Age Pension - Are you eligible? IF NOT, WHY NOT?
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- čas přidán 15. 07. 2024
- Getting ready to retire soon? Organizing your savings? Trying to Maximising your Age Pension benefit? Or maybe you are not sure if the payment you are currently receiving is correct? Or maybe you want more? Or maybe dealing with the Centrelink office is just too difficult?
In this video I will cover all main issues about Age Pension eligibility and I will cover the following:
0:00 Age Pension intro
1:51 Age Pension age Test
4:52 Residency test
6:49 Maximum Age Pension Rates
8:26 Means testing for Age Pension
8:44 Why is it important to understand Means Testing?
9:13 Income Test
10:57 Why Income Test is so generous?
12:24 Asset Test
14:25 What is the most important about those rules for you?
Videos mentioned:
Extra Stimulus Payments for Pensioners and Age Pension News - • Extra Stimulus Payment...
Retirement Income Explained - • Retirement Income Stre...
Retirement Planning and Superannuation strategies - • Retirement Income Stre...
To download the book 12 PRINCIPLES OF INVESTING:
ebook.aboutretirement.com.au/...
Contact details:
Katherine Isbrandt of About Retirement
Website: aboutretirement.com.au/
Email: hello@aboutretirement.com.au
Or connect with me:
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#KatherineIsbrandt #AboutRetirement #AgePension
Could you do a current update for the year 2024?
thank you, yes, you are not the only person asking, so I will prepare an update of this video
I am 87 and not eligible for a pension because I saved. Australia is run by a bunch of very doubtful politicians whose only interest is themselves. The politicians make sure they all get well paid pensions.
Agree. I support the universal basic income.
I was shocked to hear the assets test numbers. I thank you so much for making this video but is such bad news for me.
It is not the fault of the homeowner that their property has exploded in value. Not everyone buys with intention to sell for a profit. Or to sell, period. I purchased with intention to live out my life here, have an organic food garden for my own needs and to provide enough land for my ex workhorses which are my family (my kids) to spend their retirement and old age living comfortably.
The thing is, all real estate has boomed in value. But that doesn't mean people want to immediately sell up and live off that money. They usually buy to have a place to live out their old age and the value of it is not that important in the greater scheme of things to them.
For me, due to the boom in land values in my area, it seems I will not receive any pension. I have no super or savings because I have been on another pension for many years already after working in one job a very long time,. Since I was put on the first pension, I have been living hand to mouth all that time while still paying a mortgage and the substantial costs of home ownership.
Now I will be condemned for just wanting a roof over my head that I paid for and maintained and that of my horses which worked hard for me.
I don't understand why aged people get the rough end of the pineapple all the time from centerlink. I didn't cause the boom in house prices, yet I will be made responsible for it by way of loosing all my income. Like everyone else in this country, I have paid tax all my income earning life. For most of that time, I have also paid another tax, GST, so I have paid at least 10% tax like everyone else. So I am not sponging off the govt. I worked, I paid tax, then had to go on a pension, now need to change over because I have reached a certain age. But I will be fined the full amount of that new pension because I worked hard, saved, paid my own way until I was not able to anymore, bought an old property with an old house that has boomed in value but which I don't want to sell.
I could sell and rent somewhere, claim rent assistance, bludge off the govt and get the full pension. But I choose to make extreme sacrifices everyday so I can have a roof over my head that I paid for. But for that, I will be penalized to zero aged pension income. If my property was income producing I would have that, but it is not b because it has been given over to wildlife, so I have nothing except ongoing and ever increasing expenses of owning it. Something is not adding up. Seems those who never bothered to own anything and blew all their money on whatever, get everything handed to them while those who struggle to get by off their own bat, get nothing at the time of life when they need it the most. It's not fair.
If you have more land where you live, there must be a way of assessing that portion above the limit and know how it is treated for Centrelink purposes. Don’t panic! Ask.
Thanks Katherine for your great advice.
Hi Ross, I am very happy you found my videos helpful, keep watching as there is more coming every week 😀
Thank you for all the info ❤ ❤❤
Thank you for your advice.. God bless you
Thank you very helpful
Thanks so much for your information
Hi Pete! Kirgs
There used to be an aged pension fund that all workers paid into, 7% of your wage, until the government declared the age of entitlement over and seized it. So we were no longer entitled to our own money.
