E9 Accessing Centrelink Benefits in Retirement

08/04/23 • 17 min

Midlife Money Matters

Here in Australia the Aged Pension is managed through Centrelink

In this episode we walk through some of the basics when it comes to dealing with Centrelink

A few key points to take from this episode:

Start the process early - don't wait till you reach pension age
Gather all your documents together before you start the application process
Simplify your financial matters and assets - to help with the ongoing reporting obligations
Keep copies of documents you provide as well as copies of the information regarding your financial situation
If your assets change by more than $1000 you are obliged to advise Centrelink within 14 days

Jacqui talks about the different financial assessments which are carried out by Centrelink to determine the level of aged pension you might receive

We talk about the Commonwealth Seniors Health Card - which is different to the pensioner concession card

We talk about financial gifting and how that might impact your pension

This is a pretty dense episode with a lot of information, you may want to listen to it more than once.

So much to think about and prepare

There are thresholds to receiving the aged pension and there will be some listeners who have arranged their financial matters so that they are able to self-fund their retirement years. This is a terrific situation to be in

For those who need it, the aged pension is available

This episode will help you understand what it takes to apply and some tips on how to manage that process to make it easier for you to receive your pension

If you have any questions remember [email protected]

If you know someone who would find these episodes helpful, please share the podcast and we'd love if you are able to leave us a review wherever you listen to your podcasts

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.

Here in Australia the Aged Pension is managed through Centrelink

In this episode we walk through some of the basics when it comes to dealing with Centrelink

A few key points to take from this episode:

Start the process early - don't wait till you reach pension age
Gather all your documents together before you start the application process
Simplify your financial matters and assets - to help with the ongoing reporting obligations
Keep copies of documents you provide as well as copies of the information regarding your financial situation
If your assets change by more than $1000 you are obliged to advise Centrelink within 14 days

Jacqui talks about the different financial assessments which are carried out by Centrelink to determine the level of aged pension you might receive

We talk about the Commonwealth Seniors Health Card - which is different to the pensioner concession card

We talk about financial gifting and how that might impact your pension

This is a pretty dense episode with a lot of information, you may want to listen to it more than once.

So much to think about and prepare

For those who need it, the aged pension is available

This episode will help you understand what it takes to apply and some tips on how to manage that process to make it easier for you to receive your pension

If you have any questions remember [email protected]

If you know someone who would find these episodes helpful, please share the podcast and we'd love if you are able to leave us a review wherever you listen to your podcasts

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.

Previous Episode

E8 Divorce in later life - money matters of importance

You might be surprised to learn that the divorce rate for over 50s in Australia is the fastest growing divorce AND most of the divorces are instigated by women, and not the men!

If you are considering divorce - or if someone you know is in this situation - then this is an important episode for you

We discuss some of the basic mistakes that we have seen and offer suggestions of what has worked for others

We need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.

In fact when it comes to matters of divorce your lawyer is not in a position to provide financial advice. It is essential to consult an accountant or other financial professional.

Some of the key messages from this episode:

Important to make a comprehensive list of all the assets
If there is a business involved - do you need a professional financial valuation?
What are the collective and individual outstanding debts - mortgage, credit cards, loans etc
Consider putting together your own professional team - lawyer, accountant etc Remember your lawyer is legally not allowed to provide financial information
Make a new financial budget to identify how much you need - super important to figure out what the new costs are/ will be
Think very deeply about the best outcome for you when it comes to splitting the entire portfolio of assets. Seek professional advice to ensure that this decision will be of greatest benefit you in the long term - this is about you being able to enjoy a full and satisfying retirement
Review Estate planning and power of attorney and binding death nomination

Of course this is an extremely emotional time - for everyone

We recognise that and encourage you to seek out the best professional guidance to ensure you are financially secure for your future

We have a question from one of our listeners:

Shelley asks “I am trying to pay off my mortgage before I retire, hopefully in around 5 years time and I want to know if I should change my payments from monthly to more often?”

Again, we need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.

Next Episode

E10 Bank of Mum and Dad - some matters to consider

The Bank of Mum and Dad is a hot topic right now as we record this episode - July 2023

We know the media is talking a lot about this topic.

We have received a number of emails with questions from parents who are considering helping their kids, and in some cases their grandkids, financially

In this episode we offer some questions for your consideration

We also offer some possible and potential scenarios to consider as you and your family discuss and decide about the financial arrangements between the generations

Jacqui and Ingrid created Midlife Money Matters podcast to help Australian women understand what it takes to have a comfortable and financially secure retirement.

This is an important topic as affects later life financial security

If you have any questions or comments please email [email protected]

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.