The Age Pension provides benefits for older Australians who are no longer working or are working reduced hours. It’s designed for those who cannot fully fund their own retirement through retirement savings.
Benefits to make retired life much easier
If you qualify for the Age Pension, in addition to cash payments, you’ll also receive a pension concession card. This provides an array of discounts covering medicine, health, other government services and discounted rates on gas, water and electricity, car registration and travel concessions.
Currently, the Age Pension is available to Australian residents aged 65 or over, however this will be increasing by six months every two years, reaching age 67 by 1 July 2023*. There are two main eligibility tests that determine whether a person can access the Age Pension:
- An income test – refers to any investment income or salary earnings
- An assets test – based on your lifestyle and financial assets (your home is not included)
The test that results in a lower outcome is the one that determines how much Age Pension you receive.
How a financial planner can help
StatePlus financial planners are specialists at helping you understand precisely what you can access, as well as what decisions you need to make today, to make the most of your potential benefits.
Looking for peace of mind? Your financial planning team at StatePlus can help. Make the decision that’s best for you, call us on 1800 620 305 and get on the right track today.