How to Calculate Age Pension in Australia 2024

Рет қаралды 93,175

Күн бұрын

Пікірлер: 113

@SamsonKempston 14 күн бұрын

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

@YinusaSaheed 14 күн бұрын

Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!

@Elina-k0 14 күн бұрын

@@YinusaSaheed That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!

@FlorentGulliver 14 күн бұрын

@@Elina-k0 Mind if I ask you to recommend this particular coach you using their service?

@Elina-k0 14 күн бұрын

@@FlorentGulliver MARGARET MOLLI ALVEY Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

@FlorentGulliver 14 күн бұрын

@@Elina-k0 She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.

@stevemurray2003 2 ай бұрын

The clarity and simplicity of this explanation begs the question as to why Centrelink seem unable or unwilling to do the same.

@Gary-l9h 2 ай бұрын

hahahahha I hear that!

@ColinCreevy1 2 ай бұрын

In my experience many of their products have become so complicated that many of the Centrelink staff do not understand them and certainly most are unable to explain them.

@jethrowingnut13 3 ай бұрын

This was the best explanation of the income and assets test I have ever seen. Thankyou very much for providing it. Centrelink should refer people to this video for an explanation. 👍

@johngreydanus2033 2 ай бұрын

They do the same, punch in the numbers, that's how it works.

@Henry_L_1874 2 ай бұрын

I have to agree with the comments below. This is the best explanation I have ever seen. Thank you!

@FreeRad1cal2008 3 ай бұрын

This is great. My only comment would be that "home contents" and "motor vehicle" are assessed at "fire sale" value, not the "real value" which reduces your total assets.

@jimspc07 2 ай бұрын

As they are of no financial use or gain to anyone unless sold, they should not be there at all. Yes, they are an asset in an accounting term but in a real term they are not. If they were a business they would only have a tax value if sold. For pension assessment they should be treated the same as a business asset, not taxable until sold. I equate taxable and valued for pension reduction as being equivalent operationaly. If sold, the money would appear in the bank column. But until then they are not just neutral they are a liability. This accounting fraud is because pensions are and have always been, seen by the coalition as welfare and have educated the right wing media and many others to see it that way. When its not welfare its an earned entitlement. Earned by years of paying tax, and creating the Australian economy.

@ColinCreevy1 2 ай бұрын

@@jimspc07 The LNP was the first to refer to the Aged Pension as welfare when Scummo was the PM. The Aged Pension was established as a user pays pension through the tax system. During the Howard government the accumulated pension fund was dumped into consolidated revenue - by the time we got to Scummo it was called welfare.

@jimspc07 2 ай бұрын

@@ColinCreevy1 Howard saw Government pensions as welfare. In fact he gave very generously to "self funded" retirees, on frequent occasions, always specifically excluding government funded retirees as he did not like anyone who got welfare getting other than something enshrined in law, or controlled by a liberal government. He was a DIY liberal and anyone who was not DIY should be barred from anything except austerity for ever. Then don't forget that the employer compulsory superannuation payments were not part of wages either. and therfore were not part of a remuneration package, packages were only for the management and bosses.To make them part of wages, a media campaign was commenced to make it sound as if it had always been "Your" money so it was therefore part of a package and all of a sudden everybody was on a "package". See, a pay rise and shift in thinking all done and dusted. Also the Libs don't like any scheduled lift in % as its now welfare paid by the employee to the workforce for no productivity gain. Though they don't know what productivity is. This is a strange attitude by the Libs as the intention of the compulsory super system was to eventually take over the as the main pension system, the government pension being for those who fell through the cracks and who worked in a compulsory super excluded business. But once the Libs dont like something they never change their spots. Ideology till they die.

@marceloschroeder 2 ай бұрын

Thank you for this video. This is the best explanation about how to calculate the age pension I've seen so far! 👍

@ricecrash5225 2 ай бұрын

Thank you, nice clear explanation. I will get nothing while our politicians and public servants walk away with lifelong pensions. The system is corrupt snd broken.

@johngreydanus2033 2 ай бұрын

Why nothing? If that is the case, you failed both asset and income test, which means you must be RICH and complaining about it, LOL.

@ricecrash5225 2 ай бұрын

@@johngreydanus2033 I do fail both and have contributed many millions in tax through my life and would have no issue if it was a level playing field. My point is our political class make laws for themselves and other laws for the rest of us. Example Dan Andrews getting a $300k pension and driver for the rest of his life. For what ? Being a politician who bankrupted a state.

@johngreydanus2033 2 ай бұрын

@@ricecrash5225 Can't help you there, have the best retirement you can.

@ricecrash5225 2 ай бұрын

@@johngreydanus2033 My point is we spend billions every year in political and public servant pensions and here we are stripping down scraps for those that actually contributed to the productivity of this country. Politicians and career public servants are welfare recipients, a lot of whom have never paid a single cent in tax. The system is broken.