Excellent video.
Thank you and keep up the good work.
It's nice to see Australian contents on you tube
Thank you, and I will continue 😀
Thankyou, very helpful
Happy to hear that Daniel 😀
Your videos are very informative. If possible please also give Medicare and health system insights to your audience because in sunset years health and pension are two very important issues for rest of the life. For expat community of Australians it is even a more serious issue because those who have remained overseas for a long while, outsourced agencies (such as Centrelink) and even government officials appeared to be ill informed. There are lot of things need to be done for expat Australians living in a treaty countries and Commonwealth realms, who want to return home in their retirement years.
Great information thankyou
Hi Linda, Thank you for watching and I am so very happy you found my videos helpful 😀
This video is a good primer. It begs the question for many retirees “what are some strategies for organising assets so to optimise pension and maximise retirement income?”. This gets to the heart of the debate about the taper trap and do you really need almost a million dollars to retire comfortably.
Most retirees do not have million dollars to retire on, but when funds structured correctly in combination with Age Pension, most enjoy a very nice lifestyle indeed
@@AboutRetirementTV exactly, I suspect many of your subscribers would be pleasantly surprised how comfortable they can be with much less than half that value of assets with structuring funds correctly. Your assets test explained video points explains the elements but stops short of general tips for organising.
So clear. Thank you.
Thank you Robert 😀
Very good. Thnku
Very helpful thank you 🙏….
Thank you Tim, happy to help 😀
Great advice delivered in easy to understand style .
Why you don’t talk about 2024, is more imported done 3 years beck, which is not anything actual for today’s economy and life 😢😮
I qualify for the pension when I reach 67-it was 65 yrs but,was lengthen during a coalition overhaul.
I invested in property and have enough to live a modest life till I reach 67.
I don't need any advice-just glad I listened to my father.
Your investment property value is counted as assets. If the value is over $880,500 for couple, then it will exceed the assets limit.
bottom line is the people who make rules about pension assets tests ,dont have an asset test themselves,even though they retire on a six figure income for the rest of their life
Tax in a limited resource.
Shocking! Our Pollies have forgotten where they’ve come from!
Very glad found this channel. I just started receiving age pension payment. From Job seekers to age pension. I am 66 years old, Single NO asset of whatsoever and Renting. I will receive a compensation payout no specific amount in the coming months . How much do I have in Cash that I will still receive full age pension. Highly appreciated .
Hi Marita, for now until you receive your payment, you should be receiving full Age Pension if you have no assets, however once the compensation payment is received, this will be immediately adjusted. My suggestion is, once you know the payout balance, get full advice what to do with those funds and how it will affect your Age Pension and if possible, what to do to maximise all your benefits.
Hi I find your advice so easy to follow in all areas which has been so helpful. Can you please talk more on why we pay such high capital gains tax when we are trying to set up so as nit to be dependent on the government. It just seems so unfair that we work hard to do this only to have to pay such a large amount of CGT. Thanking you kindly Trish.
I sold a block of land which I held for 25 yrs now find I'm up for $300,000 in CGT. I was on a career pension as my husband had a very bad work related accident. I would appreciate your input on the Capital gains tax side of it all.
Many thanks Trish 🌸💐
Hi Trish, this is a very first time I am being asked about CGT. Yes, this can be a big problem if you are faced with such a big bill, but again there is a solution to any problem. I can talk about CGT in general terms, but if you are looking for ideas how to reduce it or what options you have, then it is a personal advice situation, and legally I cannot discuss it publicly (legislation). Feel free to contact me directly at hello@aboutretirement.com.au to organise the time to chat privately, so I can assess what can be done. All the best, Katherine
I don't really feel sorry for you. Focus on what you have gained net of tax instead of what you paid. You've known about CGT for a very long time, after all.
@@einfelder8262 no one wants to pay more tax than they need to. Even you I suspect.
@@gillianwhaites5974 How is that relevant? Under Australian tax law, if you make a capital gain, you pay some tax. If you lose capital, suck it up. I have done both things, and have also paid hundreds of thousands in tax at the correct amounts. I did not mind - Australia is a country where if you pay tax you are succeeding (as an individual) - corporate friends of certain political parties don't need to pay tax even on massive profits.
