My friend is going to retire in 2 years time and wonder whether he is entitled to government age pension at age 65. His super has a balance of $360,000 and I believe he should get some money from the government after retirement. Is there a web site that he can go to find out how much money he can get from the government?
Age pension
ubor on 16/05/2014 - 22:17
Comments
Not taking effect for another 20 years or so
centrelink.gov.au should have all the info you are after
$360K to retire on is pretty poor. If you really wanted to be self sufficient you'd want at least $700K+.
dunno, at 65, you are probably not going to live much longer any how.
if you do live longer you will most likely suffer from dementia and cancer.
Taking inflation and the many more years to live with old age sickness, I reckon you need a fair bit more. min $1m? (total assets)
If he gets the new deeming rates as proposed in the budget he can calculate deemed income on $360k in allocated pension (another new rule to start on 1/1/2015) From that he can calculate an approximate aged pension. This does not take in account the assets test on age pensions, just the income test. You also need to apply the assets test if he has more than a few thousand dollars worth of belongings, and the pension will be the lower of the 2 of the income tested pension, and the assets tested pension.
retirement age is 70 now i thought?