This is for the 30,000 or so age pensioners and Commonwealth Seniors Health Card holders on the Northern Beaches. A special shout out goes to those turning 66 this year – you have work to do!
Are you getting all you are entitled to?
- The age pension age is 66.5 – which is a little confusing. Did you know you can apply 12 weeks before you turn 66.5? If you are turning 66, it is time to run the ruler over eligibility.
- As soon as you receive your Pensioner Concession Card, start applying for your entitlements (see below for my Top 5).
- If you are not eligible for the Age Pension – make sure you understand why, so you can apply if things change.
- 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. Low income returns on investments and changes in deeming rates could make you eligible.
- Update Centrelink – if you are already receiving a part pension, a change in assets of $1000 could mean an extra $78 in age pension payments.
The Top 5 (and a couple more)
- If you receive an age pension, make sure you are receiving these five entitlements:
– Gas Rebate
– Electricity Rebate
-Water Rebate
– Council Rate Discount
-Drivers License and Registration Concession - If you do not receive an Age Pension, but you hold a Commonwealth Seniors Health Card, make sure you have applied for the Seniors Energy Rebate.
- If you are part of a couple, make sure you are registered for the Medicare safety net as a family or couple.
Are you over 66.5 and still working?
- If you are still working, you could still be eligible for the Age Pension or Commonwealth Seniors Health Card. Make sure you clarify this.
- If you are still working because you don’t have much in savings – check and see how you could restructure your work to make the most of your eligibility for the Age Pension to support your living costs.
The Pension Loans Scheme
If you own a property (i.e your home) and need an income top-up, the Pension Loan Scheme is worth a look.
Get myGov organised
The Government wants you online, and not at their service desks (whether you like it or not!). It’s time to get set up to:
-Easily update income and assets for Centrelink
-Check Medicare Claims and safety net status
-Complete your tax return (or declare you don’t need to) at the press of a button.
-Start collecting Health data via MyHealth Record.
Fine tune your investing
Your investments should be easy to track, you should be confident you are getting a good deal, you should feel safe, and you should be able to explain easily to someone the reasons behind your decisions. This is what I call the BBQ test: the short answer you have ready, and that comes easily, if asked how you’re managing your retirement savings. Of course, nobody really wants to talk about this stuff at a BBQ do they? But having this answer front of mind is what helps you keep track. And that’s what matters most.
Contact Brendan for independent retirement and financial advice.
laterlifeadvice.com.au | brendan@laterlifeadvice.com.au | 0412181031