@k.vn.k 2 ай бұрын

This system benefits the poor, not the rich entitlement. I see nothing wrong with that. The rich still have their yacht and cocktail parties, they do not need small money from government. The poor need every little cents just tot survive.

@hotchukki 2 ай бұрын

Well done and spoken at a good slow pace and some duffers complain about microphone, they will always be duffers and racists. Thank you for this you simplified for many as I already knew this but wanted to check the quality of your presentation, it was great.

@marionjoy9475 2 ай бұрын

that really explained these calculations very well .. thank you

@armyappy41 3 ай бұрын

Can you please share your spreadsheet?

@rubhern8187 4 күн бұрын

thanks for the information and clarity provided. I have managed to create your spreadsheet and works a treat. 🎉🎉🎉

@redgeranium2755 2 ай бұрын

Wonderful Excel sheet and explanation. Are you sharing this Excel sheet? I can build my from watching yours but it would be easier if you were sharing your work :)

@MikeM-rh7yq 2 ай бұрын

Excellent presentation. Thank you.

@NoelMcdougall-tw7do 24 күн бұрын

Can you share this spread sheet thanks, it makes it easy to understand and work things out

@linastockley4544 2 ай бұрын

This was so much easier to follow and understand. Thank you! I have subscribed.

@pocheung6073 3 ай бұрын

Can I download your spreadsheet?

@tonydu3678 2 ай бұрын

Excellent information. thanks alot! What about investment proprety with morgage? Is it a physical asset or financial asset? How the rental income and interest rate be factored into the calculation?

@anthonyhirst3940 20 күн бұрын

This was a great explanation thank you so much ❤

@darrynpickstone4621 15 күн бұрын

Hi, im 61 years of age and living off my super and bank savings at moment over in Philippines as i couldnt afford to live in australia etc. My question is do i need to be living back in australia to get the pension, what i have read is that i need to be back in australia for 2 years prior to receiving the age pension, or is it 2 years after the age of 67 years ? so i dont loose the pension when i move back overseas ?? Any help or ideas please . thanks

@bandicoot678 7 күн бұрын

Thank you, very helpful.

@chriswharton 17 күн бұрын

Really well done and explained.

@hakeae 3 ай бұрын

Hi, thanks for this explanation. there are a number of calculatiors available online but we can't seen the workings. Will you share your spreadsheet??

@davidmclean7708 2 ай бұрын

Thank you for a very clear explanation. Would it be possible for you to make the spreadsheet available please?

@janetblakey9099 2 ай бұрын

What happens when one person is older? Say one is 67 and the other 65 please

@amirshushtarian7929 3 ай бұрын

Thank you kindly for the information you provided . Gives a good understanding of how is calculated . Dose it apply to couple that have few years age difference ?

@tonyfram7887 2 ай бұрын

Thanks for a clear video. If you’re sharing that sheet, I’d love a link to it. Cheers

@Thisbe2001 12 күн бұрын

Great. Would you kind enough to include that a person also has an investment property with loan and rental income as part of your calculation. thanks. any assumed amount of value of property, outstanding loan and rental income will be ok for illustration purpose.

@ePALPAL Ай бұрын

Do we have to inform Centrelink when our bank saving amount has dropped? Or are they monitoring our bank balance regulary.

@glenbaker4024 5 күн бұрын

Interesting. How does one access their superannuation? I ask because if I sold my current home and bought a larger one with the proceeds and my superannuation and savings combined I could drastically reduce my assets.

@VivienneWest-k3n 2 ай бұрын

The problem with the Australian pension is there are at least three different types. There is the minimum pension and there are one which can be used for keeping your pension by giving your money upon from saving your home to our family. This will allow you to continue with your pension while the money is put in a FAMILY TRUST FUND.. there is the one that are independently invest your money but there is a legislation which is called ASSETS TEST. This means that you will or could lose up to 40% of your pension fortnightly $1,142.80 as low as $670.30 a lose of $472.50

@philipjohnson8939 2 ай бұрын

Thank you, very helpful. My brain is a bit cooked with the income test bit, but I will watch again ! I did get an estimate from centre link but good to see if I am on track!. Recommend reading the barefoot investor book by Scott Pape.. Gives a little hope to those of us who emigrated later and don't have big super funds.

@rivergladesgardenrailroad8834 19 күн бұрын

very interesting, will try and do a reprecated spreadsheet myself but probably a waste of time for us unfortunately. bugger.

@garyfindlay5503 2 ай бұрын

Thank you that was very helpful.

@johngreydanus2033 2 ай бұрын

Amazing that anyone with that much assets, especially a house, investments, superannuation, shares, vehicle, savings, even is eligible for a pension. Do an example for someone with nothing, no income, no house, no car, no savings, no investments.

@aussiestallion69 2 ай бұрын

Yeah, full aged pension, you hardly need a spreadsheet for that, but seems you must have zero financial knowledge if you’re in such a position?

@johngreydanus2033 2 ай бұрын

@@aussiestallion69 You got it, zero knowledge and zero dollars.

