Wouldn’t it be nice if you had an assistant to help you calculate whether you will receive a full, or a part, Age Pension?
Australian retirement income rules are extremely complicated. Whether or not you are one of the 70 per cent of retirees who will receive the Age Pension depends upon your income and assets. But how the pension combines with super and private savings is difficult to understand.
Perhaps it’s no surprise then that, according to our recent survey, around 75 per cent of older Australians think that Age Pension entitlements and the rules around super are complicated.
And yet better knowledge of these systems would yield hugely positive financial benefits in retirement. Considering that those who are retiring in their 60s will have 20-30 years of retirement to fund, knowing how to maximise retirement income is critical.
Pension and super rules are complex, so YourLifeChoices designed the RetirePlanner™ to simplify the process of assessing Age Pension eligibility, saving you both time and money by replacing the challenge of navigating all related rules on the Centrelink website, potentially removing the need for a preliminary discussion with a financial adviser.
How does it work?
In short, it gives you control over both the process and the information you require to estimate your retirement income and help you decide whether you then need to partner with a planner or accountant for professional financial advice.
How much will you get?
The Age Pension Calculator evaluates your assets and income in accordance with your relationship status to assess whether you will receive a full or part Age Pension in retirement. At the end of the process, you will receive a printable worksheet detailing all
this information and your estimated entitlements. This information is secure, saveable and able to be updated at any time.
“This tool has taken an extremely complex process and made it as simple as possible. I now know how much I will get”
~ Henry, South Melbourne.
How does your spending compare?
Once you’ve entered the necessary information, you will be assigned to one of the six retirement ‘tribes’.
These tribes are categorised by whether you are a couple or are single, will receive private income or live on a pension, and if you own your home or rent. The interactive expenditure table will allow you to compare costs, in a weekly, monthly and annual format based on an accurate assessment of the real costs of living in retirement for your tribe. This will help you to review and keep track of your own household expenditure.
Above all, the RetirePlanner™ will provide an estimate of how long your money will last in retirement and what type of lifestyle you can expect. It will also enable you to better plan your pre-retirement and show you where you need to focus financially in order to have the best retirement possible.
YourLifeChoices RetirePlanner™ is available for only $19.95, which just may be the best investment you’ve ever made. If not, we provide a money-back guarantee!
So, you think you’re financially literate?
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