I’ve got my full Pension what I need now is the analysis of my UniSuper it’s tax free, not sure to take it out and run, as I don’t want to do a yearly taxable income while on a age pension
Wow not many houses around now at $268 or below. Im shocked the asset testing for this is so low when houses are still going up.
If you own an investment property and its value is over $880,500 which is very likely, it exceeds the assets test limit already. Meaning zero age pension. It must be very few people who can qualify for age pension.
How many people own investment properties? I suspect not many in percentage terms but if they do they could sell. Most people take a lifetime to even own one property... their home. Tax payers shouldn't be subsidising property investors.
@@toby9999 yep sell investment property and hide money under your bed to get a pension. Great fiscal policy.
This is correct, many families before retirement with investment properties, get proper advice to compare retirement with and without the property. Which outcome is better, how best to structure funds, any way to maximise savings and how to deal with CGT. This is what I do every day.
You said 10 years residency. You didn't mention about the 35 year residency required to receive the full age pension. Someone with only 10 year residency will receive 10/35 of the full pension.
I’m keen to maximise my full pension but it’s dealing with Centrelink I don’t know all the rules, I’ve got till March 20, to complete it on line, trying to figure if I’m over the $280,000 limit, I’m trying to get a few things done, as per your video, legally using my savings for my house and Renovating it as possible, of course I left till late in life, I’m useless when dealing with this stuff, anyway,
I lived here between 1956~1976,and returned in 2009,and have just got my PR,and my son has an AOS for me,does the first time I was in Australia count as the 10 yrs residence.
Hi Jean, this is just not enough information for me to respond definitively. Centrelink will do assessment on case by case basis, but if you are in Australia since 2009, there should be no problem.
Hi Katherine, I wish I had come to your video much earlier. My question is when to apply pension. If I finish working in December, my income for that financial year would be too high. Should I wait this next financial year to apply? Thanks for your advice in advance.
Very informative. I think I will be contacting you.
Anytime Linda, looking forward to chatting with you 😀
What type of assets are you talking about? Physical assets or financial assets?
Hi, thank you for these videos. I have some of my assets in overseas shares that are quite volatile so I am wondering how often do I have to report their value.
In particular I could meet the assets test one day and be over the limit the next week or the next month.
Hi Daniel, yes I know exactly what you are talking about. You really need to restructure your assets to create a gap between value of your assets and the cut off point. Then this volatility is not of such big issue any longer. Many of my clients experienced that before.
Hi Katherine, Do you have any advice for pensioner who wants to go and live overseas.
Asset test for a couple is that include your suppa
I found your video to be quite refreshing and very knowledgeable, however I am slightly confused when it comes to the single pensioner home owner asset threshold and the single pension non home owner asset threshold. I know that the principal place of residence is exempt, and any assets over XYZ get applied a Deeming rate (currently 2.5%), however is the current $543,750 non home owner asset threshold exempt or is a Deeming rate applied to it on the 1st $. It's just confusing because it appears that a home owner gets exempt on their principal place of residence and the non home owner isn't exempt and a Deeming rate is applied from the 1st $. Can you clarify this please. I am a non home owner and am thinking that the Deeming rate is a separate matter, and that the asset thresholds is what qualifies you, e.g. home owners can have about $308,000 of assets and non home owners $543,750 (current), but it sounds bizarre if the $543,750 isn't exempt because a home is worth far more than that. I hope I haven't confused you.
Just recently subscribed. Very good information. It is now July 2022, did the asset limit test increase since last year? Thank you
yes, it increases twice a year (or supposed to 🙂)
What about small amounts of super say 10000,00 . Were does that fit in
❤
Could you please do a video on being on an aged pension and doing a bit of part time work my husband did this and not only was his pension deducted from his earnings but they also deducted the same amount of money from my pension even though I wasn’t working the problem was that we were joined together (our pensions ) were combined. So that meant they could attack my pension as well .
