Although your current income may not seem like much, it may be too much to allow you to qualify for an Age Pension as YOURLifeChoices subscriber, Ted, is now aware.
I am a married self funded retired ex-serviceman at present living off my Defence Force Retirement Benefit Fund fortnightly payment of $590.00 which is classified as income and a disability pension of $78.00 making a total of $668.00 per fortnight. This is supplemented by withdrawals from my private superannuation fund as necessary.(My super is less then $200,000). We have no other income.
In six months time I will be 65 years of age & my wife will be eligible a further 6 months on. My question is this – Will I be eligible to claim a full aged couples pension taking into consideration of what my existing income is & will my wife be able to claim a full couples pension also when she comes of eligible age provided I do not take withdrawals from my super fund until I’m 75?
Also what would be the total pension payments for us per fortnight we would receive given the income/assets I’m at present receiving?
A. The current income limit to receive a full pension as part of a couple is $264, therefore, if you retain your current income of $668 per fortnight, you will not qualify for a full Age Pension. You may however qualify for a part pension where your fortnightly Centrelink Age Pension payment will be reduced by 50 cents for every dollar income you have over the $264 until you reach the threshold of $2,462.80.
Click YOURLifeChoices link for further details of income limits.
Centrelink also assess your assets, which include superannuation, vehicles, motor homes, savings etc. Asset limits vary depending on whether you are a home-owner or not.
Click YOURLifeChoices link below for details of asset limits.
Centrelink have a publication, About to retire or in retirement, which outlines the payments which may be available to you, how income and asset limits are assessed and which concessions may be available to you. You can download this publication by clicking the YOURLifeChoices link to About to retire or in retirement.
You may also wish to make an appointment with a Centrelink Financial Information Services officer to discuss your individual circumstances. You can do so by calling 13 2300.