Are you eligible for an Age Pension?
If so, are you receiving the maximum entitlements for your age and stage?
Unless you’re glued to the Centrelink website, most Australians aren’t completely aware of the frequent Age Pension changes to entitlements and eligibility rules. This could mean you’re losing out by not getting as much as you deserve. Meanwhile, many Australians may apply for the Age Pension once and if they aren't successful, wait too long before trying again.
In light of this, YourLifeChoices designed the RetirePlanner™ specifically to help you maximise your Age Pension income and entitlements. It does this in six easy steps:
1. Explaining the Age Pension
Age Pension eligibility rules are very complex. This means that one day you may be receiving a full Age Pension and the next you’re not. You may receive a part-Age Pension and three months later, be ruled ineligible.
That’s because the thresholds are regularly changing.
And these changes may be good or bad, depending upon your individual situation. For instance, changes to income and assets tests could make you eligible for the pension or, if you’re already receiving one, you may be entitled to more.
RetirePlanner™ explains how the Age Pension works and the intricacies of the system to ensure you get all your entitlements.
2. Benchmarking against your retirement tribe
By answering some simple questions about your situation, RetirePlanner™ can define your tribe and your typical retirement expenditure to enable you to do your own sums and budget for your later years. All information is securely saved, and can be updated as needed or shared in a print out with trusted advisers.
3. Calculating the cost of retirement
By breaking down your current spending, you can see more clearly how you are managing, or will manage, in retirement. Using the Retirement Affordability Index™ calculator will allow you to quickly know your expected weekly, monthly and annual retirement expenditure. This gives you a much stronger chance of living within your available budget.
4. Maximising your pension
Learn how the income and assets test works, how deeming rates are applied and how Centrelink assesses superannuation and other income streams. Then create your own Age Pension strategy based on the triumphs and failures of others in our real-life retiree case studies.
5. Applying for the Age Pension
Now that you know how Centrelink will assess your assets and income, you can apply for your Age Pension. By using the RetirePlanner™’s embedded Age Pension calculator you can work out how much you’ll get, or whether you are receiving every dollar you should. You can then update Centrelink on changes to your situation, with knowledge of the effect they will have on your current Age Pension income.
There’s so much more to retirement income than the Age Pension and superannuation. RetirePlanner™ shows you how you can supplement your part or full Age Pension through the Work Bonus Scheme, the Pension Loans Scheme and Advance Payments. It explains all concessions for which you may qualify, how overseas pensions work, how travel affects your Age Pension, as well as other useful information and resources.
Knowing how much you’ll need in retirement goes a long way towards addressing the number one retirement concern of all Australians – will I have enough money?
RetirePlanner™ is a valuable tool for those whose retirement is imminent, a few years away, or for those interested in how much they’ll need in super, investments, assets and savings before they retire. It also helps those already receiving a Age Pension to stay totally up-to-date with rules and changes.
It does not replace a financial adviser, but it does arm you with all the information you need about your own personal finances, to ensure that you make the very most of your hard-earned nest egg.
At just $19.95, it could be the best investment you’ll ever make for your future.
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