Rewarding retirement: concessions and benefits for retirees

You’ve worked hard. Now is the time to enjoy a new lease of life after work – and reap the rewards.

By Michael Jefferies - 3 min 20 sec read

A little about Michael

As a Member Solutions Consultant at Russell Investments, Michael Jefferies understands all the ins and outs of super and retirement legislation, and loves to answer questions and help members.

After years of working hard and paying your way, you will be looking forward to a future in retirement where you can spend your time—and your money—as you wish.

Fortunately, there are numerous benefits and concessions available to seniors that will help you make the most of the money you’ve saved for retirement.

Super pensions

One of the biggest benefits available to retirees is the tax concession on superannuation pension accounts for people aged over 60. When you reach the age at which you can access your superannuation (also known as preservation age) and retire, you can shift your super savings into a pension account. After age 60, income streams or lump sums you draw from that account are tax free, as are earnings, such as interest and capital gains, on the investments held within the super pension account.

Investments you hold outside of a superannuation pension are still subject to tax at your marginal tax rate—although if your taxable income is below the tax-free threshold and other offsets, such as the Seniors and Pensioners Tax Offset, you may not need to pay tax outside of super either.

Age pension

Depending on a range of eligibility criteria such as your assets and income, you may be entitled to receive the Government Age Pension (Refer to our masterclass for more information). Applying for the Age Pension can be time consuming—but is well worth the effort.

The maximum Age Pension is currently around $25,311 a year for a single person and $38,158 a year for a couple combined. Even if you qualify for a single dollar’s worth of Age Pension, you will gain access to additional pensioner concessions and benefits which can bring you significant savings.

For example, Age Pension recipients may also be eligible for a Commonwealth Seniors Health Card or Pensioner Concession Card, which entitles them to cheaper health care. Some pensioners may receive extra payments to help with energy costs—welcome news when energy prices are set to rise by up to $369 a year in NSW, up to $119 in Queensland, and up to $198 a year in South Australia.

State-based bonuses

Each State and Territory has its own concessions for pensioners and seniors, such as discounted utility bills, property and water rates, public transport fares, and motor vehicle registrations. You can check your local council’s website for information on what’s available in your area, and this useful table complied by Services Australia includes links to what’s offered in each state.

State or territory  Resource 
ACT  You can apply for a Seniors Card on the ACT Government Community Services website. 
NSW  The NSW Government website has information for seniors
NT  You can apply for the NT Seniors Recognition Scheme on NT.GOV.AU 
SA  You can find more help for seniors on SA.GOV.AU 
TAS You can apply for a Seniors Card on the Tasmanian Government Discounts and Concessions website. 
QLD You can check your eligibility for concessions on the Queensland Government website. 
VIC The Seniors Online Victoria website has information for seniors
WA  You can apply for a Seniors Card on the WA Department of Communities website. 

Source: Services Australia

Local support

In addition to the financial benefits available from various levels of government, private businesses often offer seniors deals and discounts—when in doubt, there’s no harm in asking. It could mean an extra trip to the movies or a big discount on a slice of delicious cake. Paying less for the goods and services you use every day will help to stretch your retirement savings further and keep more in your pocket to spend on life’s little luxuries.


Issued by Total Risk Management Pty Ltd ABN 62 008 644 353, AFSL 238790 (TRM) as trustee of Russell Investments Master Trust ABN 89 384 753 567. Nationwide Super and Resource Super are Divisions of the Russell Investments Master Trust. The Product Disclosure Statement (‘PDS’), the Target Market Determinations and the Financial Services Guide can be obtained by phoning 1800 555 667 or by visiting russellinvestments.com.au or for Nationwide Super by phoning 1800 025 241 or visiting nationwidesuper.com.au. Any potential investor should consider the latest PDS in deciding whether to acquire, or to continue to hold, an investment in any Russell Investments product. Russell Investments Financial Solutions Pty Ltd ABN 84 010 799 041, AFSL 229850 (RIFS) is the provider of MyTracker and the financial product advice provided by GoalTracker Plus. General financial product advice is provided by RIFS or Link Advice Pty Ltd (Link Advice) ABN 36 105 811 836, AFSL 258145. Limited personal financial product advice is provided by Link Advice with the exception of GoalTracker Plus advice, which is provided by RIFS.   

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