Age Pension

Here's a hypothetical.

If I had $731,000.00 in managed funds, super, and savings all treated as an asset, this would give me a deemed income of about $938.00.

I now take $2350.00 a fortnight as a pension from these various sources.

Will Centrelink work out my payment from just the pension ($2350.00) or is the actual income added to the deemed income, 2350+938 making a total of $3288.00.

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Go to an accountant and pay to find out or walk into centrelink in your oldest clothes and act stupid.

All depends on other things (boat, bank balances, cars gold etc).

Are you single or married ?

What is the value of other assets apart from home if you own it ?

Do you own home or rent ?

There are too many variables but I would guess that you would not be eligable for the full pension due to your managed funds amount.

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Thanks Gerry

Understand that. The numbers are hypothetical but whatever the other circumstances are, the question I didn't make clear is. Is your actual income added to the deemed income for centrelink calculations?

Yes income is added if you are full pension you are allowed $76 per week - or thats what it was last time I looked.   You are deemed to get 2.5% interst at the moment up to I THINK ? $46,000 after that it goes up a little, anything over the deeming rate  -- interest wise --  is not counted

It's no good doing that Davey. They think "stupid" is normal.

LOL @ Oscar

I'm going to make this post under a few different headings as I really need some answers. Centrelink has generously offered to provide me their help in applying for my USA retirement Social Security benefits (I am a dual citizen)and have sent me a form to give them permission to obtain all my information and make the application to the USA for me. They have also said return this completed form in 5 weeks?

Here's the rub. I don't want them to do that as I don't like giving them especially blanket permission to do anything. I may or may not change my residency in the future back to the USA and it will affect my pension here if I do that or they may make life so difficult for us all that I may not want to be involved with them ever again. As such, it would increase my USA pension if I delay starting it until I am 70 years old by $200 USD a month.

Do I have to comply with this and/or can I make my own decision on when to access the USA benefits system? Is there any precedent to this situation?

The other important item to add is that I currently spend 6 months out of the country, then return for 3 months then out for 6 again repeatdly.

Having difficulty finding the right answer...

How much can my partner earn before it affects my couples pension ?

Is it 1124 gross ftn ????

 

And then I get 718.10 ftn

Bletch I'm late to this post but money in super is deemed when it is in the pension phase  and you are on an age pension - Centrelink dont care what you take out as a pension they deem on the balance - so if you take $2350 Centrelink dont care they are only interested in the balance of the fund and they deem on that and add that to any other income you may have under the Income test - Bear in mind the balance of the fund is an asset and you will more than likely be assessed under the Asset test -

belhus - No matter what money comes in Centrelink does not care, but put it in the bank and watch how it makes all the difference. Its deemed then. My hubby gets a small English Pension (what it is they could keep it as its really nuisance value), and this is what we were told when we visited them and let them know that the amount had changed because the UK Pension will only financially support the wife till aged 65 and after that its only for the husband.

But wise words to get it checked out, as they change their rules faster than I can change my pants!

I would like to know how the hell they are allowed to deem you to be getting 2.5%  when you are lucky to get 0.20% FGS at the most!

Deeming is meant to encourage you to make your money work for you rather than relying on governments money  . Sure bank accounts pay crap but Super funds , Share dividends and other managed funds are paying way more than the deeming rate - My super fund annual return is around 8.5% but it is only being deemed at 2.5% so win for me.

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