Your Age Pension & Your Income – Can you do better?

Your Age Pension & Your Income – Can you do better?

Most Australian retirees want to start utilising their retirement savings while also being eligible for at least part pension when they reach the Age Pension age, if in any way it was possible.

Reasonable income, access to benefits such as Age Pension and the Health Care Card and enjoy retirement in a calm atmosphere of their family is an ideal “retirement lifestyle” for most.

Maintaining an active social life in retirement is essential and can keep you in good health too.

But the government has a different plan. Over the years lots of benefits have been removed, many changes have been introduced to Income and Asset Tests, all in the name of “helping Australians live a more enjoyable retirement” (just being a bit sarcastic 😊)

Each time there is a change introduced, it is necessary to review all strategies to ensure minimal (if any) loss of Age Pension occurs.

So how the Age Pension benefit has been reduced over the years?

  • Income Test Changes

In 2015 Income Test changes were introduced that saw many pensioners suffer part of full loss of their entitlement.

  • Asset Test Changes

In 2017 there was an introduction of the Asset Test to reduce the Age Pension entitlement for the rest of pensioners. Many, many more lost their entitlement completely.

So can you still improve your Age Pension?

If you were affected by previous changes, we can still implement strategies that could assist you retrieving or increasing your Age Pension payments. If you are new to the Age Pension system, then I would encourage you to review your entitlement as well. You might be surprised what we discover. Knowing how to mix different types of income streams and understanding their assessment by Centrelink is the key to improving your level of income you receive while supporting its longevity and asset security.

COVID-19 rescue package

This is one of the biggest rescue packages provided to the nation by Australian government to assist people and stimulate the economy.

Read all the details of the Coronavirus stimulus package

The Centrelink office will never explain to you what can be done to improve your income position, how to become eligible for part Age Pension if you lost it before or how to improve your existing payments. It is up to you to find out.

So, feel free to contact me to discuss your options and find out if your Age Pension income can be improved or regained, which in turn would also assist you in keeping and growing more of your own assets for longer.

Say Hi on Social

Interesting Read

13 Financial Mistakes We All Make

ebook-cover About Retirement

Client’s Testimonials

For me, the nickname I gave her back then of ‘Wonder Woman ‘ still stands!

Andrew Banks Wainwright

More Great Read

12 Principles of Investing

Principles of Investing
Your Age Pension & Your Income – Can you do better?

Calculators & Forms

A tiny request: if you liked this article, please share it

Most people don’t share articles, thinking that one share will not make a difference, but believe when I say, each article takes hours of putting it together, and I create them as I really want to make a difference in people’s lives.

So thank you so much for your support. Not only you will seriously help this blog to grow, but more importantly you will help people who might need this information and advice.

Some great suggestions how you can share it:

  • Pin it!
  • Share it on Facebook
  • Tweet it
  • Email to your friends and colleagues

It won’t take any more than 10 sec, as I’ve created all share buttons here for your convenience 😊

Just pick your favourite button from the left side of this post, write your note and it’s done. THANK YOU

Concessional contributions – what’s new

Concessional contributions – what’s new

Concessional contributions – what’s newConcessional contributions – what’s newWhen it comes to superannuation, it is necessary to keep up with the changes, and today we are talking about the update to the most popular type of superannuation contribution – concessional...

read more
The second tax haven – franking credits

The second tax haven – franking credits

The second tax haven – franking creditsThe second tax haven – franking creditsLast week we were talking about: “How is tax calculated in retirement?” and the topics was investing into Australian Shares. As I didn’t want to overload with information, I thought I would...

read more
How is tax calculated in retirement

How is tax calculated in retirement

How is tax calculated in retirementHow is tax calculated in retirementToday is my favourite segment: “Your questions answered” and today’s question comes from Sven, who asked me: If I earn $50,000 per year from a super income stream and then I earn $18,000 from bank...

read more

Select More Resources





financial mistakes



Where should we send your free copy?

You have Successfully Subscribed!

Pin It on Pinterest

Share This