At Turner Financial Solutions we are well experienced in assisting many of our clients with their need for government financial support, and/or advising on their eligibility for social security.
With an ageing population, the retirement income for many people will likely include some kind of pension payment or allowance from the government. Around 65% of older Australians rely on a government pension or allowance as their main source of personal income at retirement. Of course how much you get, will depend on how much income you receive from other sources and what your assets are worth.
The most relevant pensions for retirees are:
– Age pensions
– Disability support
– Sickness and mobility allowances
– Bereavement allowances
– Wife pensions
– Widow B pensions
– Carer payments and allowances
Other considerations include the Commonwealth Seniors Health Card, DVA income streams, Work Bonus Scheme, and/or aged care considerations.
The Department of Human Services’ Guide to Australian Government payments describes payment rates and eligibility criteria for all payments made by Centrelink and the Family Assistance Office. It also contains information on concession cards and healthcare cards. The booklet is updated quarterly to reflect any changes in payment rates.
Similarly to superannuation laws, social security legislation is constantly evolving to reflect issues such as sustainability, longevity, and equitable distribution.
Understanding the complexity of the social security system is difficult. However, after assessing your situation, Turner Financial Solutions can offer help and guidance within these complex areas of planning. Importantly, as your circumstances change over time, social security entitlements may also change, which is why our ongoing review process is a crucial part of our client offering.