In this guide
- 1. Recheck your eligibility for the Age Pension
- 2. Get ready to apply for the Age Pension
- 3. Check your eligibility for the Commonwealth Seniors Health Card (CSHC)
- 4. Review your Centrelink asset values
- 5. Check you are receiving all your government entitlements
- 6. Apply for your state Seniors Card
- 7. Register for the Medicare Safety Net
- 8. Check your spending levels
- 9. Investigate the Home Equity Access Scheme
- 10. Review your health insurance cover
Although the big inflation numbers we’ve been seeing over the past couple of years appear to be subsiding, the cost of some essential household items like insurance continue to rise, leaving many retirees concerned about their finances.
The annual increase in the ASFA Retirement Standard December quarter 2023 was 3.5%. It calculated a retired homeowning couple aged around 65 and living a comfortable lifestyle were spending $1,382.15 a week during the December quarter.
Even if your household budget hasn’t felt the squeeze from recent price rises, it still makes sense to check you’re doing everything you can to boost your retirement income and avoid unnecessary expenses.
Need to know
The federal government temporarily halved the minimum pension drawdown rates for the 2019–20 to 2022–23 financial years. This was in response to the financial impacts of the pandemic, so retirees were not forced to sell super assets to meet the legislated minimum annual payment at a time when investment markets were volatile.
From 1 July 2023, the minimum annual drawdown reverted to the normal rates. That means retirees who withdraw the minimum amount will need to double their recent level of payments for the 2023–24 financial year. For those celebrating a milestone birthday, such as 65, 75, 80, 85, 90 or 95, the minimum drawdown amount increased even more.
Read more about minimum pension drawdown rates.
1. Recheck your eligibility for the Age Pension
If you’re a self-funded retiree who has been ineligible for even a part Age Pension in the past, now is a great time to recheck your financial situation and see if your position has changed due to higher household expenses.
