Is it time to apply for the Age Pension?
On 1 February 2019, many people will turn 65 years and 6 months. Why is this important? For those people who turn 65 years and 6 months, it means they have reached age pension age.
Just over 70% of these people will be eligible for either a full age pension or a part age pension. The first step in the process is applying for the age pension – sounds simple doesn’t it?
A person’s age pension entitlement is based on, not only their age, but also on their personal situation, their income and assets.
Regardless of what we may think, the government is not aware of many aspects of your financial position. This means you need to complete an Application for Age Pension which consists of 25 pages and asks a total of 94 questions. In addition to this form, you also need to complete an ‘Income and Assets form (Form SA 369)’, which consists of 18 pages and 60 questions.
Depending on the answers you give to the questions asked on the Income and Assets form, you may have additional forms which you need to complete.
Sounds like a very long and exhausting process. The good news is that you do not have to wait until you turn 65 years and 6 months to apply for the age pension. You can lodge your claim 13 weeks before you turn the qualifying age, which means for those people who turn 65 years and 6 months on the 1 February 2019, you can lodge your application on the 2 November 2018.
Once you have completed the required forms, you can lodge the application in several ways:
- Online via your ‘myGov’ account. This needs to be linked to your Centrelink account which you need to set up with your Customer Reference Number (CRN). If you have received payments from Centrelink previously you will have a CRN. If not you will need to apply to Centrelink for a CRN. Centrelink will also need to confirm your identity before you set up your account.
- Via post to the Department of Human Services in Canberra. If you choose this method I would suggest photocopying all the documents you intend on posting and using registered mail to ensure you have a record of the application being sent.
- Lodge your application in person at your local Centrelink service centre.
To assist you in this entire process there is another form Ci006 ‘Information you need to know about your claim for Age Pension’, I also suggest a visit to the Department of Human Services website is a must – https://www.humanservices.gov.au/individuals/services/centrelink/age-pension
If this all appears a little daunting, talking to an expert and paying them for their assistance could be the best option.
Source: Mark Teale | Centrepoint Alliance
