Age Pension when only one partner is eligible

[@AboutRetirementTV]

Are you eligible for any Age Pension payment? Do you need help to improve it?

[@suphatrachaiyasit7531]

Not yet still young 61 hahaha

[@eddymuniandy2251]

Greetings I am 70 yrs old in July 17, still working, wife unwell, what is the best month to retire

[@eddymuniandy2251]

Greeting at age 70 n not good at computer, is anyone in Perth who can assist in in pension paperwork,for a fee.

[@AboutRetirementTV]

@@eddymuniandy2251 Hi eddy, there is no particular month better than another. It doesn't work like tax, as long as you prepare it all prior to visiting Centrelink office.

[@aussietaipan8700]

nope and yep

[@NeilC1963]

around 8.10, you talk about Gael's Super being exempt as she is under age pension age, which is correct. The comment ".. or she commences some kind of an income stream" is similar to wording used elsewhere including Services Australia. I have spoken to Financial Information Service Officer who confirmed my understanding that, in your example, when Gael retires (but is still not of age pension age), she can draw some funds from her Super (accumulation) which will then be assessible in asset test but the funds remaining in accumulation account (while under 67) remain exempt. I find it hard to locate this spelled-out in appropriate places. It usually appears that once the accumulation account is accessed, it's assessible asset, but it is only the amount that moves into a different type of account that is.

[@sheep.herder]

my partner is 30 years younger than me and now i feel like i am 18 again, thank you ❤

[@Alecmcq]

Is a pension income stream for the person applying for Aged Pension counted in the income test? If so, how do they calculate it? Is it just what you draw down, or is there some form of deeming?

[@peterg5715]

Thanks for your great videos. They are really clear.

[@AboutRetirementTV]

Thank you Peter 😀glad my videos help

[@glennhealion5325]

Hello Katherine Enjoying watching your informative channel. I have a question for you regarding the 2 year rule with regards to the age pension. 1st some background I'm 64 and eligible for the age pension in 3 years. However I have been living overseas for 10 years already. I do have the required 35 years working life in Australia and I am an Australian citizen by birth. I have been living off my Superannuation since 2015 which was my preservation age of 55. There is a lot of confusion with many expats including myself about the 2 year rule if returning from overseas to Australia to claim the age pension. Is it in fact the case that once you return to claim the pension that once approved you cannot leave the country at all,even for a holiday overseas for a period of 2 years from the application / approval date ? Please clarify this important question. Cheers keep up the informative videos 🙏🏻

[@Gary-l9h]

I am in a similar situation, I noticed she didnt reply to you, she wants you to hire her haha

[@pwagzzz]

Has Services Australia heard of separate financials, e.g. via pre-nup, where each individual manages their financial position independently of the other?

[@TheJesskeo]

Great explanation, Katherine!

[@jhyjoh]

Great video! Thank you

[@ElsaVille]

Hi Katherine - thanks very much for your brilliant videos. So clear, so informative and so up-to-date. Much appreciated.🥇 I haven't watched them all, or gone onto your website as yet so I may have missed the answer to my question (coming soon...). Short background info: Husband receives full Age Pension. I'm 62 and receive Jobseeker (very thankful, but the system is harrowing at best). I'd love to work full time however, more realistically it will be part-time or casual. We own our house and have few other assets besides 2 dated cars and my shoe collection (not entirely sure that counts, especially since it includes 4 pairs of Crocs which I'm sure will be worth a fortune one day...). Anyway - my question, at last, is: would it be possible for you to give me a rough idea of how much I can earn per fortnight before it would affect my husband's pension payment - or even a way for me to calculate how much I could earn per fortnight? I can't seem to find any information on this for love or money. The only info I've found is based on an annual income which is not helpful to those working on a casual or contract basis (which so many jobs are these days) with the hours being changeable and irregular. Apologies for such a long question but I really can't think where else to get the information. Again - many thanks for your invaluable channel. 🌼

[@AboutRetirementTV]

Hi Elsa, apologies for the late reply, but I was quite sick for 2 weeks and then catching up with work took lots of my time. I think I will need to create a new video on this particular topic, as it appears to be confusing, as there is not one definitive answer to your question. So please watch my next video, as I think this is an excellent question to answer. And I do hope the video will me of greater help than one sentence here.

[@ElsaVille]

@@AboutRetirementTV Thanks very much for your reply. It's weird that there's not clearer answers to be found anywhere because it does seem like a straightforward question. I look forward to watching your next video - all of them are very helpful and much appreciated. Sorry to hear you've been sick and hope you feel 100% again very soon!

[@lindsayyates4376]

Hi Katherine. Your videos are most helpful. My wife is much younger than me. I understand that we are treated as a couple for the purposes of the Income and Assets test. Assuming I am entitled to receive the full aged pension (based on testing us both as a couple), is the maximum rate I would receive $744.40 per fortnight? And even though we are a couple the maximum pension our household would receive would only be $19,354.40 per annum.

[@AboutRetirementTV]

Hi Lindsay, yes this is correct. If your wife is not working, then the Job keeper is the only option

[@tdee2847]

So does that mean the younger spouse doesn't receive anything?

