Expert Aged Care Financial Advice on the Gold Coast
As Australian’s, we are very fortunate to have a social security system that takes care of us; acting as our safety net during our pension years. However, it’s not an automated process, and it’s your income and assets which determine your pension entitlements and Centrelink benefits; the more you have, the fewer benefits you are entitled.
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. Centaur Financial Services can help ensure you receive the maximum pension entitlements and Centrelink benefits you’re entitled.
Discuss the situation with our financial advice team.
Benefits of Centrelink & Age Pension Advice
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 situating, and time permitting, strategise the best way to optimise your entitlements. We can determine which benefits you are entitled to and guide you through the complicated application process.
How Our Gold Coast Advisors Can Help You
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:
Age Pension and your Superannuation
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 takes your super balance into account 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 however, 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 pension, 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.
Frequently Asked Questions About Centrelink & Age Pension
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Who is eligible for an age pension?
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 Australian for at least ten years
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How much is age pension in Australia?
The age pension rate in Australia is dependent on your income and assets test and varies for singles and couples. The Normal Rates as follows:
Per fortnight Single Couple each Couple combined Couple 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 -
How much super can you have and still get the pension?
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
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What is the asset test for age pension?
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.
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Need Centrelink & Age Pension advice on the Gold Coast?
Turn to Centaur Financial Services’ expert Pension Advisors. Maximise your pension entitlements and Centrelink benefits today.
Centaur Financial Services Contact Us
Phone: 07 5559 5760
Fax: 07 5601 0356
Email: [email protected]
Post: PO Box 1455, Elanora QLD 4221
Office: Level 1, 4 Sixth Avenue, Palm Beach QLD 4221
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Centaur Financial Services Pty Ltd is a Corporate Authorised Representative (CAR) number 342372 of Australian Advice Network Pty Ltd.
ABN: 13 602 917 297 AFSL: 472901.
The information provided on and made available through this website does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you obtain your own independent professional advice before making any decision in relation to your particular requirements or circumstances. Centaur Financial Services do not warrant the accuracy, completeness or currency of the information provided on and made available through this website. Past performance of any product discussed on this website is not indicative of future performance.
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