The age you choose to retire at is a personal decision. Many factors may influence your decision – these include your career, financial security, lifestyle and family. When you do retire, you will want to access your superannuation or government Age Pension.
While you may retire in your 50’s or even early 60’s, the Age Pension is only available when you are at least 65 years of age. You also need to be an Australian resident. There are a number of requirements that need to be met before you can submit your application with Department of Human Services.
When it comes to applying for the Age Pension, limits do apply on how much your assets can be worth before it affects the pension amount you receive. The type and value of any assets you own in and outside of Australia are included in an assets test. Assets covered in the assets test are:
More information on these are on the Department of Human Services website.
The good news for those applying for the Age Pension is that many funeral investments are excluded from the asset test.
Here are the details:
If you are looking to preserve your pension entitlements, a prepaid funeral or purchasing a burial plot are two options available to you. Not only will it help with your assets test, this will free your family from future funeral costs.
For more information about prepaid funerals, please fill in the form below or call 1300 760 811 to speak to us. We can align you to the brand best suited to your needs and budget.
*Funeral Planner does not offer financial advice. Please see a financial planner to help you decide on the best option for you.
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