Nobody expects to become sick. Even fewer of us think declining health will see us leaving employment earlier than we want, but in fact it’s quite common.In 2016-17, personal health or physical ability was the main reason 21% of older workers decided to retire, according to Australian Bureau of Statistics ... Read more
How to navigate the different phases of retirement
When we talk about getting a retirement plan together, we usually mean planning how we are going to fund our lifestyle after we’ve stopped working. But while saving for your retirement is vital, preparing yourself emotionally for this major life transition is just as, if not more important. We look at the five phases ... 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
Retiring overseas: Implications for your super and tax
In 2016, 11,660 Australians over 55 permanently relocated overseas. 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.The most popular retiree destinations ... Read more
Age Pension deeming rates cut, at last
The Federal Government has finally bowed to pressure to cut Age Pension deeming rates but stopped short of passing on the full cut in official interest rates. The government will cut the lower deeming rate from 1.75% to 1% for financial investments worth up to $51,800 for single pensioners and $86,200 for pensioner ... 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. You can skip any question that doesn't apply to you. Help information is available on the right ... Read more
What happens to your SMSF when you go overseas?
Self-managed super fund (SMSF) members have a number of options in terms of how to treat their fund when they head overseas. The time they intend to be away is a key factor to consider, as is how many of the SMSF’s members are moving overseas and their percentage of the beneficial interests.It’s important for ... 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
Australian Age Pension rates (March 2019 to 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
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
What is the Pension Loans Scheme, and how does it work?
From 1 July 2019, retirees looking for new ways to boost their retirement income or pay for expenses like home care have another option open to them following some big changes to the federal government’s Pension Loans Scheme (PLS). Although the PLS has been around for about 30 years, few retirees know about it and even ... 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 income test rules (July 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 of 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