Centrelink & Age Pension Advice
Navigating Centrelink — particularly the Age Pension system can be confusing and overwhelming for many retirees. At Greybox Wealth, we help you clearly understand what you need to do, ensuring your Centrelink entitlements work in harmony with your own savings and your broader retirement strategy.
We provide straightforward, step-by-step guidance on assessing your Age Pension eligibility, preparing and lodging applications, and managing the ongoing reporting and review requirements. Our goal is to ensure your Centrelink strategy supports a comfortable, stress-free retirement and maximises the financial resources available to you.
APPROACH
How do we help?
Centrelink can be difficult to navigate, especially with rules that change over time, shifting thresholds, and different tests applying to different circumstances. Understanding what you’re entitled to, when to apply, how employment may affect your Age Pension eligibility, and how your savings or investments impact your payments can quickly become overwhelming.
We’ll help you understand:
- The eligibility for the age pension and other Centrelink benefits.
- The way the assets test and income test operate, and which one suits you.
- The effect of your superannuation, investment portfolio and other assets on your Centrelink position.
- What strategies can be used to maximise your Age Pension entitlement.
Our support continues well beyond lodging your Centrelink application — right through to the point where your entitlements are approved and in place. Throughout this period, we monitor any changes in your circumstances, such as selling a property, updating your investments, receiving an inheritance, or transitioning into aged care, and clearly explain how these events may affect your outcome.
For our ongoing Greybox Wealth clients, we take care of this process proactively. We assist with Centrelink reviews, keep your details up to date, and respond to any requests or questions on your behalf as part of your ongoing service package. (Please note: clients engaging us on a once-off basis do not receive this ongoing support.) Our aim is to remove the administrative burden and ensure your Age Pension benefits are consistently managed, giving you more time to enjoy your retirement with confidence.
PROCESS
How we do it
01
Initial Discussion
We begin by gaining a clear understanding of your current financial position, your retirement goals, and your past or present interactions with Centrelink. This includes gathering details about your superannuation, investments, savings, liabilities, living arrangements, and—if applicable—your partner’s financial circumstances.
This information allows us to determine your eligibility for the Age Pension and other Centrelink benefits, and to identify the documentation required to support your application or review.
02
Eligibility/ Entitlement Assessment
Once we understand your circumstances, we assess your likely eligibility under both the Centrelink assets test and income test, and we explain how the rules apply to you. This includes:
- Whether you are likely to qualify for a full pension, part pension, or are currently outside the eligibility thresholds.
- How your home, superannuation, investments, and other assets are assessed.
- How various forms of income — such as employment income, account-based pension payments, and investment returns — may affect your entitlements.
From here, we can outline strategies to help you structure your assets and income in a way that supports your long-term retirement plan while remaining fully compliant with current Centrelink regulations.
03
Centrelink Strategy and Plan
If you choose to move forward, we can assist in one of two ways. We can proceed directly with preparing and lodging your Age Pension application on your behalf, or—if your situation requires a more comprehensive approach—we can prepare a full Statement of Advice that incorporates the Centrelink strategy alongside other recommendations to optimise your financial structure and maximise your benefits.
Your personalised Centrelink strategy may include:
- Understanding how Centrelink rules interact with your superannuation and investments.
- Identifying the most appropriate time to claim the Age Pension or transition from work into retirement.
- Considering actions that may influence your eligibility, such as changes to pension age, commencing a retirement income stream, or downsizing your home.
We then present our recommendations in a clear, easy-to-follow format, ensuring you understand the steps involved and the reasoning behind each strategy.
04
Support Your Application or Review
Once your strategy is finalised — whether through a dedicated Centrelink application service or as part of a full Statement of Advice — we support you through all practical steps involved in dealing with Centrelink. This may include:
- Assisting with the preparation and lodging of application forms and supporting documents.
- Guiding you through online processes such as MyGov and Centrelink digital services.
- Preparing information for Centrelink reviews or updating details when your circumstances change.
We maintain clear communication throughout the entire process, ensuring your questions are answered and that you feel supported at every stage until your Age Pension entitlements are successfully in place.
05
Continuous Monitoring and Reviews of Plans
Centrelink rules — and your personal circumstances — can change over time. To ensure your strategy remains accurate and effective, we offer reviews to keep your plan up to date and make sure you understand how any changes may affect your entitlements. These reviews can be completed as needed for an agreed fee.
As part of this service, we can:
- Reassess your plan if your assets, income, or living situation changes.
- Assist with responding to Centrelink letters, reassessments, or information requests.
- Update your retirement income projections, including Age Pension payments and other income sources.
Our goal is to ensure your Centrelink arrangements continue to align with your broader wealth and retirement strategy, giving you confidence and peace of mind throughout your retirement years.
TESTIMONIALS
What our clients say
WHY US
Why you should choose us
Experience
Phil and Marty have over 30 years of experience within varies roles in the financial services industry.
Local
We're based in Central Victoria and travel throughout the countryside regularly. Prefer a phone or online appointment? We do that to!
Self-licensed
We're not aligned to any dealer groups or product providers, giving us freedom to provide customised advice that’s always in your best interest.
FAQ’s
Frequently asked questions
How much does it cost to have an appointment?
No cost! We always like to see if we can help first, and if we think we can we’ll explain our advice process and provide you with the cost of receiving financial advice.
What’s the typical cost of receiving financial advice?
Our fees are based on complexity of advice and typically range between $2,200 and $4,000 (once off fee, inclusive of GST). After our first meeting, we’ll be able to give you the cost of us providing advice.
How do you typically invest your clients money?
Firstly, we need to do an evaluation of your willingness and ability to take
investment risks relative to your financial goals. This is important so we can determine a proper investment asset allocation for your portfolio.
We always like to diversify your investments through different asset classes to help reduce volatility and protect your wealth. We’ll discuss our investment philosophy in more detail during your appointment.