If you are nearing your 66th birthday or indeed turning 66 this year, you should start to take a closer look at the Age Pension and how you can access this. Now we all know that dealing with Government applications are rarely straight forward and you could break a leg getting trying to get through the assault course of red tape. However we’ve got you covered.
Here are our top tips to help you access your age pension when you are ready and, get the money you deserve:
If you are turning 66 this year, set a date to apply for your age pension application 12 weeks before your birthday. Why? The form can be tricky and the application process takes time. Start in advance to address any issues quickly and receive your pension payment on time
If you are turning 66 this year, and are concerned you may not be entitled to the Centrelink Age Pension, check first and find out why. Your circumstances or the criteria may change and you want to be ready to apply as soon as you become eligible
If you are turning 66 this year, and definitely not eligible for the Centrelink Age Pension all is not lost. Apply for the Commonwealth Seniors Health Card instead. This card is means-tested based on your income, and you could save more than $2,500 a year on healthcare costs
Continue to check your eligibility for the Commonwealth Seniors Health Card. Return on investments and changes in deeming rates mean that your eligibility may have changed
If you are receiving a part pension, regularly notify Centrelink of your most up-to-date asset valuations. A change in assets of as little as $1,000 can mean an extra $78 per year in age pension payments! Update the value of your vehicles and household contents, savings etc.
Once you receive your age Pension Concession Card, make sure you apply for these five entitlements:
- Gas Rebate
- Electricity Rebate
- Water Rebate
- Council Rate Discount
- Driver’s License and Registration Concession
If you are 66 or over and still working or a few ways off accessing your 66th birthday, you can still access some useful benefits.
Give us a call on 08 92445 2955 and one of our Retirement Specialists can help you build your income so you can live well in retirement.