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Age Pension age for social security purposes is 65 years for men. Women qualify at different ages depending on their date of birth. By 2014 the minimum qualifying age for women will also be 65 years.
When you retire, it's important to maximise your income. And you should make every effort to supplement it with any social security benefits to which you may be entitled.
Your entitlement to Social Security benefits such as the Age Pension will depend on:
- Your assets
- Any investments you have
- Income produced by your assets
- Any other source of income
The Pension Bonus Scheme provides a tax-free lump sum for people who voluntarily defer claiming Age or Service Pension. To get the benefit you have to register and continue to work for at least 12 months. The bonus is paid when you finally retire and receive a pension. You should register within 13 weeks of meeting the requirements.
Book your Free Consultation online today using our simple online Enquiry Form, for more information on Pension Advice, or any of our financial services.
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