rules (March 2019 to September 2019)
A common question for those nearing or in retirement is “How much money can you have before it affects your pension?”. This article details the rules around 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 ... Read more
Age Pension income test rules (March 2019 to September 2019)
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 around the Age Pension income test (how much you earn) which is a half of the means test (along with the assets test) that determines how much Age Pension you could be ... Read more
Deeming rates for the Age Pension income test
Deeming is a key concept in the Age Pension income test, which is a test you must pass as one of the requirements to access this government payment. The other requirements are passing the assets test, being age-eligible, and qualifying as an Australian resident. Deeming rules are used by the Department of Social ... 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
Put your feet up? Making super contributions after retirement
Retiring today is not like the old days when you left a job and never looked back. These days Australians are fitter, more active and interested in new experiences and learning. Some people even decide to head back to the workforce after a few years. But retirement can have an important impact on your super, so you ... Read more
Know the rules: Contributing to super over 65
Once your 65th birthday rolls around, many people are keen to put their feet up and enjoy a well-earned rest. When they think about their super, it’s usually more about how to wisely spend their retirement nest egg than how to add to it. But just because you have hit 65 it doesn’t mean you shouldn’t consider making ... 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