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June 2023

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Retirement Planning, Superannuation

How to Nail Your Retirement Number

When you’ve worked hard all your life it’s only natural to want a relaxed retirement, free from financial worry. Figuring out the cash you’ll need and how you’ll get to that magic number is fraught with complexity.

It’s never too early or too late to plan, so read on if it feels that time’s passing at lightning speed with the end of your working life within touching distance.

Find out how you can still make a difference to your retirement strategy with careful superannuation planning as part of a holistic approach to your financial future.

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Age Pension, PAC Financial, Retirement Planning

Five Reasons Age Pension Applications Can Fail

Being entitled to an Age Pension doesn’t mean you’ll automatically receive your fortnightly payments from Day One of your retirement.

Being entitled doesn’t even mean your application will be successful. There are quite a few hurdles to overcome if you are planning, or in the midst of, an application. There are five main reasons why Age Pension applications can fail I would like to share how to avoid them.

Don’t double-declare your super and your income stream
Centrelink asset and income tests can seem complex. But one hard and fast rule is that you do need to declare (under assets) your superannuation account balance. Centrelink will then deem the amount this balance earns (see current deeming rates here ). What you don’t have to do is to declare the income you drawdown from your super, in the form of an Account-Based Pension or other type of income stream. Yes, this is income, but as Centrelink has already counted it (by deeming an income on your assets), it doesn’t do this twice. Many applicants are surprised to get a knockback due to failing the income test. Some shouldn’t fail it, but they have incorrectly declared income already taken into account.

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