Advice key to rule changes
Australians who want to take advantage of new Centrelink rules that will allow them to both work and receive the age pension will need to ensure they get the right advice, according to ClearView Retirement Solutions technical manager Dante De Gori.
Pointing to the fact that the rule changes will take effect from next week, De Gori said utilising the new arrangements would be a matter of planning and knowing the rules.
He said those who wanted to take advantage of the new regime either now or in the future would need to get the right advice to ensure they did not lose part of their entitlements or otherwise adversely affect their eligibility.
“Many people mistakenly believe that the age pension is not available until they retire,” De Gori said. “However, that is not always the case, especially under new income test provisions of the rules.”
He said many people as they got older dropped their work hours considerably, and as a result of their age combined with their level of work, income might actually entitle them to a part age pension.
De Gori said planning ahead and structuring finances appropriately could help ensure a person did not miss out on their entitlements.
AUTHOR
Mike Taylor
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