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When it comes to applying for the Australian Age Pension while residing overseas, there are certain legislative requirements that must be met. These requirements may vary depending on the country of residence and other personal circumstances. In part 2 of our article on Age Pension application, while residing overseas, we delve deeper into the legislative requirements that must be fulfilled in order to be eligible for the pension. To learn more about these requirements and how to apply for the Age Pension from overseas, visit the link below. Link https://lnkd.in/gGTeMeqG? #KatherineIsbrandt #Aboutretirement #AMPtakeoverimpact

Increase of Age Pension Income and Assets Thresholds Indexation from 1st of July 2024 From 1st July, Centrelink will index the Income and Asset thresholds. This means that the amount of income you can earn and the amount of assets that you can have to be eligible for a full or part pension is increasing. This also means that pensioners could be be eligible for a small increase to their payment. People on a part pension due to assets will see an increase of up to $36 per fortnight (single homeowners) or up to $27 each (partnered homeowners) per fortnight. For non homeowners the increases will be up to $66 per fortnight (single) and $42 each per fortnight (partnered). Those on a part pension due to income will have an increase of approximately $4 per fortnight (single) or $3each per fortnight (partnered) These increases assume all other factors remain the same (asset balance, income amounts). Full pensioners will not have an increase in payment amounts until after 20th September. This also means that some people who were not previously eligible for the Age Pension due to income or assets thresholds, may be able to apply after 1st July, and although the pension payment may be minimal, they could now access the Pensioner concession card which can in itself be worth thousands of dollars a year in some cases. The new Income and Assets limits that take effect July 1 are in the attached image

A surprising statistic that reveals only 27 per cent of retirees rely on superannuation, an annuity or private pension compared to 43 per cent of retirees relying on a government pension. #Futureproof #RetirementFunding #RetirementPlanning

UK pension pot sizes see significant growth, PensionBee study shows PensionBee's latest analysis shows a 16% increase in average UK pension pot sizes, with notable regional variations and persistent gender disparities in retirement savings.

How Much Pension can I Receive when I Retire? The Age Pension rates in Australia have increased as of September 2024. For single pensioners, the maximum fortnightly payment is in the region of $1,144.40, which translates to around $29,754 per year. For couples, each partner will receive circa $862.60 per fortnight, or approximately $22,427 per year, with the combined couple payment reaching an estimated $1,725.20 per fortnight, totaling $44,855 annually. In cases where couples are separated due to illness, each person is eligible for the single rate, so the combined payment for the pair could total $2,288.80 per fortnight, or about $59,508 annually These updated figures reflect the government's effort to help pensioners cope with inflation and the rising cost of living. If you're uncertain about how these changes affect your situation or need personalised advice, reaching out to a retirement expert at The Moreton Group could be helpful for assessing your pension eligibility.

Analysis of the implications of longevity and social change for State pension age changes could have a major impact on retirement planning. #Statepension #SPA #ILCreport

If your parents are receiving an age pension, are they receiving their full entitlement? It is a misconception to think that it is Centrelink's responsibility to track changes in one's financial circumstances and be pro-active when it comes to the pension rate adjustments outside of 6-monthly indexation. Asset values change, lifestyle assets depreciate, lump sums are spent on home maintenance, healthcare, holidays and the gifts. These are the kind of changes in circumstances that need to be reported and whereby the rate of pension is generally increased, in line with depleted assets. Contact us for an age pension health check to ensure that your parents receive what they deserve. https://lnkd.in/g84P9nvs #retirementmanagement #agepension #centrelink #retirement #socialsecurity

Analysis of the implications of longevity and social change for State pension age changes could have a major impact on retirement planning #Statepension #SPA #ILCreport https://bit.ly/3QPXyN1

🚨 Pension Reforms Needed! 🚨 🔎 9 in 10 High Net Worth Individuals (HNWIs) believe the UK pension system needs an overhaul, according to the latest Saltus Wealth Index. 💼 Top Reforms Desired: 1️⃣ Pension Pot for Life 🌟 (19%) 2️⃣ Increase Annual Allowance 💰 (18%) 3️⃣ Boost Tax-Free Lump Sum 🤑 (17%) The new Labour Government’s proposed Pension Schemes Bill aims to address some of these concerns by simplifying the pension system and potentially increasing flexibility for retirement planning. 🗣️ “HNWIs want simpler, clearer paths to retirement,” says Gianpaolo Mantini, Partner at Saltus. Let’s see if these much-needed reforms will be implemented! Full article: https://lnkd.in/dT2GhH6r #PensionReform #WealthManagement #HNWIs #RetirementPlanning #SaltusWealth

This is an interesting article about pension in Europe and the breakdown of th countries. Will the savings be enough in future retirements? Will the savings be enough within the “cost of living” needs in the future? #pension #retirement #costofliving #oldage #globaleconomy