So, you’ve retired (or you’re thinking about it). Exciting times ahead! This may mean you’re now eligible for government benefits like the Age Pension, or a concession card. Navigating all your financial options can be, well, tricky; that’s why we’re here to help you save your coin for future you.
Wondering, “Where to from here?” Here are some concessions and discounts that you may be eligible for:
The Age Pension
The kind of pension and benefits you receive typically depends on your age, assets and income. To be considered eligible for the Age Pension, you will need to meet certain eligibility requirements. Generally speaking, you’ll need to be:
- 65-67+ years old (depending on the year you were born).
- An Australian resident, and have lived in Australia for at least 10 years.
- Able to meet the necessary income and asset tests.
If your income/assets creep over a certain limit, then your pension payment may be reduced (or you may no longer be eligible). Check via the Income Test tool on the Services Australia website.
Pensioner Concession Card
If you already receive payments from Services Australia, you’re aged 55 or older and/or you have a partial capacity to work, you may be eligible for a Pensioner Concession Card (PCC). This can help cover healthcare costs such as bulk-billed doctor visits (depending on your practitioner), medicines, hearing services and more.
Keep in mind that there is no application process for the PCC. If you are eligible, a card will automatically be posted to your listed address. Learn more information here.
In some instances, depending on where you live, you may be offered extra benefits. These may include discounts on your utility bills, property and water rates, public transport fares and/or motor vehicle registration. Learn more here.
Commonwealth Seniors Health Card
Not eligible for the PCC? Not to worry – you may be able to access a Commonwealth Seniors Health Card (CSHC). This concession card helps you access subsidised healthcare services and additional discounts if you’ve reached the required Age Pension age. If you are not eligible for this card, you could still be able to access other kinds of concession or healthcare cards. Discover more here.
Veteran Healthcare Card
Australian veterans may be eligible for a Veteran healthcare card that could help cut healthcare costs, medicines, transport and utility bills (depending on the type of card you may be eligible for). Some businesses may also give discounts to those carrying a Veteran healthcare card. Find out more here.
If you live in Australia, a Seniors Card grants you access to discounts and benefits on a bunch of goods and services in your state or territory. They are designed to get older Australians out and about and participating in community activities and events.
To be eligible, you have to be:
- 60 years of age or over
- Working less than 20 hours of (paid) work per week
- A permanent Australian resident residing in the state or territory you are applying for.
Learn more here about applying for a Seniors Card.
Accessing your superannuation
So, concession cards aside – you may be wondering, “When can I access my superannuation?” Well. You can access your hard-earned superannuation when you retire and reach what’s called your ‘preservation age’. This is between 55-60 (depending on when you were born), or when you reach 65 (even if you are still working). There are also unique circumstances that may allow you to access your superannuation earlier.
With so many concession cards and discounts available, it can be difficult to know which ones you are eligible for, and the ones you actively have to apply for. Luckily, there is plenty of information on the internet (i.e., Australian government websites), plus this Willed guide to help you navigate it all.