Self-funded retirees who often assume if they start by living off their savings and superannuation, that’s how they’ll end it. But this is not the case.
One of the most surprising things about Australia’s age pension is that four out of five of us end up receiving one, a statistic that can come as a shock to self-funded retirees who often assume if they start retirement by living off their savings and superannuation, that’s how they’ll end it.
But these proportions shift dramatically between ages 67 and 85. By their mid-80s, many retirees will have moved from a part pension to a full one. And others who were previously ineligible will now qualify.you enter retirement is enormously helpful when it comes to planning your long-term retirement income needs.
Whilst the term pensioner can have some negative connotations, it shouldn’t. It’s a legitimate benefit provided as a safety net to older Australians who have worked and paid taxes throughout their lives. Some pensioners have little in the way of assets, others have fully owned family homes and financial assets up to $667,500 for singles and $1.03 million for couples.Of all income streams, the age pension is the most dependable.
This means you need to either stay up to date with the relevant rules yourself or know a trusted someone who does.Centrelink has many rules, terms and conditions, but there are some top-level ones you need to know. These include the reporting of superannuation, gifting limits and how couples can structure their super. Many pension applicants are rejected because they double report superannuation .
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Walmart’s bid to cut shoplifting at self-checkout counters leads to customer backlashWalmart’s push to crack down on shoplifting at self-checkout counters with anti-theft technology has led to a surge in “hostile” encounters between hourly workers and shoppers, according to a report.
Read more »
‘My self-worth plummeted every month’: the hidden disorder that can ruin women’s livesPMDD is a little-known condition that causes depression, anxiety and suicidal thoughts for a significant proportion of women. Sufferers and experts talk about its devastating effects, and the fight to improve diagnosis
Read more »
Supreme Court judge grants stay of application in Toowoomba rape case of high-profile manLawyers for a high-profile man charged with rape west of Brisbane have formally appealed a court's decision to allow his identity to be revealed
Read more »
Voice referendum updates: Indigenous people urged to stay resilient, 'keep fighting the fight' — as it happenedLook back on the day's updates on the fallout from the Voice to Parliament referendum's defeat on Monday, October 16, 2023.
Read more »
Voice referendum live updates: Indigenous people urged to stay resilient, 'keep fighting the fight'Follow our live updates on the fallout from the Voice to Parliament referendum's defeat on Monday, October 16, 2023.
Read more »
Grandmothers of boy critically ill after self-harming at Casuarina Prison's Unit 18 speak of tormentThe grief-stricken grandmothers of a First Nations teenager clinging to life after apparently trying to take his own life inside a notorious youth detention unit say they feel like he was 'sent to a big meat house and came back slaughtered'.
Read more »