You probably already have a good idea about how you’d like to retire. But have you considered how the Government Age Pension might supplement your retirement cash flow?
The Government Age Pension is a regular fortnightly income, paid by the Government, designed to help eligible older Australians pay for basic living expenses. If you’re eligible it can supplement income from your superannuation and help you to maintain a comfortable lifestyle long into retirement. Here are some ways you can plan for retirement with the age pension in mind.
Topping up the Government Age Pension with your super
Did you know that around 70%* of older Australians are eligible for either a part or full Government Age Pension? And the great news is you don’t have to spend all of your super before you can access it. When you transfer your superannuation to a retirement income account, you can then top up your income with any Government Age Pension payments you’re eligible for. It’s easier than you think and means you have more money to enjoy in your retirement.
Our income tool can help you work out how much income you may receive if you top up the Government Age Pension with payments from your income account.
Am I eligible?
Want to know more about Government Age Pension eligibility? Before you can receive your first payment, you’ll need to meet age and residential requirements set by the government. If you meet these conditions, you’ll then need to pass two more tests: an Assets test and Income test.
These tests are used to determine your eligibility and the Government Age Pension payment amount you may receive. Our four step fact sheet along with our Age Pension Estimator can help you work out if ou’re eligible for any Government Age Pension payments.
How much will I receive?
Below are the current maximum fortnightly Government Age Pension payments that apply from 20 September 2016. Remember, the government uses the Asset and Income tests to determine your exact Government Age Pension payment.
Find out if you’re eligible for the Government Age Pension. Download our four step fact sheet here.