@marksilvasilva 3 ай бұрын

Great explanation. Cheers!

@NiceAussie 5 күн бұрын

Can we download your spreadsheet and enter our own variables?

@samhindle3314 Ай бұрын

This is a really great video and spread sheet, i have been looking for one for ages. has anyone heard back from presenter? Has anyone been able to find out if able to download or have an alternative version.

@riddlesss2024 Ай бұрын

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@riddlesss2024 Ай бұрын

Check this for free template

@hungthai4415 4 ай бұрын

Good explanation, thanks a lot

@pearlchan2484 29 күн бұрын

I stay in New Zealand,can you let us know pension calculation if I want to live in another country.Thanks.

@streetleswa8053 8 күн бұрын

I think this is incorrect ,Pretty sure , house hold contents and vehicles are included in assets.

@BeeBee-ku1ym 2 ай бұрын

Is an overseas pension considered as work income too? Thanks

@johngreydanus2033 2 ай бұрын

Definitely considered as income, I receive a very small amount from Canada Pension, but not enough to affect the Australian pension. Watch at 9:15 the first 300 is excluded so if you're getting more, lucky guy!

@BeeBee-ku1ym 2 ай бұрын

@@johngreydanus2033 it’s my mum - 3 x pensions so I’ll definitely be checking she’s declared everything.

@johngreydanus2033 2 ай бұрын

@@BeeBee-ku1ym I don't know your Mum full details but I assume she was born overseas, which in my case, they would not even consider my Australian application until I submitted the required paperwork for Canada Pension, so they are fully aware and informed at all times.

@BeeBee-ku1ym 2 ай бұрын

@@johngreydanus2033 she’s been upfront and they have the information- I’m just concerned errors can be made. Best to check. 👍

@yachticus 2 ай бұрын

unfair question - do you have a copy or a link to the spreadsheet please?

@Invictus357 2 ай бұрын

Your example should have been at the age of pension, 67. But other than that, an interesting video.

@arnobertogna4718 7 күн бұрын

I don’t worry about getting the age pension as I could never live comfortably on the pension - have just resigned to work until I die - simple.

@davidgodfrey3809 2 ай бұрын

Excellent Video

@DoDar 3 ай бұрын

Great work

@wazInoz7009 2 ай бұрын

Well Done good video

@user-vu5oe3mi1w 29 күн бұрын

Thanks, mate. Very useful video.....

@rosemarykingpate7832 2 ай бұрын

If you are still paying off your mortgage, are you considered a "homeowner"?

@pieceofpii Ай бұрын

Yes, you're still a homeowner if you're paying off your mortgage.

@marionockenden3729 2 ай бұрын

how do you value the accumulation of gold and silver?

@rivergladesgardenrailroad8834 19 күн бұрын

Your lucky to have that 'problem' my friend.

@Fanta.... 3 күн бұрын

What gold and silver? is the answer.

@PhilipClarke-tz9jd 2 ай бұрын

Why wouldn't you pay off the mortgage? - Decreases assets and stops mortgage payments to the bank

@johngreydanus2033 2 ай бұрын

Yes, same as the credit card example near the end, that is the point he is making.

@rosemarykingpate7832 Ай бұрын

This doesn't pertain to Australia; however, I am a dual citizen living in California. We don't want to pay off our mortgage because when there's a major earthquake, CA home values plummet for years, and then you've lost that money and would need to wait a decade for the home value to increase again.

@johngreydanus2033 Ай бұрын

@@rosemarykingpate7832 Interesting, I'm curious, what is the overall situation of insurance covering EQ damage? Is there any, is it affordable?

@carllyons4903 22 күн бұрын

Not required if you a politician, and that my friends is the problem 🤬

@lancegoodall5911 Ай бұрын

Whatever the government can do to not pay a pension they will do 😢

@VivienneWest-k3n 3 ай бұрын

And a lose of $12,553.80, therefore not receiving any benefits because the government has taken a large part of you pension. This is how the Australian government dragged down pensioners who invest so they can earn money regardless of how you are supposed to on less on over 40% pension. Allowing those who have a Family Trust Fund to get a full pension.

@Mikey_NoCap Ай бұрын

Who is watching this in the UK and quaking in their boots. State pension bye bye

@tinanguyen3594 Ай бұрын

No need calculator. If under 60 year old no pesioner allows. Except disable. Under 60 year's old can have new start allowing unstill have a job.stop pay for who care a partner..if care partner full time dont need looking job.

@cute_tulip 4 ай бұрын

Post more

@View_from_Australia 7 күн бұрын

The video confirms that Piece of Pi does not have a sufficient knowledge, therefore should not advise on the topic.

@gavingamston1693 6 күн бұрын

That is a nothing comment, if you want to have a go then highlight will some missing facts and examples or incorrect statements.

@View_from_Australia 6 күн бұрын

@@gavingamston1693 No problem. For example, in "Assets", "House Contents" is 55K. Clear demonstration, that Piece of Pi does not know the requirements.