For thousands of Australian retirees, there’s a mistake that’s costing them big time \u2014 a mistake they don\u2019t even know they\u2019re making. A simple, yet often overlooked step is keeping many retirees from claiming their aged pension, leading to missed payments of up to $46,000.<\/p>\n
As Cbus Super recently pointed out, a significant portion of eligible retirees aren\u2019t applying for the aged pension on time. A third of those who qualify delay their applications by more than a year, which means missed payments that could have significantly eased their financial burden.<\/p>\n
For couples, the missed payment amounts to up to $46,000 over that time, and for individuals, the figure is still substantial \u2014 $30,646 in lost pension payments. That\u2019s a lot of money, especially for people who often rely on these payments as a vital part of their retirement income.<\/p>\n
It all comes down to the complexity of the aged pension system. According to Bernie Dean, Cbus Super\u2019s Chief Member Officer, many retirees are simply unaware of the application process, reports Yahoo Finance<\/a>. The eligibility criteria are confusing, and many don\u2019t know they are even entitled to the pension, or they get lost in the maze of paperwork.<\/p>\n To be eligible for the aged pension, Australians must meet specific requirements, including having a combined household income of less than $3,934 per fortnight and assets under $481,500 for homeowners. However, if you miss these criteria, you might still be entitled to a part-pension. The complexity of these rules, though, means retirees often wait too long to apply, missing out on critical support.<\/p>\nThe Real Cost of Missing the Pension<\/h2>\n