I retired at age 63 and the super i got them all the scheme i had was the old one with benefits. I used the money to pay my mortgage and down to $150.00 and not close yet i just leave it open and the rest for spending for paying bills and food. I have only soon $ 60 k will be left once i get to my age pension which is January 2023. My question is my money in the bank saving, would that affect to get a full age pension benefits? The rest of my assets are my car 15 year old and my furniture are 20 year old. That's all i have assets and no other things to earn. Thank you and i appreciate if i can get any reply...
how does your superannuation apply to your assest test? I am 60yrs young atm, however my current super is close to 400K
Thanks for the video. When you said asset test, do you mean the property pensioners are living in or the investment property they have? My understanding is the property that pensioners are living in will not be taken into account, no matter what value the property worth.
asset test includes all assets and all properties excluding (in most cases) the family home
Nice video explanation and you are very beautiful.
US social security much better. But means testing coming in the near future
Australian age pension limits so many people that have paid into it. How is that fair ?
HI katherine, thank you again for your clear information. One question about the last segment on asset testing for a single home owner- asset limit full pension being $268000-(now 280,000I think jul 2022) , and the cut off assett amount from any pension being $585750- does that amount still exclude the family home valuation- ? e.g If you owned an investment property + home = over 600,000, but the investment property+ other assets were valued under the $268-280,000 ? Would you still be eligible for the full pension?Thanks, Sasha
Hi Sasha, home is excluded, your investment property and any other money counts or personal assets count under Income and Assets Test
Hi, it's great to watch your pension video. May I ask if I withdraw all my super and put in in my mortgage of my own house, does it still considered as my asset?
Thanks
Hi Lin, Watch some more of my pension videos, as I explain exactly why paying off the home mortgage might be very beneficial for Age Pension. If you withdraw your super (providing you are allowed and you met conditions of release,) and then pay funds towards your home loan, this is not counted by Centrelink as your asset, while money in super does.
Those asset test limits seem quite high and pretty generous. No idea how any normal wage earner would get anywhere near them and also be a home owner? I'm miles away.
Hi Toby, I hope you have time to save more before you retire
Toby Anyone with superannuation who have worked it over the years by contributing extra will go close or over those limits ,and this applies to ordinary wage earners with a house , if you start early it’s a piece of cake .
There are so many convolutions and traps! We have too many assets but we are preparing to sell in order to simplify our situation. The rules have changed considerably since we retired. I have found your information informative. We are in SA. Do you have any mature advisers in Adelaide who you may recommend?
apologies, I missed your message. No I do not know anyone who I would feel comfortable referring
What is the definition of asset
So what is your "Aha" moment? Any confusion about Age Pension? Is your Age Pension reduced under Income or Asset Test?
I would like an AHA moment so just asking _ I have super in an income stream so do I count the super balance as an asset and the income part as income? Can I transfer some of my super to a younger non eligible partner to 'fix' the super balance (I thought you hinted strongly at doing this) Do you provide advice in Brisbane or elsewhere?
Hi. Firstly, thank you for your clear and simple explanation. Much appreciated. My situation is this. I am 70, I own my house and I'm on a small CSS pension of about $20Kpa and privately funded pension of about $9000pa, which will run out in a year or so. I live with my partner, we bought the house as tenants in common and we do not share any bank accounts. I have no idea how much money my partner has and she refuses to discuss this matter. Do I have any chance of getting an age pension?
No. Simple solution. Get a divorce. But if not legally married yes you will be able to rock and roll. I'm in your age bracket and this is way to get a pension.
Hi, I am 70+ ,put in 1.5 around in SFS which also bought a house in SFS in Trust name which further comlicated it
If you are officially life partners, then when applying to Centrelink she will be required to disclose her assets in order for Centrelink to calculate your benefit. If she doesn't that I would say this is not much of the relationship, but rather living together for convenience. The only way for you then is to advice Centrelink that you are NOT a couple, organise your home so it proves you are not, and run your live as a single person. If you are partners, then finances are part of life partnership. If such partnership doesn't exist, then I would question the sincerity of this relationship.
Hi Kathrine, how are you, well I hope…,
in my situation, I am a disabled person, and my husband died in 2022, currently I get a lump sum from Centrelink, I don't have children.
Recently Centrelink sent a letter to me, asking me to choose whether I would choose my disability compensation money from Centrelink or age pension money, because this year 2024 in July I will be 67 years old.
Please advise, which option is best for me, age pension or disable compensation?
and if I choose dissable compensation money, am I allowed to travel to my country, for a longer time than before without losing my dissable compensation money?
