We are an aging population. In 2007, there were 2.4 million people aged 65-84 years. According to projections issued by the Australian Bureau of Statistics, this figure will grow to 4 million in 2022 and around 6.4 million by 2056.

Age Pension
Given the recent market volatility you may now be eligible for the Age Pension.

It is widely known that the value of investments has fallen over the past 18 months. Whilst quality investments will return to fair value over time, the current situation could provide an opportunity for Senior Australians to claim the age pension.

If you are aged 65 or over and were previously not entitled to the age pension because the value of your assets were above the stated thresholds, now may be a time to review your situation to see if recent market movements have caused your assets to drop below the threshold, resulting in a possible entitlement.

Currently, singles can hold up to $550,500 of assets and still claim the age pension while couples can hold up to $873,500 of assets (combined). Remember that your family home is not included in this figure.

There is also a limit on the amount of income you can earn, currently $40,501.50 per annum for singles and $67,652 per annum for couples.
If you think you may be eligible for the age pension you will need to contact
your local Centrelink office and request Age Pension application forms, or,
log onto www.centrelink.gov.au for further information.

Commonwealth Seniors Health Card
Are you a self-funded retiree of age pension age but do not qualify for
the age pension? If so, you may be eligible to receive the Commonwealth Seniors Health Card (CSHC). The CSHC helps self-funded retirees meet living costs by providing access to certain services at concessional rates.
In particular, the CSHC provides you with:
• Discounts on prescription medicines via the Pharmaceutical Benefits Scheme (PBS).
• Bulk-billed GP appointments.
• Assistance with the cost of regular bills such as phone, energy, rates
and registration fees.

In order to receive the card, your taxable income must be below $50,000 (singles) or $80,000 (couples combined). There is no assets test for the CSHC.

Under the current rules, if you are over 60 years of age your superannuation pension income is not included as taxable income. As a result, more Australians have been eligible to claim the CSHC.

However, from 1 July 2009, subject to the passing of legislation, income from your superannuation pension will be included in the CSHC taxable income test. While this will make it more difficult for Seniors to access the card the proposed changes will ensure the card is only available to those who need it most.

Seniors Card
Regardless of your entitlement to the Age Pension or CSHC you may be
eligible for the Seniors Card. The Seniors Card encourages Senior Australians to engage with the community. Cardholders are able to obtain a wide range of discounted goods and services including travel, accommodation, hospitality, entertainment and leisure.

To receive the card you must be:
• over 60 years of age
• retired or working less than 35 hours per week
• a Victorian Resident

You can apply for the Seniors Card by picking up an application form at your local post office or downloading the form from the Seniors Card website
(www.seniorscard.vic.gov.au).