To determine your Aged Pension entitlements in Australia, you need to meet certain eligibility criteria and go through an assessment process conducted by the Department of Human Services (DHS), which includes Centrelink.
Rules and processes will change over time, so it’s essential to ensure you receive expert advice Sterling Grange Financial Planning Advisers to help you navigate your Aged Pension entitlements.
In determining your Aged Pension entitlements, we will assist you in navigating the following areas:
- Age Eligibility: You must be at least the qualifying age to be eligible for the Aged Pension.
- Residency Requirements: You need to be an Australian resident and meet specific residence requirements to qualify for the Aged Pension.
- Income Test: your income will be assessed to determine if you are eligible for the full or part pension. The income test considers all forms of income, including earnings from employment, investments, rental income, and some government payments.
- Asset Test: Your assets, such as property, savings, investments, and other valuables, are also taken into consideration. The asset test is used to determine the level of pension you may be eligible for.
- Deeming: If you have financial investments, a deeming rate will be used to assess your income from those investments, regardless of the actual returns.
- Partner’s Situation: If you have a partner, their income and assets will also be considered in the assessment process.
It’s important to note that the above are just the basic areas to consider in determining your Aged Pension entitlements, and there may be additional factors that could impact your specific situation. To get accurate and personalised information regarding your Aged Pension entitlements, it’s best to work with a financial adviser who specialises in this area.