The Australian Government provides an Age Pension as a safety net for eligible citizens who cannot fully fund their own retirement through retirement savings. Managed by and paid for via Services Australia, or Centrelink as its more commonly known, there is strict eligibility criteria, which includes residency period, age qualification and an assessment of income and assets. Due to this criteria, not every Australian will be eligible for an Age Pension.
Pension indexation increase on hold, but the government may yet step in.
The Age Pension system may make Aussie retirees wealthier than their German counterparts.
Actuaries worry means test will force Australians to spend savings before retirement.
Pensioners receive a one-off cash payment in the government's stimulus package.
A cut to deeming rates is expected this week as part of a federal government economic package to
Australia's retirement incomes system works well, but there are things that need fixing.
Retirement Income Review submissions highlight shortcomings.
‘With a universal age pension, Australians will have an incentive to save for retirement,' says