The Australian Government Age Pension is designed to be a safety net for people who cannot fully provide for themselves financially in retirement. However, for the majority of people, the Age Pension is considerably less money than they are used to living on and would like to receive during their retirement years.
There are many different strategies available to organise your finances in retirement in order to qualify for a part or full Age Pension. Quite often, people who don’t think they qualify find that they can claim a part or full Age Pension after receiving professional financial advice.
Even if you don’t qualify for the Age Pension there are also other benefits available such as the Commonwealth Seniors Health Card (CSHC). The CSHC provides a range of benefits, such as discounts on public transport and pharmaceuticals to self-funded retirees who do not qualify for the Age Pension but have an adjusted taxable income of less than $50,000 p.a. for singles or $80,000 p.a. combined for couples.
Note that from 1 July 2009, the adjusted taxable income test includes; total net investment losses and reportable superannuation contributions.
Assessing whether you are entitled to Centrelink benefits can be a very complex task, but your Count Adviser is dedicated to making them simple to understand. Contact your Count Adviser today to assess your Centrelink entitlements.