The Australian Government provides support to many Australians who are retired through the Age Pension. The Pension is meant to provide a basic income to help meet the cost of living. Whether you qualify and the amount you would receive depends on several variables, mainly your age, whether you are single or a member of a couple and if you own your own home.
Understanding what you qualify for, and how this might play a role in your retirement plan can be tricky. We work with many clients who are getting ready to retire to help them understand what they might qualify for.
Learn more about Government Support in Retirement here.
The Australian Department of Human Services also has information about the ways the government supports older Australians.
As you are approaching retirement or if you are already retired, it is very common for people to be worried about how much money they will need and if they have enough saved. It is also common to want to ensure you are maximising the benefits available to you.
What you need to know
This information is provided by Invest Blue Limited (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.
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