May 05, 2024

Luke on 2CC – What is the Centrelink Income Test?

18 minutes

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired on Friday 3 May 2024. This show explores the Centrelink Income Test as it applies to Centrelink Age Pension entitlements in Australia. If this show is of interest, you should listen to last weeks show too – What is the Centrelink Asset Test? The asset test will also be considered to assess your eligibility for retirement income support. It pays to understand both tests before you retire so you have certainty about your retirement income. Thank you for joining us live on 2CC or your favourite podcast streaming service.

Key topics covered include:

The age to access your super and the age to get the aged pension are not the same!

You can access super at your ‘preservation age’ (generally 60 or 55 if you transition to retirement earlier and are still working).

You can apply for and access the Centrelink Age Pension from the age of 67.

What is the Centrelink Income Test?

What sources of income does the income test include?

Remember if you’re part of a couple, your partner’s income is also considered.

How much income can you earn and still get the full aged pension?

Deeming is also considered as income from certain assets you have.

How does downsizing and selling your home impact your income test if you buy something smaller to live in?

Can you have a part aged pension from the Centrelink?

Is there a sweet spot to get some income from the aged pension and other sources like investment and super?

Luke shares his top tips when thinking about applying for the aged pension and the Centrelink Income Test.

See last week’s show for information about the Centrelink Asset Test.

https://www.envisionfinancial.com.au/wp-content/uploads/2024/05/The-Strategy-Stacker-Luke-Talks-Money-03052024.mp3

This podcast is also available on Apple Podcasts and Spotify – ‘The Strategy Stacker – Luke Talks Money’

Are you progressing your own retirement plans?

The Centrelink Income Test is one of the tests used to assess your eligibility to receive an aged pension entitlement in Australia. Retirement planning helps you consider how Centrelink works and provides you with greater certainty at retirement. Seek advice if you need help.

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement. Make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation.

Luke will return to 2CC to talk about other ‘Money Matters’ next week. You can catch up with ‘The Strategy Stacker – Luke Talks Money’ podcast at a time that suits you.

We look forward to your company again and Luke’s book Smart Money Strategy is out now.

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By Luke Smith