Age Pension

The Age Pension in Australia is a government-provided income support payment for people who have reached the eligible age and meet certain residency, income, and asset requirements. Here’s a quick breakdown:

• Eligibility: You must be 67 years or older and meet residency rules, as well as income and asset tests.
• Payment Amounts: The amount you receive depends on your financial situation. For example, a single person can receive up to $1,149 per fortnight, while a couple combined can receive up to $1,732.20 per fortnight.
• How to Apply: You can apply through Services Australia, where you’ll need to provide details about your income, assets, and residency.

Would you like help finding more details on how to apply or checking your eligibility?

What happens if I exceed the income or assets limits?

If you exceed the income or assets limits for the Age Pension, your payment will be reduced or stopped depending on how much you exceed the threshold.

Assets Test Impact

• If your assets exceed the full pension limit, you may still qualify for a part pension.
• If your assets exceed the cut-off point, your pension will stop.
• For every $1,000 over the threshold, your pension reduces by $3 per fortnight.

Income Test Impact

• If your income exceeds the free area, your pension reduces by 50 cents for each dollar earned above the limit.
• If your income exceeds the cut-off point, your pension payments will stop.

Would you like help estimating your pension amount based on your financial situation?

What is the application process for Age Pension?

Applying for the Age Pension in Australia involves a few key steps:

1. Check Eligibility – Ensure you meet the age, residency, income, and asset requirements.
2. Prepare Documents – Gather supporting documents, such as proof of identity, income, and assets.
3. Set Up Online Accounts – One way to apply is online via myGov, linked to your Centrelink account or manually complete application forms.
4. Submit Your Claim – You can apply online through Services Australia, or use a paper form if needed.
5. Wait for Assessment – Once submitted, your claim will be reviewed, and you may be asked for additional information.
6. Receive Payments – If approved, payments will begin based on your eligibility.

Centrelink Age Pension

Are you worried about dealing with Centrelink?

We can help you.

• We can discuss your eligibility for the Age Pension and / or concessional cards.
• Estimate your entitlements
• Explain how Centrelink assess the Age Pension, concession cards and the asset and income test.
• Answer your Age pension questions
• Explain the Age pension application process
• Provide you with peace of mind
• We can even help you lodge your application for a fee
• Did you know you can apply for the Age pension 13 weeks prior to being age pension age?

Age Pension Optimisation**

As we are financial planners, we deal with clients retiring all the time.

If when we estimate the amount of pension you might receive it is less than the full pension, we may be able to provide advice and assist you, for a separate fee, gain more pension by using certain strategies that are available.

We can discuss this with you and provide a separate quote if applicable and if it can add value to your retirement income and is in your best interests.

This can be completed at a later date from the Age pension Application or at the same time.