[@suphatrachaiyasit7531]

I don't understand why they are so tuff on old people you would think they would make things very easy and make sure old people don't live in poverty try renting on the age pension

[@AboutRetirementTV]

Good question, but I am not sure how to answer that. Sad but true

[@joekeegan-yc4nm]

The gov just plain nasty I spose...

[@souhailshamaissem7564]

Another top video. Thank you.

[@AboutRetirementTV]

thank you 😀

[@toby9999]

This is nonsensical. A couple incurs a higher cost of living than a single but receives a smaller payment than a single? That's ludicrous. If a couple are not both of pension age then they shouldn't be treated as a couple, otherwise single. I don't understand the government's reasoning.

[@vickispurr6964]

A year ago if I take most of my super put before I am age pension age but I am of preservation but on work cover do I get taxed on the money I take out

[@AboutRetirementTV]

The rules of withdrawing from your super is, that if you are over the age of 60 and retired then there is no tax payable, if any different, you need to get some advice.

[@dipikabhaskarraytrivedi1952]

If she pensioner’s living with children and not have own house will it make any difference?

[@AboutRetirementTV]

Then you are treated as a non-homeowner and have a higher asset threshold before your Age Pension starts reducing or is cut off completely

[@michaellincoln3739]

I have a question. If a long term couple decide to break up and have a property settlement splitting the assets, under Federal Govt law the family home is split 50/50 regardless of who is on the title of the home. Therefore, why does Centrelink (also governed by Federal law) respect the fact that only 1 partner is the sole owner of the house in it's pension calculations ?

[@AboutRetirementTV]

I am not sure how you have got this conclusion. If the home is on one partner's name, for Centrelink you both are treated as home owners. there is no difference in the treatment at all.

[@elsachu9607]

Hi Katherine, I am looking for ways to optimize my Age Pension entitlements while ensuring legal compliance, I have heard from KZbin channel which is to contribute super to my younger spouse in order to legally hide money from Centrelink Age Pension. I already at Age Pension age while my partner is several years away. I just want to found out for Centrelink purposes, will this action to be seen as Gifting? And it’s not benefit to optimize my Age Pension entitlements within a period of 5 years. Thanks for your kind advice.

[@AboutRetirementTV]

Investing savings into your partner's super is not regarded as gifting

[@elsachu9607]

@@AboutRetirementTV Awesome. Thanks for your kind reply

[@michaelvarekamp7861]

Hi Katherine, a couple 66.5 and 61.5. They converted both their super to pension as both retired. As the older spouse will apply for pension soon at 67 is it possible for the younger spouse to roll back their super from pension to accumulation phase thus making it no counted for the assets test, given if this was allowed older spouse would receive full half couple pension.

[@AboutRetirementTV]

Yes Michael, this is allowed and often done 😃

[@friarstan3752]

Im waiting for my Centrelink advise of qualifying for my age pension claim. One of my concerns is when to leave my government job. I feel as though I might need to be retired to receive my pension, but I dont want to self fjnd 100 per cent for too long. Whats a good guide line or bench mark. I will be 66 and a half on 9 June 22

[@friarstan3752]

9 july

[@AboutRetirementTV]

You could have commence the application 13 weeks before eligibility, this way your Age Pension gets assessed on time and you would get paid exactly from the day you turn 66.5.

[@ianwall2292]

Hi looking for a video that explains a younger working wife earning say $2000 a fortnight and a husband working part-time earning say $500 per fortnight. How to balance working hours to get max pension & income.

[@malcolmlewis5860]

census data is showing that there is a trend for older people who are in a relationship but live appart and do not have typical marriage like relationship, maintaining 2 homes and thier own money. how would the rules impact them in this grey zone?

[@AboutRetirementTV]

Hi Malcolm, yes this is true, but as long as each lives in their own home and has separate bills and bank accounts, from Centrelink point of view you are two singles that just happen to have good friendship

[@mageedkhan6975]

We don't have a holiday house, we just have our home and one car, how much can my wife earn before my pension is affected?

[@AboutRetirementTV]

Hi Mageed, few people asked that question, so I will prepare the full video on this topic

[@georgebronte840]

The government rewards individuals for divorcing with a substantial pay rise. Ironic when you consider that this would create not one, but two impoverished individuals thus putting a greater strain on the welfare system.

[@jayjaynella4539]

One of the benefits of feminism. Women do not need or want men. You are right but you must understand government does not care about society in general.

[@chuckmaddison2924]

I have 2 house's in both names. Looks like best is put one in mine other in hers and divorce Only problem is they are 20 minutes apart.

[@georgebronte840]

@@jayjaynella4539 Exactly my point. Governments desire to foster social disorder.

[@toby9999]

@@georgebronte840 Is it really that or just incompetence? I suspect the latter.

[@joycebaron672]

So they shouldn't divorce.

[@MichaelDrury-d9w]

Hi. I spoke to FIS officer at Services Australia yesterday and found I could transfer upto $440000. $110000 this financial year and then $330000 using the bring forward rule next financial year before turning 67 next year. Spouse 59yo, me 66 and the main bread winner with the highest super in accumulation mode level.

