Q: Can you explain the value of making super contributions before retirement and the fact that when you reach 67, depending on the super assets you have, you could be entitled to either the full, part or no government age pension? As a single person, I believe the upper asset limit is around $600,000.
If you want more than this – say $700 a week if you are single, which your question seems to suggest – you will need savings in the form of either superannuation that has been accumulated on your behalf through employment or personally, or any other savings in financial assets that will provide you with additional income to support yourself.
Understanding the eligibility rules for the age pension, says Alison Squire, head of advice at Retirement Essentials, a firm that specialises in helping retirees apply for the age pension, can be complex and confusing. The age pension cuts out for a single retiree under the current eligibility entitlement, says Squire, when super and/or savings reach $622,250. For a couple, the full pension is available for savings of up to $419,000 while the cut-off amount where no pension support is provided is $935,000.
An example of this, he says, is anyone who wishes to have a say in decisions that concern their health. While some might say that if you are an age pensioner you should be able to rely on the public health system, he says there are likely to be occasions where having private health cover may be an option you prefer.not really being aware of how much you will need to live on until you get there
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