Common questions consumers find themselves asking
• How do I apply?
• I'm retiring early, when do I qualify?
• How much can I get, and how long does it take?
• I have money in the bank, what are the assets thresholds that apply to me?
- There is a range of entitlements that you could qualify for:
• Family Tax Benefit
• Carer Payment
• Carer Allowance
• Disability Support Pension
• Age Pension
• Total and Permanent Injury payments
• Health concessions.
Different financial planning strategies
- A qualified financial planner can assess your current assets, income and most importantly your personal situation, including goals and objectives, before determining the most suitable strategy for your financial situation. Particularly in retirement, being eligible to receive Centrelink benefits and allowances can be a very important way to improve longevity of your retirement savings as well as providing significant health care benefits and other concessions to discounts not applicable to persons in the workforce.
There are many different strategies to optimise your entitlements. Each of these have varying benefits, impact and consequences to different retirees, depending on their personal and financial circumstances. For example:
- • Repayment of debt is not suitable for everyone.
• Gifting of funds to family has varying consequences to both the person and the receiver.
• Pre-paid funeral expenses or purchasing annuities may not benefit those impacted by the income test.