Timothy Sumer

What is Age Pension Income Test? Income Test is not just as simple as checking your pay slip, or the level of income you earn from your investments, because every type of earned income is included in the test and each might be calculated differently. Income Test includes: • your employment income if you continue working full-time or part-time, • any money your earn from your business • Income received from overseas pension funds • Income earned from your rental property or your investment properties, • Income received from your retirement income streams • plus all assessable assets, so all your financial assets such as your bank accounts, managed funds, shares, superannuation, business assets. and each might be under different income assessment rule. Sometimes you might feel like you would have to be Einstein to understatement and follow those rules. How much income can I earn before it affects my Age Pension Payments? How does Age Pension reduce under Income Test? What i...

Retirement overseas and the Age Pension entitlement are some of the big issues for many retirees. Overseas retirement has been a big trend over the last few years in Australia, and this trend is only growing. People are searching for a new place to live outside of Australia, especially for their retirement years. So in today's video we will continue taking about retirement overseas, reasons for it, and specifically issues you have to deal with, if you wish to receive or continue receiving your Age Pension payments. But this is just the beginning. Over time, we will dive deep into this topic and maybe even go country after country to help you make this transition of your life from Australia to another country a bit easier from legal and financial standpoint. So first review the main reason for such a big decision as leaving the country you spend your lifetime in, and moving to a new, unknown environment: 1. Returning to the place where you were born - you want to reu...

When should I apply for Age Pension if I just retired from work and I earned more then the Income Test allows? This is the question I keep getting very often and there is no place to find any answers, so here is mine. The fact that you earned more that the Income Test allows, because you were working for part of the year, has no bearing on the outcome of your Age Pension application.  This is one time, when Centrelink is looking only at your situation at the time of your application and not your past.  This is because Centrelink is working on the basis of the fortnightly earned income and not full financial year. Unlike ATO, Centrelink is not interested how much money you've earned for the year, only what is your income in the fortnight you are being assessed.  If you've just completed your employment, please organise with your employer the letter confirming your retirement.  Therefore, when completing your Age Pension application, you will be required to provide t...