Description
This article provides a simple run down of Australian’s Aged Pension entitlements and how they sit alongside superannuation benefits. It provides insights into eligibility criteria, income and asset tests, and strategies for maximising retirement income through private pensions.
Introduction
The Australian Aged Pension scheme provides a wonderful safety net for those with limited assets in retirement, although many remain confused by how their age pension entitlements differ from so called superannuation income streams.
The Federal Government provides an income for all Australians who reach pension paying age, currently set at age 67, who can prove they are an Australian resident and can also pass the income and asset tests or means test.
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