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Can you boost your Age Pension?

If you’re over 66, be sure you’re getting the Age Pension you’re entitled to – because living well never gets old.

As Australians live longer, our expectations of retirement are changing. Yet many worry about the impact of share market downturns on their retirement savings – or even running out of money. Generally, investing in a guaranteed lifetime annuity could help boost your Age Pension today and help to protect your retirement income from share market downturns in the future.

Important notes: Age Pension benefits described above will not apply to all individuals. Age Pension outcomes depend on an individual (or couple’s) personal circumstances and may change over time. While lifetime income streams may immediately benefit some Age Pension eligible retirees who are assessed under the assets test, in later years, if assessed under the income test, any ongoing Age Pension benefits may be reduced. For market-linked lifetime annuities, only the first year’s monthly income amount is guaranteed. After the first year, monthly payments will move up or down annually adjusting to the changes in your chosen market-linked indexation payment option. In periods of strong market performance, any Age Pension benefits may reduce to reflect the higher income received. Consult your financial adviser about potential impacts on your personal circumstances and whether a lifetime income is right for you.

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