Age Pension – Rates? Age? Here is a beginner’s guide to the Australian Age Pension system. I will explain the rates of 2019, retirement age, income & asset test, and talk about the benefits of part-time work.
🦋 UPDATE!!
Numbers in the video are from June 2019. For the updated numbers please follow the link below to the article on our website.
🦋 AGE PENSION ARTICLE
▪️
🦋 USEFUL LINKS
▪️ Residency Rule:
▪️ How much you can get:
▪️ Pension Supplement:
▪️ Energy Supplement:
🦋 THE BOOK MENTIONED IN THE VIDEO:
▪️ Enjoying Retirement: An Australian handbook of ideas, strategies, and resources:
🦋 RECOMMENDED VIDEOS FOR YOU
▪️ Super – amazing secrets from the barefoot investor. Tried.
▪️ Best super funds 2019 (compared both performance and fees)
▪️ Where will you spend most after retirement? Retirement expenses in Australia
🦋 CONNECT WITH US
▪️ YouTube
▪️ Website
▪️ Facebook
▪️ LinkedIn
🦋 DISCLAIMER
The information contained in this video is factual only. It is not financial or other advice of any type. You should consult a professional financial or retirement adviser to obtain specific advice for your particular situation. For more information, visit our Disclaimer page:
🦋 AFFILIATE DISCLOSURE
This video and description contain affiliate links, which means that if you click on one of the product links, I may receive a small commission. This helps support the channel and allows me to continue to make videos like this. Thank you for your support! RetireOn Pty Ltd is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.
#RetireOn…(read more)
LEARN MORE ABOUT: Retirement Pension Plans
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
Age Pension Australia – The Easy Guide
The Age Pension is a scheme provided by the Australian government to help older individuals financially in retirement. It is designed to provide eligible citizens with a regular income to support them in their later years. If you are nearing retirement age and are looking to apply for the Age Pension, here is an easy guide to help you understand the process.
Eligibility Criteria:
To be eligible for the Age Pension, you need to meet certain criteria set by the government. These criteria include:
1. Age: You must be at least 66 years old to qualify for the Age Pension, although this age may vary depending on your date of birth.
2. Residency: You must be an Australian resident and have lived in Australia for a certain period of time to be eligible for the Age Pension.
3. Income and Assets: Your income and assets will be assessed to determine your eligibility for the Age Pension. There are limits to how much income and assets you can have in order to qualify for the pension.
How to Apply:
Once you have determined that you meet the eligibility criteria, you can start the application process for the Age Pension. The easiest way to apply is online through the government’s website. You will need to provide personal details, financial information, and any relevant documentation to support your claim.
It is important to apply for the Age Pension well in advance of reaching retirement age, as the process can take some time to complete. Once your application has been submitted, it will be assessed by the government to determine your eligibility for the pension.
Payment Rates:
The amount of Age Pension you receive will depend on various factors, including your income, assets, and living arrangements. The government sets regular payment rates for the Age Pension, which are usually adjusted in line with the cost of living.
In addition to the basic Age Pension, you may also be eligible for additional supplements and allowances, such as the Pension Supplement, Rent Assistance, and the Energy Supplement.
Managing Your Pension:
Once you start receiving the Age Pension, it is important to manage your finances wisely. This includes budgeting your income, paying bills on time, and planning for unexpected expenses.
You may also be eligible for other benefits and concessions, such as discounted public transport fares, reduced healthcare costs, and assistance with home energy bills. Be sure to explore these options to make the most of your Age Pension.
In Conclusion:
The Age Pension is a valuable source of financial support for older Australians, and understanding the application process and payment rates is essential. By following this easy guide, you can navigate the Age Pension system with confidence and secure the support you need for a comfortable retirement.
For RETIREMENT COSTS, visit here:: https://retireon.com.au/2019/retirement-costs-in-australia/
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Please tell us for year 2023
Thank you for the advice.
I saw a forum post where one person suggested that a home owning couple should aim for $500,000 in income earning assets returning 6% (like a reasonable share portfolio should) by age 67. That, along with partial age pension would mean they'd have an income of $61,200 per year which is a pretty comfortable retirement for most people. Would you agree?
I’m starting to panic! My plan is to retire at 60 and try to survive until 67. I am 58 and have early onset MS. There is no way I can continue to work 9-5, 5-7 days a week for much longer. I am struggling. Everyone I know in my generation and older are struggling. It seems ridiculous that at an age when we are slowing down and need to stop and rest after decades of work, we are being forced to work until we die. When I was a teenager it seemed so simple, the 55-60 year olds retired because they were slowing down mentally and physically, and that left plenty of job openings for the young coming of working age to take over. In the old system it was a continuous circle, and we had some time to enjoy life with our family and loved ones, with energy to help them and the community in our retirement. With this new plan that I and the rest of us are forced into, most of us will die, still slaving away, no time, no energy, no balance, before we can retire. If we aren’t all dead then they will keep increasing the age until they achieve that goal. And I have to add that keeping us all working until we die puts a heavy burden on society as we get sick, tired and depressed from a poor life/work balance, as well as a burden on unemployment as we all cling to our jobs, because god forbid we loose our jobs at that age because no one will hire us in a different role, can’t blame them because I probably wouldn’t want an elderly person on staff in any role but especially a physically demanding job, which also stops the youth from filling those positions. I’m can’t protest because, I’m working. The youth won’t protest because they are young and like us at their age they are complacent and compliant, but when the youth of today get to 70 year old and are told they can’t retire, or get their Superanuation, until they are 90, maybe they will find time to grab their walking frames and hobble out to protest. I wish them luck.