Thank you very much 🙏
Can you please let me know how many years of residency in Australia before i may qualify to receive aged pension as a permanent resident?
Thanks
Hi, Thank you for your help. Is your own home included in the assets test?
Thank you
No.
No, Desmond, your own home you live in is not included in assets test
@@AboutRetirementTV Thank you.😁
Dah I think so.
HI kATHERINE, I am approaching 62 which is 5 years away from my pension age.. when should i get active in gifting and reducing my assets.. Can i wait till i am 66 to do so, or does CL look at your assests from 5 years prior ?
Asset test numbers are two years out of date
If you are over 67 and an Australian citizen can you still get an age pension if your house is not in Australia
Hi. Thanks for the video. Does a property owned by a SMSF count towards the asset test? Married couple. Home owners. 63 & 62 yrs. If yes would put us over the limit. If no, then may be eligible for pension when older. Thanks.
if you are both of Age Pension age, yes. all SMSF assets are included in assets test as well as income test
Hi Trish , home owners l( their main residence ) , I understood from your videos are exempt from being included in the asset test ! Please correct me if I am wrong ? Soin this video are you referring to assets apart from the residency home ?
Yes, the family home is the one that is not calculated (in most cases) and all the other assets are (in most cases).
intresting iam comming up to 63, and i figure learning about this stuff now, is definatley going to be advantagous, what is not clear is just exacly what your assets are, or what is considerd to be, Is your home considered an asset, is your superanuation considered an asset, if you go into income stream and draw down a weekly allowence from your super, is that considered, some form of additional income, or supplementary pension...is the car considered an asset.....
Hi Peter, I am so happy you found my channel, there are many videos about Age Pension here, just go through them and you will find out lots of useful info. You still have few years before you become eligible for Age Pension if this is your goal, but this channel will help you great deal. And you will find answers to all you questions in my videos as well. So welcome and enjoy. If you have any further questions, just leave your comments below each video. Thank you 😀
Retirement age pension used to be age 60.
Thankyou Katherine, that was helpful but I have found out that asset limits have increased in recent years and it would be great if you could update this video please to
2024.
Also next question... I am 8 years older than my husband. He will still be working earning a modest income of $57,000.00 pa. Will this be counted as part of my individual income test and prevent me receiving a pension at 67?
Thank you, I might prepare an update at some point. and yes, you husband's income will be counted as part of the Income Test
Hi. Love your down to earth style... I'm 67 next week, married, wife is 58. Applied for pension 13 wks before birthday.
Are our joint bank savings or just 50% (it's in both names) plus my super only added together to calculate my assets?
Thank you for your great
clips. Mark
Full balance of your joint accounts will be taken into account under means testing.
Thanks
When you talk about single/combined persons, how do you categorise when one person is still earning a wage and well under the age pension age and the other person has little or no wage but is approaching age pension?
Hi Kevin, thank you for watching and your question. Calculations of Age Pension is a bit more complicated for a couple with an age difference, so I have created a new video that explains Income Test in more details and it is coming out this Thursday, so please watch it and if still unsure, just leave me a comment and I will reply in more details to your exact question. See you in my next video and let me know if that next video helped. Thank you 😀
@@AboutRetirementTV thank you for the information and look forward to listening to your videol
Simple solution get a divorce.
is the financial asset like ETFs asset tested as well as income tested both?
yes, exactly the same treatment as shares or managed funds or cash in bank
When did they bring in the rule of ...if your spouse is 15 years younger, you become her dependant and get no pension. My husband is 67 and wants to retire but can't...even though I work casually and get no other payments and don't make enough money weekly to support us both if he retired. That is so unfair. He has worked all his life and paid all his taxes since he was 14 years old...it shouldn't matter that I am younger than him. I pay taxes too.
If a couple is separated due to illness , is the asset test based on couple or single? Is a small pension from another country classed as income or combined with Centrelink pension?
Hi, thank you for watching. This is such a good question. Age Pension calculations are a little confusing for a couple separated due to illness. The actual test is based on a couple, the Age Pension payable is as two singles. And yes, your pension from overseas is counted as income and will be included in Income Test to calculate your eligibility for Age Pension benefit. I hope it helps.
hello , im 63 still working full time , need to put some sort of plan in to action , not sure what . yes im in Australia
Speak to a good financial planner that specialises in retirement
And if you have
an investment property valued at $700,000 but a loan against it for $500,000, is the asset test calculated at $700k asset or $200k ?
