| Aged Pension |
Who can receive it?
What you get?There are a number of benefits available to people of retirement age including:
Income and Assets testThe amount of Age Pension you recieve will depend on your own circumdtances and will be asessed via an income and assets test. Centrelink performs four steps to determine what your pension will be.
They identify the maximum sum that could be paid to you and your partner. This amount may also include things like return and telephone assistance.
Your total assets are then calculated (for you and your partner).
The value of pension that is payable via the income test and the assets tests will then be compared and you will receive the lower of the two rates. How much income do I need in retirement?It depends on the kind of lifestyle you want to lead. For instance, people who want to dine out at top quality restaurants several times a week will need more than people who have the occasional lunch at a coffee shop. People who regularly go on round the world trips will need more than people who love holidaying in a caravan. What are my Superannuation options when I retire?Your options depend on the rules of your super fund benefits. Some funds pay you benefits by way of an income stream or pension. Others offer you a lump sum. Others still enable you tot ake a lump sum or pension. When your superannuation benefit passes from the accumulation phase (pre-retirement) to the income phase (pension paying) there is usually no tax payable (unless it's a public sector fund). Having said that, it may leave fees and charges on the transfer, depending on the fund. |
You can receive an age pension if you are male and over 65 or if you are a woman over a certain qualifying age. You also need to fit in with certain residence requirements and your income and assets test needs to be below a certain figure.
