A Squared Financial Solutions Adviser can assess how Centrelink can help you reach your retirement goals. At retirement, you may be eligible to receive income support. The age pension is paid by the Government to help retirees achieve a minimum level of income in retirement. You can lodge an application with Centrelink to receive the pension. How much you receive will depend on whether you own your home, your marital status, as well as your assessable income and assets. It is often beneficial to speak to a financial adviser before you lodge your application.
Age pension age
The age pension provides income in retirement, so you need to be a certain age before you can apply. For men, the pension age is 65. The age for women is increasing to 65, as shown in the table below.
The pension age will increase to 67 for both men and women from 1 July 2023. This increase will be phased in from July 2017 with the pension age increasing every two years by six months.
What kind of goals can Centrelink support be used for?
Centrelink can help you:
- Access the age pension (your retirement income).
- Supplement your retirement income with other investments you have.
- Access the pensioner concession card which can be used for the bulk-billing of doctors appointments and claiming back medical expenses. State and territory Government benefits include council rate reductions as well as telephone, electricity, car registration and travel discounts.
Your Squared Financial Solutions Adviser can determine how Centrelink can work for you, after they consider your needs and objectives. They can also determine which other retirement strategies can best meet your needs.
Talk to us about how we might put Centrelink to work for you
If you are ready to see how Centrelink can work for you, we will be happy to book an appointment to begin working with you to create a financial plan that is right for you.