Financial Help for Seniors In Australia

money for seniorsAre you a pensioner struggling financially, barley getting by?
Did you know there are multiple programs from the Australian government to help you in your retirement?
Find out about how you can get enrolled into these programs and start receiving various fortnightly payments to ensure you are taken care of.

In addition, if you have a family member who assists in taking care of you they may also qualify for some of these payments.


 
Age Pension
Just like other countries who have old age pensions and social security; Australia has the Age Pension for seniors. To qualify for the age pension there are a number of eligibility requirements.

– First, you need to be at least 65 years old (this is increasing to 67 years old in 2017).
– At the time of application you must be an Australian resident and present in the country.
– You must also have lived in Australia for at least 10 years continuously or at least 5 years continuously with an additional 5 years in any number of periods.
– You may qualify if you are or were a refugee.
– If you were receiving a Partner Allowance, Widow Allowance or a Widow B Pension you also qualify.
– If you lived or worked in a partner country, which Australia has an international social security agreement with, you may also qualify.

There are also income and asset tests in order to receive the Age Pension. For example a single person is allowed up to $162 fortnightly income and $288 fortnightly for a couple. The asset test includes a number of factors including owned real estate, granny flats, superannuation investments, business assets, funeral assets and others. Pension rates for a single person can be as high as $867 fortnightly and $1307 per couple.

Commonwealth Seniors Health Card
Are you a self-funded senior in their retirement who is having trouble with medical payments? This special card can give you cheaper access to medications, services and government concessions. To be eligible you must not be receiving an Age Pension, are over 65 years old and meet an income test as well. You need also be living in Australia, a resident or citizen to receive these benefits.

Widow Allowance
If you are a widow, born on or before July 1, 1955 with no recent work experience and became divorced, separated or widowed since turning 40 years of age, you may qualify for this payment. This allowance also has income and assets test in order to receive the payments of $523.40 fortnightly with no children or $566.30 with dependent children.

Carer Payment/Allowance
If you are caring for an elderly frail person you may qualify for either the Carer Payment or Allowance. The payment is for those that are caring more as a full time position, whereas the allowance is for less caring or for those that also have higher incomes. The maximum Payment rate is $1307 in a family situation or $867 fortnightly for a single carer, while the allowance pays $123.50 fortnightly.


 
Pensioner Loans
One area that seniors have issue with, is getting access to cash for unexpected emergencies. Qualifying for loans from the banks is difficult due to income and cash flow criteria. This leaves seniors in a tough situation with minimal options. Fortunately there are non-profits who in partnerships with various banks, provide low to no costs loans. Learn more about these different pensioner and low income loans here.

This Post Has One Comment

  1. Seniors need to be given due attention, especially if they have limited financial resources. As they are no longer able to work, benefits from financial support are essential. Good summary of options. Should be really helpful to seniors or families with seniors out there.

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