Will you get a pension?
The Australian government offers an Age Pension for older citizens who cannot fund their own later years. It is described by the government as an “adequate” income in retirement. However, a single Age Pension entitlement, with all supplements, is currently around $19,400 per annum and this falls about $3000 short of the amount the ASFA-Westpac Retirement Living Standard measures as modest. So whilst you may qualify for a pension when you retire, it is often wise to consider the standard of living you hope to maintained to explore options to fund your own retirement rather than depend upon the pension.
You may receive a pension if you:
• Are a male aged 65 or over
• A female above qualifying ages (see table below)
• Have income and assets below certain levels
• Are an Australian resident.
There are also living and working in Australia requirements.
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