‘‘ To receive a part pension, your assessable assets as a homeowner couple would need to be less than $1,024,500 and your assessable income would need to be less than $66,092 per annum.
‘‘ The test resulting in the lower entitlement will apply,’’ he says.
Pensioners also may be eligible for the Work Bonus, which reduces the individual’s Centrelink assessable employment income by $250 each fortnight.
Prisk says the key is identifying the optimal strategy depending on an individual’s circumstances.
‘‘ It comes down to understanding the broad personal finance picture and how your increased income levels in retirement may affect your overall wealth position,’’ Prisk says.
‘‘ Your financial adviser is ideally placed to discuss the best strategy in light of this.’’
Sigrid Pickerd, 61, works part time at The Finishing Touch, a company that unpacks and puts things away when people move.
Like many mature-age, part-time workers, the job allows her an extra income as well as the time for travel and recreation.
‘‘ Working part time enables me to earn money to pay for the little luxuries I enjoy but it also means that I can fit in all of the other activities I like to do, such as holidays, exercising, going dancing and to the theatre,’’ she says.
‘‘ I have older family members so I need to be able to look after them around my work. I can schedule in jobs around taking them to appointments and I can also spend time with my children and their families.’’