[@tonyf7997]

Australia need to review pension and ALL Centrelink payments! I have worked for 40 odd years and paid millions in tax and my wife who is 9 years younger chooses to still work 20 hours a week in finance as a consultant. It is appalling there is no eligibility for a guaranteed minimum pension regardless of our assets as in the US from all the taxes we have paid to this country. Pension - NO Any benefits - NIL And still paying taxes on our assets and investments in our trust!

[@RogerHammond]

These days, if one partner is working - they would have to be on a really low wage to fall under the income test. Divorce may be the only option!

[@AboutRetirementTV]

wow, that's a bit radical isn't it?

[@georgebronte840]

@@AboutRetirementTV The government basically punishes individuals for being married, caring, committed and faithful to each other.

[@sexygirlove20]

true.... wifey and i have been thru a bad time... we live together but not as husband / wife.... just applied for pension. if i am refused due to living conditions then i will divorce her... thailand looks good

[@GrandmaPomPom]

We want to leave work in December, I will be 66.5 in April, my husband is 62 and works in a very physical contract job. He has no super and I am near the cut off for eligibility due to amount in Super. I will self fund via income stream for 5 months and then hope to claim, so I guess I will get half the married rate and draw down super through an income stream I was really interested in loaning some money to one child as you explained in an earlier Video. I would like some more information about this.

[@AboutRetirementTV]

Lynne, this needs to be calculated and set up exactly for you and your husband, if done correctly you could be eligible for the full Age Pension payment, but you really need a good advice, I am not sure where you are, but feel free to contact me for a chat if you wish: [e-mail]

[@GrandmaPomPom]

Thankyou I am in Adelaide

[@AboutRetirementTV]

@@GrandmaPomPom as long as you can communicate online, we are fine. I have many clients in other states. Feel free to let me know

[@GrandmaPomPom]

I am happy with that, can you advise the fee structure, Thankyou

[@davidgarratt3508]

When im.55 i want to dip into my pension but apperantly my company i work for dont do it or if i did i wouldnt be able to pay more after so basically i will after find a safe new pension to pay into till i retire

[@AboutRetirementTV]

David, your access to super depends on your preservation age and you meeting the conditions of release. I don't think the type of the company you work for has any impact on your eligibility, but 55 might just simply be legally too early. I don't have the full details, but this could be the main obstacle, you might just simply be too young to access super.

[@guanghunglo3594]

Still don't understand it???

[@AboutRetirementTV]

Sorry, I was trying to make it as easy as I know how, but rules are complex. If still not sure, just ask for the advice that is designed for your situation, this would be the best outcome

[@mjpt57]

Interesting video until I realised that it's over 2 years out-of-date. Please, consider updating it to reflect 2024 rates and rules and to delete your older videos. It can send people like me looking for retirement info down the wrong path. Thanks.

[@felinomotan8194]

"A real entrepreneur is somebody who has no safety net underneath them." --Henry Kravis

[@AboutRetirementTV]

Don't really know what that's got to do with retirement 😧

[@christiandhelon8437]

Hi Kathrine I am oversee for above 4 years at this moment in Romania Please tell me form Aus 178 - 19041 pdf Bank Acc Details still the same or they have changet ? I am 76 years old and l live only from my pension (29 / 35) hire and in Sth America where i have been me firsr 2 years on this amount can live decently Thank you

[@AboutRetirementTV]

Hi Christian, I am not really sure what you are asking for, but if you have not changed your bank account, Centrelink will keep on paying to the same account.

[@RobertoRuggieri-l6r]

I'm wondering if you could placate the upset that I am having for the unfairness in the pensioner's work bonus system. I am an 80 y.o. male, single home owner on a full pension. The rules dictate that if you are able to work, you can earn up to $504 p.f. But if you are either: too frail, incapacitated, or simply too old to work, you simply get $204 p.f. Now, my beef is: as I haven't been too fortunate to have had a long pay-out, I have worked so hard all my life and saved a small sum of money for my rainy days, I feel that I'm being descriminated against, as I'm sure many others are in my same situation. As no to allow my small investment interests to be like: (as I'm unable to work) in letting my money work for me. Hoping for your expert comment. Regards.

[@chrisj6321]

if the wife earns say 100,000 a year and will do for ten years is it worth trying to tranfer all the older partners assets into the super of the younger one. or is the fact they going to be on 100000 mean that even if u get the older one under the asset test its for no benefit as the income cancels it

[@AboutRetirementTV]

Exactly Chris, you got it, Income of $100K will cancel partner's eligibility

[@davidhanak2767]

The system is all o er the show you and no ones knows

[@malcolmlingard6096]

I intend to move to Asia next year when I reach aged pension age of 67. My wife is aged 41 and we have 2 small children. Am I only entitled to a single couples pension as my wife will have no income or assets.

[@AboutRetirementTV]

Hi Malcolm, not knowing any more about you it is hard to say, but most likely this is the case.

[@ZiggyLuc-zq2ii]

Can I contact you by phone or meeting

[@AboutRetirementTV]

yes, the business number to organise a meeting is 1300 274 731