Knowing your entitlements and getting your entitlements are two different things. The process can be complicated and lengthy. And, without any prior strategies in place, you may not receive the maximum entitlements that you otherwise receive.

Invest with Purpose

Expert Age Pension Advice on the Gold Coast

Unlock the full potential of your age pension entitlements and Centrelink benefits through strategic planning. At Centaur Financial Services, we specialise in providing comprehensive age pension advice and support to help you understand and optimise your available resources.

Trust our age care expertise to ensure you receive the maximum age pension entitlements and Centrelink benefits you deserve.

Whether you will be relying solely on the age pension as your primary income source or will be relying on it in conjunction with your superannuation withdrawals, we can liaise with Centrelink on your behalf to ensure you meet the ongoing requirements.

Our Gold Coast Centrelink and age pension advice service can:

  • Develop strategies to maximise entitlements
  • Help make your savings last long
  • Help you qualify for Centrelink
  • Help you prepare for means-testing
  • Liaise with Centrelink on your behalf
  • Apply for Pensioner Concession Card on your behalf
  • Apply for Disability Support Pension on your behalf
  • Apply for Commonwealth Seniors Health Card on your behalf
  • Save you time and avoid delays in the application process
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Securing Your Future

Maximising Your Age Pension Entitlements

Planning is key to maximising pension entitlements and Centrelink benefits. A vital part of any planning process is knowing what your available resources are. This is where Centaur Financial Services can help.

Our role is to utilise leading strategies to assist you in maximising your social security entitlements which can help make your own money last longer. We do this by reviewing your current situation and, time permitting, strategising the best way to optimise your entitlements. We can determine which benefits you are entitled to and guide you through the complicated application process.

The amount of super you have can affect your age pension entitlements. In some cases, it may make you ineligible. How you decide to access your super may also affect your entitlements. Centrelink’s means assessment considers your super balance when calculating your age pension amount, and a lump sum withdrawal will have tax implications.

Once you reach your preservation age and have retired, you can transfer your super into your allocated pension account. If you have reached your preservation age and continue to work, you can set up a transition to retirement (TTR) strategy, which lets you access some of your super before retiring. Starting a TTP or pre-retirement pension allows you to transfer some of your super into your allocated TTP account.

In both cases, the super funds can top up Government Age Pension payments you may be entitled to receive. We can explore the best strategy to complement your pension payments while continuing to invest your money.

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Frequently Asked Questions About Centrelink & Age Pension

As Australians, we are fortunate to have a social security system that provides a safety net during our pension years. However, accessing pension entitlements and Centrelink benefits is not automatic. Your income and assets are crucial in determining the benefits you receive. Generally, higher income and assets result in fewer entitlements. Understanding the system’s intricacies is essential to make informed decisions about your financial future.

The eligibility requirements for age pension in Australia are:

  • You must reach your preservation age, which differs depending on your birth date but is generally 66 years or over
  • You must meet the income and asset test for the age pension
  • You must have lived in Australia for at least ten years

The age pension rate in Australia is dependent on your income and assets test and varies for singles and couples. The Normal Rates are as follows:

Per fortnightSingleCouple eachCouple combinedCouple apart due to ill health
Maximum basic rate$860.60$648.70$1,297.40$860.60
Maximum Pension Supplement$69.60$52.50$105$69.60
Energy Supplement$14.10$10.60$21.20$14.10
Total$944.30$711.80$1,423.60$944.30

Superannuation is counted as an asset, and as a single, you can have up to $268,000 in assets before it affects the age pension you receive. Once assets exceed $268,000, your pension is reduced by $3 for every $1000.

Full pension:

  • Single homeowner can have $ 268,000 of assessable assets
  • Couple homeowners can have $401,500 of assessable assets
  • Single non-homeowner can have $797,500 of assessable assets
  • Couple non-homeowner can have $616,000 of assessable assets

Part pension:

  • Single homeowner can have $583,000 of assessable assets
  • Couple homeowners can have $876,500 of assessable assets
  • Single non-homeowner can have $797,500 of assessable assets
  • Couple non-homeowner can have $1,091,000 of assessable assets

There are two tests for age pension; income and assets test. The assets test looks at assets such as business assets, investment properties, shares, house contents, superannuation, cars, boats and caravans. It’s important to note that your home is not classed as an asset. Overseas assets are also taken into account.

Are you ready to maximise your Centrelink & Age Pension entitlements?

Don’t leave your pension entitlements to chance. Take control today and explore the possibilities of maximising your Centrelink benefits. Contact us to schedule a consultation with one of our age pension advisors on the Gold Coast to discover how our expertise can help you navigate the complexities of Centrelink and Age Pension with confidence and peace of mind. Together, let’s ensure you receive the maximum entitlements you deserve.

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