How super affects your age pension entitlements
The Australian Government, through Centrelink, offers a range of benefits to eligible retirees. The Age Pension is just one of these. You may also be eligible for:
- Pharmaceutical Allowance
- Rent Assistance
- Telephone Allowance
- Utilities Allowance
- Remote Area Allowance
- A $500 Advance Payment of Age Pension
- A Pension Concession Card.
Age Pension
Most Australians will qualify for at least part of the Age Pension. To qualify, you must meet three criteria:
- Australian residency – you must be an Australian resident and have lived in Australia long enough to satisfy qualifying residence periods.
- Your age – males must be age 65 to be eligible. The female eligibility changes depending on your date of birth (you must be at least age 60).
- Means test – this test consists of an Income test and an Assets test. These tests consider areas such as the level of assets you have, where you invest those assets and the income your assets are deemed to earn.
Take these steps to make sure you are on track to qualify for the Age Pension:
- Understand the eligibility critera.
- Work out if you currently qualify. If not, find out why (e.g. you do not pass the means test).
- Put plans in place to ensure you pass all three eligibility criteria.
- Call Centrelink or visit their website at www.centrelink.gov.au to find out whether or not you are eligible. They will assess your personal needs and circumstances and help you to maximise your entitlements.
How can Cbus help?
Cbus, through our financial planning service, may be able to help you develop strategies to maximise the benefit you’re entitled to. Call us on 1300 361 784 for more information.