If you are planning for your retirement, you will be wondering if you will get the Government Aged Pension.
The Government Age Pension is a regular fortnightly income, paid by the Government via Centrelink. It is designed to help eligible older Australians pay for basic living expenses.
If you’re eligible, it can supplement payments from your super and provide an additional income once you’ve stopped working.
The great news is, you don’t have to spend all of your super before you can access it.
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 the Assets test and the Income test. These are used to determine your eligibility and the Government Age Pension payment amount you may receive.
If you’re approaching retirement, it’s a good idea to get some advice about your finances and to plan ahead. Everyone’s circumstances are unique so personal advice is required.
To book a complimentary ten minute phone consultation with Cameron Teague, our Certified Financial Planner, click on the link below.