As per my answer to your other question, you will have those answers in the next videos, but in this circumstance described, Centrelink would calculate the investment property as net of borrowings, therefore $200K. I hope this helps, but watch next videos
what are the regulation for expats living in another country holding Australian citizenship but not currently residing in Australia but have resided in Australia the majority of their lives
I believe you have to live and wait in Australia two years before you apply/are eligible for your pension. Your pension will be at a rate calculated over the last 35 years, so in my case I have lived about 6 years out of the last 35 in Thailand and 29 years in Australia, so I guess I will get lose 6/35 ths of my pension if I reside/ retire in Thailand.
It depends on the country you reside in now. Watch my other videos about Age pension and retirement overseas
@@terrythekittieful l am not sure about that as the way l understood the wording from home services was your working life from the age of 16 not last 35 years from date of applying. I could be wrong though. I live and have retired in Thailand but only 58. I doubt l will ever get the pension and if l do will only be half of a couple. Not worth me coming back for 2 years. If you read carefully they can still stop pension after you go back. If you really want the pension don’t leave Australia until you have it.
Life expectancy in Australia has gone down due to covid , does that mean the government will lower the age for old age pension?
I don' think this will ever happen.
It's likely only a short term reduction in life expectancy. A statistical anomaly.
The Aussie government must lower the coffee scroll age and make it 60 years of age.
Paul, you must’ve been drunk when you watched this.
If I own some investment properties in a family trust does that reduce my asset test requirements?
Hi Grant, most likely yes, but this might require personal advice and looking into set up of the trust as the entity. Difficult to answer definitively as I don't have enough information.
Thankyou for taking the time to create these videos. I am months away from being eligible for the pension and own my principal place of residency plus have 700k in the bank. I am going to the bank for a 350k loan against an investment property of about 600k. I saw a financial advisor who recommends a managed super fund but I am wary of what might happen with superannuation in the near future. I would be interested in your “non-commitment” thoughts. Thanks again. Peter
Hi Peter, thank you for your question. It is impossible to answer your question though, as every person is different and every one has a different expectation and different objectives. There is nothing wrong with an investment property as your choice, but also there is nothing wrong with managed funds, shares or many other investment instruments. This comes down to personal preference, understanding, knowledge and commitment. Unfortunately what often happens is quick emotional decisions, based on half information. This is not good, but if your investment decision is based on a solid research and understanding of the issue, then you can do well, regardless of the type of the asset you choose. Just be aware of lack of diversity and liquidity that comes with the property purchase.
I appreciate your time in replying, thankyou.
Your Web site is very good. Just a question I have been investing some money in exchange traded funds listed on the ASX which pay quarterly franked dividends. How much can I receive in didivends per year before the pension is reduced or stopped
Hi Brett, your investment is subject to deeming rules and not actual earnings. It is more important what you do with the earning - re-invest or spend. If you re-invest, then your capital grows, therefore your Age Pension might be reducing under Assets Test and more deemed income.
Thankyou for the reply I was talking to a friend and showed him your CZcams channel. He bought up a question that might be complex but I will ask what you think. This person is not far from retirement and owns his house but purchased another house in Gosford NSW for his daughter and son in law which they are paying him for the house eg it's like a loan he gave them but he owns the house so the rent the daughter pays just pays his loan off. This situation dosent look good for getting the pension for the father who just tried to help his daughter own a house, nobody really knows what is going to happen when he applies for the pension in a year's time, what are your thoughts on this one?
@@whatthe3131 yep I showed him your reply I'm staying in Wagga Wagga with them over the weekend. He agrees he needs to get advice before applying. I think he might be in a tad of complications as you said getting his ducks in a line is the answer as they will have no surprises when the time comes, thanks do much for your reply. It's really good to get a second opinion from an experienced person.
@@AboutRetirementTV yeah in my case it's at the moment a small dribble of money going into my bank account every time the dividends are paid. I was thinking of doing the DRIP option but thought I'd just see how these ETF work as an experiment. I'm surprised actually they arnt too bad. Should have started up portfolio years ago and dollar cost averaging buying over time to reduce the ups and downs were experiencing in the ASX.
