Planning for Retirement

Posted by Eduardo Posadas on

Planning for Retirement

Financial support and pensions. 

Financial Support can be in the form of: 

  • Full or part Age Pension from Centrelink.
  • Income support of Service Pension from DVA for veterans, their partners or widows.
  • Superannuation Pensions.
  • Other income streams or support. 

Financial support also includes other allowances, concessions and bonuses and support for self-funded retirees.  

Retirement Income Streams: 

There are two basic types of retirement income streams; pensions (payable from superannuation funds) and annuities (purchased from life insurance companies). 

With a Pensioners Concession Card, you may be eligible for: 

  • Reduced medication costs under the Pharmaceutical Benefits Scheme and lower threshold for Extended Medicare Safety net.
  • Possible eligibility for reduced property and water rates, as well as energy bills.
  • Reduced rail and transport fares.
  • 50% concession on mail redirection services with Australia Post.
  • Concessions vary between states and territories. 

Are you eligible for an Age Pension? 

Men 65 years and older, and women 63.5 to 65 years (depending on DOB) need to meet residential requirements and have income and assets below a certain amount. 

Income and asset tests. 

Centrelink or the DVA will conduct income and asset tests to determine whether you are eligible for a full or partial Age Pension.

People who are not eligible for a pension due to their level of income and assets may be able to find assistance with the Pension Loans Scheme. 

Where to get advice. 

  • Aged Care Assessment Teams (ACAT)
  • Financial Planners
  • Centrelink
  • Department of Veterans Affairs (DVA) 

Centrelink’s Financial Information Service (FIS) is a free service that provides information that can help you to make decisions about your present and future financial situations, as well as pension income and asset tests. 

To contact the FIS:

 Call 13 23 00 and ask for the Financial Information Service. You can also make an appointment for an interview with the FIS.

  • Look in your local newspaper or call 13 63 57 for information about financial and lifestyle seminars.
  • Visit the Centrelink website.

 Financial Planners: 

Financial Planners can provide information and advice on financial planning for retirement superannuation, management of wealth and assets, savings, and banking. 

Find a licensed financial planner to help you manage your financial situation. 

Check the AFS Authorised Representatives Register, from the Australian Securities and Investment Commission (ASIC) to see if a financial planner is licensed. 

The Financial Planning Association of Australia Ltd also has a list of registered financial planners. Contact on 1300 626 393, or visit their website 

If you cannot afford a Financial Planner you can get free financial advice from a Financial Counsellor. Contact the Department of Families, Housing, Community Services and Indigenous Affairs to find out about financial counselling under the Commonwealth Financial Counselling (CFC) service strategy.

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