We are both Australian citizens. I worked for over 30 years and paid tax. My husband worked for 38,39 years and paid tax. We live in Cambodia, running a vocational training centre. We were both born in 1952 and have been told we have to go back to Australia and live for 2 years before we can receive a pension. Is this correct?
The thought of retirement makes me cry, My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. . It’s so difficult for people who are retired.
Can you retire early if you are unable to work due to your medical condition??
Very informative, thank you
Presenter talks very clearly.
While preparing for retirement, the wisest thing that should be on every wise individual's list is to invest in different stream of income; I am earning more this year because I have been investing while working at the same time. I invested through TERESA JENSEN WHITE, same woman that an anchor kept mentioning on CNBC, and made multiple of my start up capital within three months . She lives here in the USA and she is licensed
Can an Australian live outside Australia and receive pension?
Thanks, good and clear!
I’m retiring next month. And I’m a bit nervous on how to keep up with my kids.
this is good but figures seem out of date.
Just I want to know In case of medical issues can I get pension after six years in Australia.your advice be much apreciated.
how come a country like australia has a third world country pension system? to the point to put pensioners in a stressful position and suffer for depression..
How friggin confusing.so if I work hard don't smoke,don't drink,don't have holidays,buy a block of land that ends up going up in price as a city spreads outwards.i get docked for trying hard.so if I drank,smoked,had expensive holidays go on pension younger cry poor,I get more than the person who slogged their guts out.
I have quarry that is not related to the receivable rate, however perhaps you may be able to advise me. I live overseas in the Philippine Islands permanently. Up until now the Australian Government has been depositing my pension into one of the Australian banks. However that is some times not convenient, as some times I find that I can not open my Saving account through the internet. My question to you is do you if the Australian Government has a means to direct my pension directly to a bank here in The Philippines, or could you advise me on who to contact in view of this quarry. If so I would be very grateful Bruce
Any retirement financial plans?
Useful info.
Ps add updated ones for 2021
Great video
How this could be even legal to force old people to live in poverty after they worked and paid taxes their whole life? It reminds me the movie 'Logan's run' about a society in which people were killed once they reached a certain age as they were no longer needed by the society. This is almost similar as I would think that forcing a person to live in poverty very likely shortens their life expectancy. In Europe, pensioners don't have to be stressed and live in poverty as people in Europe are receiving pensions proportionate to how much they have earned throughout their life. They can rely on pension and live in dignity in case they were not able accumulate investments throughout their working life. Also their pension is not means and income tested. They simply deserve their pensions as they worked and paid taxes their whole life. If they were responsible, saved money and bought for example a property that is generating a rent, then that's a bonus for them. They still keep their pension. So, why Australian pensioners cannot have the same standard? Is Australia somewhat less developed country than European countries?
The problem is by 50+ years old you might got redundant and couldn’t find any job. How will you survive till you reach 67 to get age pension. You’ve been working your whole life paying tax . Your superannuation might gone vanish due to pay all the fee and charge .
My husband born on Feb,22, 1954 and his job lately is a trucker how much his pension? If you don't mind I asked for… Thank you and godbless
The house you live in does not count as an asset. Great. Why do you talk about limits then? What if the house I live in is worth 1 million dollars? I live in it. It does not generate income!!!
I'm married to Thai women been together for 12year's married for 2 year's she is not an Australian citizen she live in Thailand and she is only 51 year's old ,l will retire there in August what pension will l get married or single?? .
what about the homeless
Australia just pay12 months age pension…european country s pay 14 months why Australia don't pay 14 months????
Thank you for the information ,I'm coming to Brisbane once the borders are open
Please advise how long a permanent resident has to stay in australia to get pension,is it true that a pemanent resident has to reside for five years continuesly to get pension
The age pension is NOT a WELFARE payment NEVER was its YOUR age pension YOU paid for it! Superannuation is the governments gambling money that is replacing it!
Just great.
When Menzies was prime minister he was asked why our tax was so high and he said we have to put money away for every bodies pension .This continued till Whitlam and his mates spent all the budget plus more .Then Fraser had to take the pension money to help the economy out of the mess left by Whitlam and after that the fund was never replaced. It is not the now pensioners that live off the tax payer it's the government waste that took their money.
I will be dead by than i work since i was 14 years old still working and I am 52 no spell in this life work till you drop dead like my aunty
The australia government expect people too work in there sixty most old people are sick or on disability they are not helping old people shame on our government
Hello thankyou for all information …can i ask can i get a pension now at 57 as I have hip problems and arm pain after many years of working in nursing Home?…and my doctors has advised to stop working? Thank you?