Great video I am 65 do I have to wait right to the age of 67?Or can I apply for the aged pension at 66 and a half?
if born from 1 July 1955 to 31 December 1956, you can apply at 66.5, if born after at 67.
Excellent video full of important information, can you recommend any good retirement planners in Sydney? I'm being forced into early retirement, I'm 57 because of medical grounds knees, with 500k in dividend shares and 200k in super non home owner, single, Australian citizen..
Hi Chevy, I am sorry but I don't know any good retirement planners in Sydney, but if this works for you, I have lots of clients in Sydney, we can schedule a meeting via Zoom or similar and it is a very personal and intimate meeting. Let me know if interested.
i want a part pension so i need some support in this area where are you ? we need to talk
I get a modest minimal CSS pension my wife has none. I’m 661/2 now. I’m wondering if it will be worth applying for a part pension? Asset test applies to what? We own our own home and have an investment home . I guess my chances are slim!
Your CSS pension may not have the biggest impact, but your investment property might. You have a choice - either to apply directly to Centrelink and see what happens or get full advice before and prepare better if there are options.
You got that right genius. No coffee scroll for you . Enjoy your retirement.
Paul, why are you so bitter?. Are you just under the influence or are you a genuine knob?
Can a NZ citizen on unprotected SCV still get Age Pension in Australia by claiming under an international agreement?
YES
You did not make clear whether your home, where you live, is included in your assets?
It’s not
How can l get my NZ age pension please ? Im 68 getting to 69 live in Australia for so long now lm back to live in Samoa my original home ???
Hi I will be eligable to apply for the Age Pension on the 1st of January 2022 can you tell me if Centerlink will use the income i have earned up to that date when it calculates my income.
Hi Wayne, thank you for your question, if you are referring to your employment income, that you have since finished - NO - Centrelink will only calculate your entitlement based on their Income & Assets Test, unless you continue employment. I hope this helps
Hi ,what happens to my pension if l move oversea? Thankyou.
Hi John, this is a great question and I would love to reply, however it is not a one liner explanation, so to make it easier for you, I will create a new video with full explanation of this topic. 😀
@@AboutRetirementTV thankyou for your reply ,and thankyou for the help
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I qualify under assets test for full age pension, BUT my property is around 2.5 hectares. How will that affect the pension? (When I apply)
There are special rules for bigger properties, depending how productive the land is and how long you've owned it.
My husband is coming up to pension age and plans to retire I have another 2 years before I am pension age but I don’t work when he applies for pension is he seen as a single person or part of a couple and receives a pension according
For Centrelink you are always a couple and you will always be assessed as a couple. Therefore your husband will receive the payment based on the assessment of a couple and the rate of the couple.
I am eligible for uk old age pension-- uk citizen and worked there for many years .
I am also elibible for Australian old age pension-- PR here and worked here for years.
Question can I claim both and have selective memory about it? Double dipping sounds good
Hai Mark, ha, ha - double dipping - love the analogy. Absolutely you can apply for Australian Age Pension, but your UK pension will be part of Income Test here in Australia. Depending on the size of it, Centrelink will calculate your eligibility.
If a person " forgot" to tell the UK and the Australian end would the Double dipping be possible? I have an overseas bank account in Vietnam and the UK pension could go into that and bingo!
@@markbackshall3311 that is entirely your decision
I have decided that I would rather be rich than poor.Its my money that I earned from hard work. I dont want to use it to buy Mr Morrisons nuclear submarines. The question is would it work.
I am trying to answer questions in the " Claim form for Age Pension and Mod S separation details. The questions are
" do you and your partner own a home that you do not live in?"
" Have you received or expecting to receive any money or property as a result of your separation?"
My defacto and I separated last year and are undegoing a painfully slow separation involving Solictors and Barristers. There is 1 family home, 1 property which I bought before meeting her, 1 property she boguht before meeting me and 1 investment we bought together. I am not " expecting " to get anything out of this settlement but I am hopeful that I may get something. How to answer this truthfully but not saying anything thats not in my best interest?
I am turning 61yo this year and am working full time.
I am married and my wife is 50yo and is working part time.
