See the suggested annual budgets below compared to current Age Pension rates being paid by the government 6. Health is a key factor when it comes to participating in the workforce, particularly as you get older. This can affect your ability to accumulate super and other savings to fund your retirement. Employment opportunities will often come down to skills and experience, and there are resources out there to help you if you do feel like working for longer to potentially build more savings for your retirement.
After all, your retirement is hopefully the time to sit back and enjoy some of the things you love. Check out our 7-point retirement planning checklist for further tips and for more information, speak to your adviser about what might be right for you. The retirement health check is a general advice conversation only. Pension rates are indexed to ensure they keep pace with Australian price and wage increases.
To qualify for the Age Pension you must be an Australian resident that is, living in Australia on a permanent basis and in Australia on the day the claim is lodged, and must also satisfy one of the following:. Special rules apply to residence in countries with which Australia has an International Social Security Agreement.
Residence in these countries may count towards the minimum year residence requirement. The Age Pension is subject to an income test and an assets test. Meet both the income and assets tests.
What are the income and assets tests? How does the Age Pension work with your super? How much will you receive? Concession and healthcare cards If you don't qualify for the Age Pension, you may still be eligible for a concession card. Commonwealth Seniors Health Card - helps with the cost of prescription medicines and other health services, if you are of pension age but do not qualify for the Age Pension.
Pensioner Concession Card - entitles pensioners to reduced cost prescription medicines, healthcare concessions and other concessions offered by state and territory governments and local councils.
Download an application form. Request a call back. This field is mandatory. Learn more. Calculate now. No, everyone is treated the same when it comes to the age they can apply for the Age Pension.
The actual retirement age can be quite different for men and women but this would be down to choice or circumstance rather than government policy. The amount of pension you are entitled to can be impacted by how much you have accumulated in super; men typically retire with higher balances than women.
Women tend to retire with lower balances and have, on average, a longer life expectancy than men, so they can tend to be more reliant on the pension for many more years. That's why it can be helpful to make voluntary contributions to your super while you're still working. Again, no. While the average retirement age may vary from state to state, the Australian government pension rates are the same across the country, regardless of whether you live in a city in Victoria or on a farm in the outback.
The government age pension is paid fortnightly, and how much you are eligible for will depend on a number of factors including whether you are single or part of a couple, whether you have other income, what other assets you have, and whether you were getting a pension before Your question will be sent directly to the fund you select.
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