Centrelink benefits

The government age pension provides a safety net for people who cannot fully provide for themselves financially in retirement. For the great majority of people it is considerably less money than they've been used to living on.

Who qualifies for the age pension?

You can qualify for the age pension if you satisfy each of these criteria:

• Aged 65 or over (men) or above certain qualifying ages (see table below)
• Meet certain residence requirements
• Have income and assets below a certain amount

 

The qualifying age for women is gradually being increased to match the qualifying age for men. By 2014 the qualifying age for both men and women will be 65. As of July 2007, women must be at least 63 to qualify for the age pension.

Your date of birth	Qualification age
Before 30 June 1944	63
1 July 1944 to 31 December 1945	63½
1 January 1946 to 30 June 1947	64
1 July 1947 to 31 December 1948	64½
1 January 1949 and later	65

How much pension do you receive?

Age pension rates depend on whether you are single or have a partner, whether you have dependent children, and the level of your income and assets. See the Centrelink website for details of current pension rates and the income and assets test criteria.

Maximise your Centrelink benefits

There are many different ways in which you can organise your retirement finances so as to qualify for a part or full age pension. Often people who don't believe they qualify find that they can claim a part or full age pension after receiving professional advice. Apart from the financial boost, receiving the age pension (even if it's just a part pension of a few dollars) gives you access to all the benefits that pensioners are entitled to receive, such as the health care card.

It's worth discussing your personal situation with a Commonwealth Financial Planner to see whether you qualify.

If you would like to know more about how a Commonwealth Financial Planner may be able to help you, or to make an obligation-free appointment with a Commonwealth Financial Planner call 1800 241 996 or email us.

 

Important information: The information contained on this web page is of a factual nature only and is not intended to constitute financial product advice. It has been prepared by Commonwealth Financial Planning Limited without considering your individual objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual needs before making a decision based on this information.

Commonwealth Bank customers who wish to obtain information about Retirement Planning may do so by contacting a Commonwealth Financial Planner. Commonwealth Financial Planners are representatives of Commonwealth Financial Planning Limited ABN 65 003 900 169, AFSL 231139. Commonwealth Financial Planning Limited is a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124