Centrelink

Smart Wealth Financial Solutions can provide clients with Centrelink calculations and strategic planning advice. 

It’s important to know that the Government may be able to assist you with your finances in retirement. Topping up your retirement income with the Age Pension or other Government benefit or allowance can be a great way to help you make your savings last longer. 

We can provide investment, superannuation, and pension advice to allow you to maximise any Centrelink benefits available to you or your partners now and in the future years. We assess your current assets, income, and personal situation as well as your goals and objectives before determining the most suitable strategy for your financial situation. 

As Australians, we are very fortunate to have a social security system that takes care of us; acting as our safety net during our pension years. However, it’s not an automated process, and it’s your income and assets which determine your pension entitlements and Centrelink benefits; the more you have, the fewer benefits you are entitled to. 

Knowing your entitlements and getting your entitlements are two different things. The process can be complicated and lengthy. And, without any prior strategies in place, you may not receive the maximum entitlements that you otherwise receive. Smart Wealth Financial Solutions can help ensure you receive the maximum pension entitlements and Centrelink benefits you’re entitled to. 

Benefits of Centrelink & Age Pension Advice 

 Planning is key to maximising pension entitlements and Centrelink benefits. A vital part of any planning process is knowing what your available resources are.  

Our role is to utilise leading strategies to assist you in maximising your social security entitlements which can help make your own money last longer. We do this by reviewing your current situation, and time permitting, strategise the best way to optimise your entitlements. We can determine which benefits you are entitled to and guide you through the complicated application process. 

Whether you will be relying solely on the age pension as your primary income source or will be relying on it in conjunction with your superannuation withdrawals, we can liaise with Centrelink on your behalf to ensure you meet the ongoing requirements. 

Age Pension and your Superannuation 

The amount of super you have can affect your age pension entitlements. In some cases, it may make you ineligible. How you decide to access your super may also affect your entitlements. Centrelink’s means assessment takes your super balance into account when calculating your age pension amount, and a lump sum withdrawal will have tax implications. 

Once you reach your preservation age and have retired, you can transfer your super into your allocated pension account. If, however, you have reached your preservation age and continue to work, you can set up a transition to retirement (TTR) strategy, which lets you access some of your super before retiring. Starting a TTP pension, or pre-retirement pension, allows you to transfer some of your super into your allocated TTP account. 

In both cases, the super funds can top up Government Age Pension payments you may be entitled to receive. We can explore the best strategy to complement your pension payments while continuing to invest your money. 

Events
Planning for Aged Care Seminar
  • March 27, 2024
  • 1 PM
  • The Boland Centre 14 Spence Street, Cairns, QLD, 4870, Australia
How can we help you?

Contact us at Smart Wealth Financial Solutions office or submit an inquiry online.

I am exceptionally happy with the quality of the advice and service that I continue to receive from Chris. Over the years I have been impressed with his breadth of knowledge and expertise, and his ability to deliver it in a simple to understand manner.

Tony Marshall
Long term client