Pension and government benefits
When you retire, you may be eligible for government benefits such as the Age Pension or a concession card. The kind of pension and benefits you’re entitled to generally depends on your age, assets and income and can be a complex area to navigate.
Age Pension
Generally, to be eligible for the Age Pension, you must:
- be age 66 and 6 months or over, depending on when you were born
- be an Australian resident and have lived in Australia for at least 10 years
- meet the income and asset tests
Central to the Age Pension system are the two means tests that are applied to your assessment – the income test and assets test. Our clients benefit from our knowledge of this system and how these tests are applied, in order to create the ideal income situation. Ongoing management is essential to ensure any changes in your circumstances are monitored and your entitlements are maintained.
Concession Cards
Even if you are not eligible for any payments from the Government, you may still be entitled to a concession card. The following cards provide seniors, retirees and pensioners with discounts on things like health care, transport and utilities.
- Pensioner Concession Card: Gives you access to cheaper utility and medical bills, and discounts on public transport in some states
- Commonwealth Seniors Health Card: Gets you cheaper prescriptions and medical appointments.
- Seniors cards: This differ in each State and Territory and offers a discount on public transport and some goods and services