Centrelink Entitlements in Retirement Are Always Excellent If You Can Get Them

1. Centrelink Entitlements in Retirement Are Always Excellent If You Can Get Them! Centrelink is a government agency that assists with tax refunds, pensions, allowances, and other similar benefits. Centrelink entitlements are available to people who are of retirement age or need some form of income support. The critical use among Centrelink entitlements for retirees is the age pension. Retirement is a challenging time, with many different options and decisions to make. Brisbane Financial Planners offers advice and guidance about choosing the best strategies for your financial future. Age Pension The age pension is the primary Centrelink entitlement that retirees can receive, the exact amount of money you are entitled to vary according to the asset and income levels you have reached. Pension payments are indexed twice a year in line with rises in the cost of living; however, pensions are not taxed if they are less than $300 per fortnight (excluding pharmaceutical allowance). Brisbane financial planners suggests retirees should apply for the age pension as soon as they

2. reach the eligible age or if they feel that their income and assets may disqualify them. There are several rules governing eligibility to get an age pension: – •You must be over 65 years old to get an age pension. However, some people can get part of an income support payment before this time. For example, if you’re caring for someone with a disability who receives an income support payment, you may be able to get an income support payment before you turn 65. •You must have lived in Australia for at least ten years since age 16. Those who enter Australia after the age of 50 usually need to have lived here for 20 years or more to be eligible. •There are some exceptions where people can get benefits sooner than the standard rules. These include refugees and others entitled under international agreements. A new resident’s waiting period applies when coming from certain countries. If you’re on a permanent visa (such as Permanent Resident), you’ll almost always need to meet residence requirements before getting a pension. Asset sheltering This is a Centrelink entitlement that many retirees can take advantage of. An individual may be able to transfer some of their assets to a family member or friends, which will reduce the amount they are required to live off and thus increase how much is paid in Age Pension entitlements. However, there are certain restrictions on asset- sheltering. For example, an individual must not own more than $542,000 in assets before transferring them to another person. This means that if you have over $542k in assets, the maximum pension at this time is approximately $15,500pa. Our Brisbane Financial Planners are here to help you with any questions or queries you may have about Centrelink entitlements.

3. Lifetime annuities An investment tool purchased from a life insurance company with your own or group superannuation is designed to meet your financial need by paying an annual benefit until death. When the insured dies, no further payments are made after this time. Brisbane financial planners provide financial advice on all aspects of retirement planning, so you have a better idea of using your superannuation. Our Brisbane financial planners offer a range of solutions across the asset spectrum designed to help minimize tax and maximize your return. Powered By Powered By