Your retirement and the Age Pension

We’ve long commented that the single biggest mistake you can make when planning for, or are in retirement, is to assume that, just because you’ve been refused previously, you’ll never be eligible for an Age Pension.

Not only do your own individual circumstances change throughout the years, but the indexation of asset and income thresholds could also mean that, if you’ve previously just missed out on an Age Pension, you may now find yourself eligible.

So, that’s why we’ve updated YourLifeChoices Your retirement and the Age Pension guide to reflect the 20 September 2016 indexation of asset and income thresholds. If you’re wondering whether you will get an Age Pension, it’s certainly worthwhile checking your financial position against these new figures.

In this guide, we also highlight how your Age Pension is affected if you head overseas, when you can claim rent allowance and, if you don’t qualify for an Age Pension, which financial options will help you stretch your income.

Our guide can be used as a handy reference or sent on to a friend and if any questions arise, we’d be delighted to answer them for you. You can download Your retirement and the Age Pension in PDF format.

It’s also worth remembering that even if you don’t qualify for an Age Pension or other Centrelink benefits, but have a limited income, you may be eligible to receive a Low Income Health Care Card. This can grant you concessions on medicines, council rates and many other costs incurred in retirement.

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