Access to Centrelink benefits depends upon:
- the level of assets you have
- where you invest those assets
- the income those assets are deemed to produce.
People who intend to rely solely on the Age Pension may need to consider whether this will be enough for a comfortable lifestyle. Subject to eligibility, the maximum full Age Pension pays $689.00* per fortnight for a single person and $519.40* each per fortnight for couples.
*This payment excludes a pension supplement that is currently: single $59.80 per fortnight, couples $90.20 (combined) per fortnight. If you and your partner are separated because of illness, you may be paid at the single rate. Your combined income and assets will be used to work out your rates.
Source. Centrelink, 20 September 2011.
If you are about to retire or have retired and you are receiving payments from a retirement income stream, you may be eligible for Centrelink benefits. We recommend you seek professional advice to determine the effect that your investments may have on gaining access to entitlements.
Find out more about ANZ Financial Planning and how they can help plan for a better retirement.
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