Written By: Anushka
The minimum annual pension withdrawal depends on age. For instance, those under 65 must withdraw at least 4% of their super balance.
From July 2024, pension rates will rise. Singles receive $1,064.00 fortnightly, while couples get $1,604.00, ensuring better support against inflation.
Pension eligibility is based on age, super balance, and compliance with withdrawal rates. The government sets these rates to help maintain a steady income stream.
Pension payments are made fortnightly on the 8th, 14th, and 28th of each month, providing regular support for retirees.
Additional benefits include rent assistance and pension supplements, ranging from $33.10 to $81.60, to help cover essential living costs.
Pensioners can earn up to $300 per fortnight from employment without affecting their pension, promoting financial flexibility.
Pension payments are taxed based on age. Lump sum withdrawals might have different tax implications, depending on the amount and age of the retiree.