Don’t miss out on these entitlements and discounts If you fail to fully understand all the government assistance available, you’re falling into a trap. Ben Hocking outlines the allowances that may make a big difference to your retirement.
T
he rules associated with retirement income, and the Age Pension in particular, are complex. It is vital that you fully understand how they will be applied to your situation. Retirement is definitely a time for careful planning and being well informed about what is available.
of income, such as from superannuation or employment. Recipients of the Age Pension may be able to receive additional payments such as Rent Assistance, the Pension Supplement and the Clean Energy Supplement. These are fortnightly or lump sum payments to help with rent and bills.
Whatever your situation, it is important that you know the options available and the services that Recipients of the Age Pension are entitled to can assist you. It is also important concessions through the that you carefully consider the Pensioner Concession Card. A Pensioner Concession decisions you may need to make People receiving the Age Pension in retirement. Card entitles you may be eligible for more than one There is income support, health and type of payment. For example, you to reduced-cost aged care, seniors’ cards, financial may be eligible for both the Age medicines under planning, superannuation, housing Pension and the Carer Payment. and rent assistance – to name just the Pharmaceutical You can find out more about a few. And to find out about each Benefits Scheme. Age Pension eligibility on the topic, you have to contact a different YourLifeChoices website. government department or service. Research and planning will assist you to make the most of the entitlements and responsibilities that come with retirement. Centrelink is one of the agencies (Medicare and Child Support the other two) that operates under the banner of Services Australia and is responsible for assessing eligibility and the payment of social security benefits. Older Australians have the right to claim income support as they age. Eligibility for payments is subject to certain criteria. A person’s age, residency in Australia and level of income and assets is taken into account in determining eligibility and the rate of payment. For couples, combined circumstances are taken into account.
Age Pension The Age Pension is a fortnightly payment providing income support to eligible Australians. For some, the Age Pension is the sole source of income in retirement. For others, the Age Pension can be used to supplement other sources 16
Carer Payment The Carer Payment is an income support payment for eligible carers providing constant daily care in the home of a person aged 16 or over with a severe disability, a medical condition or who is elderly and frail. The Carer Payment is intended for people whose care responsibilities mean that they are unable to work in substantial paid employment. Recipients of the Carer Payment may be eligible to receive additional support through Rent Assistance, the Carer Supplement and the Clean Energy Supplement. These are fortnightly or lump sum payments to help you pay rent and bills. Recipients will also be entitled to a Pensioner Concession Card.
Carer Allowance The Carer Allowance is a supplementary payment for eligible carers who provide daily care in their home or in the home of a person aged 16 or over who has a disability or medical condition, or who is elderly and frail.
YourLifeChoices Retirement Affordability Index™ March 2020
