Feeling the pinch as costs of living pressures increase? Here are six action points to ensure that you are maximising your entitlements.
1. Get your age pension asap
Current age for the pension is 66.5 – moving to 67 from 1 July this year. If you are getting close to this age, you can make sure you get what you are entitled to by applying up to 13 weeks in advance. If you are not sure what you are entitled to, find out (we can help)
2. Get your concession card and get all the rebates, concessions and discounts started
Receiving an age pension means you also receive a Pensioner Concession Card. As soon as you get the card, it is worth being mobilised to make the most of all the rebates, concessions, offsets, discounts. There are lots of government programs designed to help. This means more applications and forms, but the savings are significant – we estimate at least several thousand dollars per year. We help our clients get on top of this as soon as the card is ready.
3. You don’t have to stop work to get the age pension
Your financial situation may allow for a pension to be paid in addition to your employment income or allow you to adjust your work hours to maximise entitlements. Your eligibility will be unique – because your situation is unique. Know the numbers.
4. Make sure Centrelink has the right info
A change in your situation may mean an increase in age pension. Your car may be worth less than what is on record at Centrelink, or your savings may have dropped with a change in investment value, a home improvement, or a holiday. Be vigilant.
5. Know your options (Home Equity Access Scheme)
The home equity access scheme interest rate of 3.95% is starting to look compelling as bank interest rates rise. While this may change in the future, the scheme itself offers property owners a source of cashflow that may help with day to day living expenses and take pressure off decisions to move.
6. Commonwealth Seniors Health Card
If you are not eligible for the Age Pension, you could be eligible for the Commonwealth Seniors Health Card – potentially saving you more than $2500 in healthcare costs.
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