Are you eligible for government benefits?
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.
From the experts
When determining your eligibility to receive the Age Pension, Centrelink applies two forms of assessment the ‘income test’ and ‘asset test’. Centrelink uses whichever test provides the lowest rate of pension payments. Understanding how the tests apply can be complex.
What you need to know
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 meet other eligibility criteria.
Determining whether you are eligible for benefits can be a difficult and time consuming process so make sure you have access to expert help.
A Financial adviser can help you:
- Understand whether you are eligible for benefits