hello all
i believe everyone here would agree that we can no longer count on the old school way of retirement—work hard for a company and be taken care of when you are retired, as we’ve heard too muc of the “statistics” about how many people are relying on the government to live after retirement.But since i wasn’t born here and thus know very little about the society, i’l like to ask the following questions:
1) if you retire after working 30 or 40 years, generally speaking, what kinds of income would you get? is “superannuation” the only answer?(assume you don’t have an investment portfolio)
2) who would be eligible to become a pensioner? (of course i don’t want to be a pensioner; just being curious…) is it the case that if i worked 30 or 40 years for maybe 7 or 8 different companies and have superanuation income, then i wouldn’t be eligible to be a pensioner?
thanks in advance
Hi kenzhang
I think you have to be a resident (maybe a citizen?) to qualify for the pension?
Having said that, the criteria is age based. Kicks in at 65 for males. It’s also asset and means tested. The pension only gives you about $15K (I think, it’s not a whole lot anyway).
If you earn other income, your pension gets reduced at a certain level until it cuts out altogether. Same same for an assets test, if you have too many assets, you will not qualify as well.
I think the centrelink website should have more exact info…
Cheers
Mel
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