[karj]

Congratulations on your retirement Trev, I hope you enjoy it!

I've read some of the posts in this thread and thought it was worth mentioning that the Federal Labor Government has just changed the eligibility requirements for the Commonwealth Seniors Health Card in favour of retirees. From 4 November 2022, the income threshold has increased from $57,761 for singles, $92,416 for couples, and $115,522 for separated couples (separated by illness), to $90,000 for singles, $144,000 for couples, and $180,000 for couples separated by illness.
So even if your assets make you ineligible for the Aged Pension, you can still possibly get a Commonwealth Seniors Health Card when you meet the Aged Pension age, and the income test (although deeming rules do apply to assets for the purpose of calculating income for the income test).


Also... at the risk of starting a flame war (lol)
I would highlight to those who find themselves "self-funded" and frustrated about their ineligibility for the Aged Pension that:

a) some of you had access to extremely generous defined benefit schemes that younger generations will never see the likes of.
b) the taxpayer has already provided you with extremely generous tax breaks to encourage additional Super contributions that have enabled you to be "self-funded."
c) the extremely generous tax breaks for concessional Super contributions have been capped in recent years such that younger Australians will not have the same ability to contribute as much additionally into Super as you have been able to.
d) The transfer balance cap for Superannuation is indexed and means that you can currently convert $1.7 million into a completely tax free income stream (or $3.4 million tax free income stream for a couple).
e) Your investment earnings in that income stream up to the transfer balance cap are tax free.
f) Money in excess of the $1.7 million transfer balance cap can be left in the accumulation phase where investment earnings are taxed at 15%.
g) Your home is not included in the asset test for the Aged Pension.
h) If you are a homeowner, a single person can have $622,250 in assets in addition to their home, and a couple $935,000 before you lose access to your part Aged Pension.
i) If you are a homeowner, a single person can have $280,000 in assets in addition to their home, and a couple $419,000 and get the full Aged Pension.
j) If you are not a homeowner, those thresholds are higher.
k) If you have "too much" to be eligible for the Aged Pension, you may qualify for the Commonwealth Seniors Health Care Card, which now has much more generous income limits.
l) You may also be eligible for the seniors and pensioners tax offset (SAPTO)
m) If you have been able to retire with the ASFA comfortable retirement standard (aged 67 with 545k in Super for a single and 640k in Super for a couple), you are in the top 20% of retirees (according to ASFA).

So when some of you may be feeling a little salty about how diligently you "self-funded" yourselves and are no longer eligible for a full or part Aged Pension, just remember that the taxpayer probably gave you a great deal of help getting there, that you are better off than 80% of other retirees, and that the older generation have in fact pulled the ladder up behind themselves with respect to some of the Super perks that used to be available... much in the same way that occurred with HECS-HELP for tertiary education.

Please don't misunderstand me, I'm not saying that "self-funded" retirees haven't worked hard, sacrificed, or don't deserve a comfortable retirement, but a little perspective perhaps?