Pensions – Can I still work once I am past Pension Age?

Pensions – Can I still work once I am past Pension Age?

Pensions – Can I still work once I am past Pension Age?

The Australian Government can assist older Australians with many income support and services, and even if you get some form of Government support, you can still work once you are past pension age. To determine if you have reached pension age, it will depend on when you were born so see Age Pension (click to find out more, as the age depends on when you were born) if you don’t already have this help to support you.

From the Govt. website –

Women born before 1 January 1949 reach qualifying age at 64 and a half, and women born between 1 January 1949 and 30 June 1952 at age 65.

Qualifying age for men born before 1 July 1952 is age 65.

From 1 July 2017, the qualifying age for Age Pension will increase from 65 years to 65 and a half years. The qualifying age will then rise by six months every two years, reaching 67 by 1 July 2023.”

To qualify you first have to satisfy age as well as residency requirements. As to how much you can receive will depend on your income and assets and other circumstances.

If you are a self-funded retiree such as have savings, an income stream from a commercial super fund or Self-Managed Super Fund (SMSF) or you are still working, you may be able to receive a part pension, once past pension age.

Note: If you have lived or worked outside of Australia and are claiming or receiving Age Pension here, the Government may ask you to apply for a pension from those other countries you have lived or worked in.

When working past pension age another payment is the Work Bonus which is an incentive for pensioners past age pension age to remain in the workforce  by increasing the amount you can earn before your pension is reduced. You do not need to apply for the Work Bonus. If you receive eligible employment income, we will automatically apply the Work Bonus to your income test. All pensioners over age-pension age (other than recipients of Parenting Payment Single) are eligible for the Work Bonus. A transitional rate of pension protects the entitlements of pensioners who received a payment reduction as a result of the Pension Reform changes that came into effect on 19 September 2009.

The transitional rate of pension is calculated using the old pension-income-test rules. The Work Bonus is not included in this transitional rate calculation.

The Work Bonus applies to income from employment, including:

  • Wages paid in Australia and outside Australia
  • Leave, where you remain an employee of the same employer and
  • Director’s fees

We will apply the Work Bonus to your assessable employment income before your pension is paid each fortnight.

The Work Bonus is not applied to income from:

  • Leave payments if you have terminated your employment
  • Self-employed income
  • Payments to you as a principal from sole traders or partnerships
  • Investments or
  • Superannuation income

If you qualify for Work Bonus, you may be entitled to other payments and benefits, such as:

And some other programmes that may apply to you –

Got questions? If you want experts who have years of helping others, without the hype – then call for a FREE strategy session today and also get your FREE Expert Guide – Self-Managed Super and Youtop right hand side above.

If you have any questions, why not give us a call – it’s FREE also! No obligation. 0407 361 596, Paul.

And book for our next  FREE Seminar – Self Managed Super Fund Roadmap – All you need to know plus bonuses see HERE and our SMSF and Property Boost to Super (combined) Free Seminar HERE

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Self-Managed Superannuation Service Providers in Australia. SuperBenefit will SET UP your SMSF and provide investment education for a better result. We take care of all your administration, accounting, ATO lodgement and audit of SMSFs, working with you and your advisors. If you want advice we can arrange one of our recommended advisors and accountants to meet with you, as we do not give advice, but take instruction only. Take control of your super, including property shares and other assets. Learn how to be your own advisor - make better decisions - by being mentored and coached to invest your own super wisely and strategically by qualified partners. Book to come to an event to find out more, or - Call us 0407 361 596, no obligation FREE strategy call.
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