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Old age pension – what, when and how much? – Adelaide financial advice Financial Advisor

The big question: does paying taxes at work give you the right to receive a retirement pension if you choose to retire? – The short answer is no.

What is the old age pension?
The old-age pension is a safety net to support retired people who do not have the financial means to either fully or partially provide for themselves.

When can I get my old age pension? At what age is a person entitled to an old-age pension?
The minimum age for the old-age pension was 65 for over 100 years. In 2017 the minimum age increased by six months and will continue to increase every six years by six months until the minimum age will reach 67 in 2024.

The following table provides a more comprehensive overview.

How do I know if I am entitled to an old age pension?
This is a complicated question that depends heavily on a person’s situation. Are you single or a couple, do you own your home or rent, how much wealth do you have and what is your income?

The current retirement pension is $ 933.40 per two weeks for a single person or $ 703.50 per two weeks for each member of a couple. This full pension is adjusted twice a year in March and September.

The pension entitlement is calculated both after an asset test and after an income test.

Why is the retirement pension assessed in both tests? If a person’s entitlement to the property test is less than that to be paid to the income test, the entitlement is determined by the property test, as this test pays the lower retirement pension.

In addition to a person’s age and assets and income, a person applying for a retirement pension must also meet a residence requirement. You must be based in Australia and on the day the claim is made. You must also be resident in Australia for 10 years or have spent several periods in Australia spanning 10 years, with at least five of these years in a coherent period.

Australia has international social security agreements with a number of countries. Residency in these countries can count towards your qualifying Australian residence.

As you can see, qualifying for retirement is not as easy as reaching a certain age. This can be complicated and it is advisable to speak to an expert to ensure that you are getting the right claim when you apply.

Source: Mark Teale | Centrepoint Alliance

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