If I want to retire when I turn 67yo and my wife will continue working part time, then will the income and asset tests to be applied for age pension be the Single or Couple one?
Hi Herman, thank you for watching and your message. This is a great question and I would like to answer it with full explanation, but rather than writing it (which would make my reply a very long one), I have included your question in my next Thursday video, which is answering viewers questions that I do once a month. So please watch my next video next Thursday to get the full answer to your question. Thank you 😀, Katherine
Hi, I'm a little confused about retirement I still have 5 yrs and my husband 2 years before we are entitled , but work injury and cancer has retired my husband and I early , what money can I have in the bank , is there a limit or do I have to spend it first before I can get my retirement pension .
thank you for the comment. The answer is rather long and not straight forward, so please first want the other videos explaining Income and Assets limits and if still confused, just book a consolation meeting with me to have it fully explained in your personal situation.
Hi Kath. Just wondering what category am up to since my wife is still working full time aged 60 and am 67 next month working part time @ 40 hrs/ forthnight. Am I applying for single one? Thanks
No, you are applying for a pension according with your marital status and not work, therefore it is going to be a pension for a couple, but only you will be receiving payment (if eligible).
How does the pension work if I receive an inheritance?
Hi Glenda, just watch my next video on that very topic.
what assets are assessed?
Hi Gary, watch my other video about Assets Test - you should get more clearance how the system works and what assets are assessed and how.
Does superannuation effect the full pension
It depends at what age and ownership, but once you reach your Age Pension age, yes it does.
Hi , I have just found and subscribed to your videos. I will turn 66 in November but won't be eligible to apply for a pension for another 6 months so I will access my super . My question is , my wife hasn't worked for the last 10 years due to a work place injury. She was told by centrelink that she wasn't eligible for a disability pension because I was still working and was paid out her superannuation as it was being eating into with fees and such . Will she be eligible for a disability pension when I retire, she is 59 years old.
Centrelink will go through the whole health assessment then, together with full income and assets test. If your working income originally was the only reason for not granting Disability Pension, then it is likely she could be eligible. Worth trying to reapply. All the best
Hi Katherine, so that mean for women have to be waiting until 67 then they can apply for age pension?
Please advise
can an age pensioner take his pension overseas to live??????
yes, just check countries of your interest and their social security relationship with Australia
This question may sound a touch stupid but,how does the government know if i have either bonds,stocks or long term deposits and how much in either or all.
You are required to declare all your investments. Centrelink and the tax office collaborate on all financial institutions and investments.
How does the dsp pension effect age pension
Hi Collin, I don't particularly understand your question, so please elaborate. You receive either one or the other.
Is my home assets as an asset . Because my house is approx 2mil but l have hardly any super as l have been a stay home mum , and only have approx $15,000 in savings.
My husband and l are have been separated for the last 15years but live under the same roof.
Am l able to apply for the pension?
Thank you
Home is an exempt asset regardless of its value, so if your savings are only $15K, then you should be eligible, however you will have to provide evidence that you are indeed separated from your partner and you just live under the same room due to financial reasons.
Hi
Your information is very valuable..
But I'm a bit confused.. according to the government website it states that couple who own their home and can have up to $405000.00 in the bank and they will be eligible for the full pension. Is that correct?.
Yes Nicholas, this is correct. I created that video 14 months ago, and since then the limits have gone up.
@@AboutRetirementTV thank you for your quick reply. Much appreciated.
Will the 405000 .00 dollars fall under deeming rules for income test??
My mother died. I am going to receive 100 t in bank and 110 as left from her nersing home deposit. Is it income.
Hi Eugenia, is your question in relation to Centrelink treatment of this inheritance? If that's the case, not it is not income, but your Age Pension will be recalculated with this new balance under Income and Assets test and your Age Pension payment will be adjusted accordingly. I don't know all your circumstances and your other assets, so I cannot say what the reduction is going to be.
Hi Katherine, I've just stubble upon your channel. Loving how clearly you explain things. I'm just over 2 years off pension age and am living with an ex partner(we've been ex for 20 years). I own my property and I also have an investment property. He has nothing. Can you please send me links to the ex partner type videos as well as investment property videos. I'm looking at selling the investment property maybe? Investment property is around 250K in value. Thanks and I've subscribed :)