Keeping Centrelink up to date with your financial situation can be a tedious task. However by not doing so you run the risk of not only of being overpaid but also missing out and being underpaid.
Centrelink entitlements play a very important role in many Australians’ retirement plans. In 2018-19, 50% of retired men and 45% of retired women listed the age pension as their main source of income. 1
Even those with decent superannuation savings supplement their incomes with the age pension. However, those 100% self-funded retirees who don’t think they are eligible for any government support who often miss out.
Centrelink is very good at helping people get all benefits they are entitled to. But they can only do so if you apply to them. In retirement, besides from the age pension, there are other benefits Centrelink offer.
What about those who do not need the age pension in retirement? Is there anything for them?
Commonwealth Seniors Health Card
Often overlooked by self-funded retirees. The Commonwealth Seniors Health Card is available to any resident of Australia who is of pension age, not receiving any Centrelink or DVA payments and meet an income test(2).
The card gives opens up access to cheaper medicines, bulk billing and bigger refunds when you reach the Medicare Safety Net. Let’s face it, as we get older the medical costs keep on rising.
To apply, or read more information, click the link below:
NSW Seniors card
A NSW government initiative, the card is for anyone aged 60 or more and a permanent resident of NSW. Depending on your level of work, you may apply for the NSW Seniors Card or NSW Senior Savers Card. The card gives you access to discounts on a wide range of goods and services.
To apply, or read more information, click the link below:
https://www.seniorscard.nsw.gov.au
At a time when you are reaching your golden years, money is fixed but living and medical expenses sadly are certainly not.
In an economic environment as we find ourselves today, every little bit helps! By understanding what support is available, you can certainly lessen the economic burden.
Schedule a no-obligation Discovery Chat with us – We’ll help your review your current situation, your cover and identify any gaps.
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2. Single $55,808 p.a. ; Couple $89,290 p.a. ; Couples separated by illness $111,616 p.a.
The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. Louella Jorge is an Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429. This editorial does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information, you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser before you act.
