Keeping track of Government payment scheme changes Discover what sort of payments you could be eligible for and when
WITH the many changes that have taken place in the Australian Federal Government over the last few years, it can be hard to keep up with where you stand in regards to entitlements.
If you’re nearing retirement, it’s worth doing your research into the requirements you need to meet to receive the age pension, as well as what benefits you may be entitled to.
The first thing you should know, for example, is that the eligibility age for the age pension is in the process of being increased from 65 years of age to 67 years, and is dependent on an income and assets test.
From July 1 next year, the pension age will rise again to 66 years, with the aim to increase in six-month allotments every two years until it reaches 67 in 2023.
There will then be a twoyear ‘freeze’ before gradually increasing the qualifying age to 70 by 2035.
You will need to apply for the pension, with your income and assets impacting how much you will receive.
If you’re continuing to work you can apply for a partial pension; however if you’re wanting to retire, you might want to talk to a professional who can help you plan ahead to help make the transition smooth.
The Australian Government has financial information service officers contactable via their phone line 132 300 who can provide you with all the information you need to plan your future as a retired citizen.
Other benefits you might be entitled to depending on your circumstances include the Work Bonus incentive which encourages pensioners to remain in the workforce by increasing how much they can earn before their pension payments get reduced, and the Pension Concession Card which is given to pensioners and eligible citizens over 60.