When you turn 60 in Australia, there are several entitlements and benefits that you may be eligible for. Here are some key considerations:
- Accessing Superannuation: Once you reach the age of 60, you can generally access your superannuation (retirement savings) without any restrictions. This means you can withdraw your superannuation as a lump sum or commence a retirement income stream, such as an account-based pension, which provides regular payments.
- Tax Benefits: At the age of 60, any withdrawals from your superannuation are generally tax-free. This includes lump sum withdrawals and income from retirement income streams. It is important to note that tax rules can vary depending on specific circumstances, so it’s advisable to consult with a financial advisor or the Australian Taxation Office (ATO) for personalized advice.
- Age Pension: While the Age Pension eligibility age is currently higher than 60, it is worth considering if you have limited income and assets. If you meet the eligibility criteria, you may be entitled to receive the Age Pension, which is a government-provided income support payment for older Australians.
- Health Care Card: If you receive the Age Pension or other qualifying payments from the Australian government, you may be eligible for a Commonwealth Seniors Health Card. This card provides access to discounted prescription medications, concessional medical services, and other healthcare benefits.
- Work-related Considerations: Turning 60 does not necessarily mean you must retire from work. You can continue working if you choose to, and there are no restrictions or penalties on your income. However, it’s important to note that your eligibility for certain government benefits, such as the Age Pension, may be affected by your employment income.
These entitlements and benefits mentioned above are general considerations and may vary based on individual circumstances, including residency status, income, and assets. It is advisable to consult with relevant government agencies, financial advisors, or the Department of Human Services to get personalized advice regarding your specific entitlements and benefits when you turn 60 in Australia.