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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.
Seniors who have been working their entire life and who choose to remain in the workforce should be provided with an incentive instead of being penalised. A suggestion would be that any income they earned could be tax free or at least a greatly reduced tax as a reward for their contribution to the Australian economy.
Given older people are not welcome in the workforce anyway due to ageism, shouldn’t the real battlefield be raising Centrelink pensions to 80% of a person’s last wage, thereby ensuring a comfortable, dignified and well earned retirement.
Earning from a job whilst getting the Age Pension is a bit of a joke. Sure, there is the Work Bonus but for places like Woolworths, you must work a minimum of 10 hours a week. Which at minimum is $226, being more than the $150 Services Australia allows. And being a ‘second’ source of income (because the Age Pension is taxable too), the tax taken out is higher, no tax exemption for the job. The double whammy – for every dollar over the $150 each week, I also lose pension dollars. So why work? At the moment, because I can, because hubby can’t retire just yet and has medical needs, and I enjoy the social interaction aspect of it. But when hubby and I are both retired, then we’ll need to reconsider if I should work, considering the loss of pension AND the higher taxes paid. I’m not interested in working just to replace what I’m losing because I work.
Great news that older workers are to be welcomed back. Someone should tell the employers!
I’d like a full-time job as an EA to C-suite. That’s what I do. Do you think I can get one? Nope. They want someone not older than 40.
The cap on earnings for pensioners should be raised considering politicians are on a way bigger pension and earnings are unlimited.This is not a level playing field.
I am currently on a Part age pension if I decide to work can I still earn up to $480/ fortnight without affecting my part age pension i.e not lose my part age pension.
Hi Geoff. Under the work bonus you can earn up to $300 a fortnight, $7,800 a year, in employment income without affecting your entitlements. You can read more about the work bonus here This is on top of the minimum income threshold of $180 a fortnight for a single person. So essentially someone could have total income of up to $480 a fortnight, if $300 is employment income, and still receive a full Age Pension if they were also below the minimum assets threshold.
While the financial aspects of working are important the mental health and health benefits are mentioned less, as are the social aspects.