Social Security
In retirement, you may be eligible to receive a range of Social Security benefits that will assist you in retirement.
Centrelink Age Pension
The Age Pension is a means-tested fortnightly pension that is payable to Australian seniors to assist them with meeting their living expenses in retirement.
The Age Pension is both Income tested and Asset tested and you will need to satisfy both tests in order to be eligible for a pension. If you satisfy both tests you may receive a full or part Age pension payment each fortnight to put towards your living expenses.
Commonwealth Health Care Card
The Commonwealth Seniors Health Card provides you with some of the benefits linked with the Age Pension including pharmaceutical benefits scheme, transport concessions, education concessions, and you may also be entitled to payments towards rates and registration.
It is income tested only, so even if you do not qualify for Age Pension, you may still be entitled to a Health Care Card.
Commonwealth Health Care Card benefits can include:
- Bulk-billed GP appointments, at the discretion of the GP (the Australian Government provides financial incentives for GPs to bulk-bill concession card holders).
- A reduction in the cost of out-of-hospital medical expenses above a concessional threshold through Medicare Safety Net.
In some instances you may also benefit from additional health, household, transport, education and recreation concessions which may be offered by your State or Territory and local governments and private providers.
Please note: these providers offer these concessions at their own discretion, and the availability of these concessions may vary from state to state.
Talk to a Health Super Financial Planner today to assist you in maximising your retirement income and getting the most from your benefits.