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James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
They took me off the pension and took my healthcare card. I work nights and rosters and earn too much to claim anything. At 68 I get tired and would like to supplement my income in the future but very confused with what I can earn per fortnight. I have to wait a month to get back on it if I leave my job. Life is expensive and be nice to keep my card.?
The deemed amount on my super and savings gets taken out of how much I can earn so the extra $4000 is laughable it comes out at $71 I can earn a week. At casual rate that is 2.5 hours a week. They don’t want us to go back to work they are only paying lip service that they are doing something. When they aren’t really.
I spoke with Centrelink last week and was advised that the extra $4000 outcome from the summit is not included for those who already work and earn up to $7800 per year. Could you please get clarification as this is really confusing for those of us who would like to earn more without being penalised via our pension entitlement.
Hi Sue, we understand your concern. From our perspective we are reluctant to commit to the proposed changes just yet as they are yet to pass through parliament and therefore could still be altered. Watch this space though, you can be sure we will send out an email/article clarifying the changes once they have been made official.
It would be good to get clarity on exactly how much per fortnight that I and my wife can earn before it has any impact on the aged pension for us as a couple. I am stll not clear.
Hi Andreas, generally speaking a couple can earn up to $8,736 combined before their pension will begin to be reduced. There are a couple of ifs, buts and maybes in their though around what counts as income, the work bonus, deemed income etc. To discuss it properly with you it would be best to book in a 30min Entitlements Consultation for $75 so that we can go through your specific circumstances and explain how Centrelink will assess your situation. If you would like to book please CLICK HERE.
Two points –
(1) Re the comments above by Chris Wood on 21/09/2022 – I didn’t know the deemed amount on savings are deducted from the amount that can be earned. Please confirm.
(2) If the Government is serious about increasing the amount earned before the pension payment is reduced, they should first stop the ATO from adding the pension amount paid to the amount of earnings, making the total amount subject to income tax. Yes tax the amount earned but don’t tax the pension payment. Doesn’t pass the pub test.
I agree with Frank. Where is he extra cost to the government, if we are allowed to work as much as we want. If some limits need to be imposed they need to be realistic. More then the projected limits. $4000 above the current limit is not a serious attempt at addressing the issues it aimed to solve:
a – workers shortages
b – pensioners inability to keep up with the cost of living.
If we are allowed to work for a reasonable amount of PAYE of income we can contribute to the economy by taking up skilled/semiskilled work in many work sectors where lack of workers is having an impact on their competitiveness and their bottom line. Why not let employers tap into this huge amount of collective experience, knowledge and skills, almost instantly without having to train someone from scratch.
Let us be frank we are retired for a reason. Basically we decided to leave the work force and create more spare time to enjoy a less demanding lifestyle. Many of us do not want to go back to work at the same intensity, or do not want to work at all. Some of us are still contributing to society, and work for free in many community programs. But for those who may want to fulfill their need to improve their standard of living, by working towards financial goals eg Not falling below the poverty line, replacing existing assets like a more capable car to holiday with, Plan for an extended holiday overseas, or interstate and many more legitimate and deserving financial outcomes which, this Great country itself promotes and hold itself proud off.
Not many will want to take full time jobs, but a lot are willing to make a difference to their financial stability and at the same time contribute to the health of the economy by paying taxes (very experienced at that) as well as filling in the skill gaps where needed in the work force.
Working may not be for everyone, but why not allow all pensioners be given the choice whether to or not to participate in the workforce in a meaningful and serious way for the benefit of everyone.
why is it so difficult to see? We do not need a summit to come with solutions which make sense.