Financial information about planning for retirement

Added: 2026-05-30

[00:00:01]Hello everyone and welcome. Thanks for joining us for our planning for retirement webinar. I'm Jody and joining me today is Samuel. We're financial information service officers with Services Australia.

[00:00:15]>> Good morning everybody.

[00:00:16]Over the next little while, we're going to talk through practical information to help you plan ahead.

[00:00:22]We'll cover off things like where you might source your retirement income, how age pension is assessed, how your super can be accessed, and some helpful tools and resources.

[00:00:31]I'm going to hand back to Jody and I'll be here to talk to you in a little while.

[00:00:37]>> Before we begin today, I'd like to acknowledge the traditional custodians of the lands we're all joining from today and I pay my respects to elders past and present of all Aboriginal and Torres Strait Islander nations.

[00:00:53]To help us answer questions, we have some staff from the financial information service supporting this session.

[00:00:59]If you're watching live, you can use the Q&A feature to send questions as we go.

[00:01:04]In the interest of protecting your privacy, the webinar is set up so your questions will come through anonymously.

[00:01:11]Our moderators may reply directly to you or share the question with everyone if it's useful for the group.

[00:01:17]And if you're watching this later as a recording, no problem. Any key links shared during the live session are usually included in the summary area.

[00:01:30]Services Australia provides the financial information service or FIS for short. We're a free, independent, and confidential service that helps people understand their financial options.

[00:01:42]An important line we repeat often is, "It's financial information, not financial advice."

[00:01:48]For example, we can explain how something works like investing, superannuation options, or how Centrelink entitlements interact with those decisions, but we don't tell you what to do with your money or what's best. We aim to give you the tools to decide what fits your circumstances.

[00:02:09]Today, we'll cover five main areas: planning for retirement, superannuation, income streams, taxation, and online services.

[00:02:20]But before we get into it, a quick but important disclaimer.

[00:02:26]The information in this presentation is general information only. You'll need to consider your own circumstances and decide whether you want to apply for a payment or take a particular step.

[00:02:37]This presentation's accurate as of the 28th of May, 2026, and some rates and thresholds can change over time. So, it's always worth checking the Services Australia website for the most current figures.

[00:02:53]Let's start with the big picture, how retirement income's commonly made up in Australia.

[00:02:59]Australia's retirement income system is often described as having three pillars.

[00:03:04]The first is compulsory superannuation, which is currently 12% through the superannuation guarantee.

[00:03:11]The second is voluntary savings, either inside or outside super. So, anything you build up through your own choices.

[00:03:19]And the third is the means-tested age pension, which acts as a safety net so that eligible Australians aren't coming in retirement.

[00:03:28]A helpful way to think of it is that for many people, retirement funding is usually a mix of not just one thing.

[00:03:37]When people say retirement planning, it can sound like it's just about money, but it's really about lifestyle, and money's one of the tools that supports that.

[00:03:47]Some of the big cost areas people tend to think about are accommodation, travel and vehicles, lifestyle, and health costs.

[00:03:57]The background research on this topic tells us there are a few success factors that come up frequently. Things like having a positive attitude, a clear vision for what you want, keeping your social connections strong, balancing leisure, and aiming for what they call financial comfort.

[00:04:15]Ask yourself, what do you want more of in retirement?

[00:04:19]More time, more travel, more simplicity, more security?

[00:04:25]That's a great starting point. Once you've got that lifestyle picture, the next question tends to be when can I actually afford to retire?

[00:04:37]This is one of the most frequent questions we hear.

[00:04:41]A common planning goal is to aim for being as debt-free as possible with a cash reserve for the unexpected life moments, with enough income for day-to-day expenses, plus enough capital to support the longer term.

[00:04:56]And the key point is everyone's different. Whether you're single or partnered, your health status, whether you still have a mortgage, whether you plan to travel, whether you're supporting family, those things change the numbers a lot.

[00:05:11]There are a couple of commonly referenced guides. One is the Association of Superannuation Funds of Australia Retirement Standards. We'll look at those next.

[00:05:21]Another simple rule of thumb is the idea that you might need around 2/3 or 67% of your pre-retirement income to maintain a similar standard of living.

[00:05:31]Remember, these are guides, not targets everyone needs to hit.

[00:05:38]This table gives an example of the ASFA Retirement Standard, and it's important to treat it as a rough guide, not a personal quote. It compares two broad lifestyle categories, comfortable and modest.

[00:05:53]For a couple, a comfortable lifestyle is shown as $77,375 per year with an estimated $730,000 in savings required.

[00:06:05]Whereas for a single person, comfortable is $54,840 per year with around $630,000 in savings.

[00:06:15]On the modest side, the table shows $51,299 per year for a couple with around $120,000 in savings and $35,503 per year for a single person with around $110,000.

[00:06:31]These standards make assumptions like home ownership and typical spending patterns. So, they won't match everyone.

[00:06:39]But, they're useful because they prompt the right conversation.

[00:06:42]What lifestyle am I aiming for?

[00:06:44]And what resources support that?

[00:06:50]Now, let's connect this to the age pension.

[00:06:53]The age pension is the main income support payment for people who are 67 or older.

[00:06:59]In addition to the age criteria, there are residency requirements, which commonly includes being an Australian resident for at least 10 years, as well as an income and asset limits.

[00:07:14]Now, turning 67 doesn't automatically mean you must retire. Retirement looks different for everyone.

[00:07:20]Some people stop work completely at a certain point in time and other scale down gradually or even take a break and return later.

[00:07:29]People may choose to keep working once reaching age pension age because they enjoy it, to stay social, to keep skills fresh, because their partner's still working, to reduce debt, or to build more super.

[00:07:42]And an important reminder, the age pension's not a retirement pension, it's an age pension. So, it may still be payable even if you continue working, depending on your income and assets.

[00:07:57]For some people, retirement's planned.

[00:08:00]For others, it's influenced by health, caring responsibilities, or sometimes redundancy.

[00:08:06]Life has a way of choosing the timeline for us sometimes.

[00:08:10]If you are retiring, it's worth thinking about both the short-term costs and the long-term costs.

[00:08:17]One of the reasons is simply that we're living longer.

[00:08:19]On average, a 65-year-old male lives about 19 more years.

[00:08:24]And a 65-year-old woman, about 22 more years. And of course, many people live longer than the average.

[00:08:31]So, we're often planning not just for the first few years of retirement, but potentially two decades or more.

[00:08:38]And that leads neatly into super, because for many Australians, super becomes a key tool for turning savings into retirement income.

[00:08:50]Once you're able to access your super, there are usually three broad options people consider.

[00:08:55]Leave it in super, withdraw a lump sum, or start an income stream, sometimes called a pension or annuity, depending on the product.

[00:09:05]Many people use a combination. For example, taking a small lump sum for a specific purpose, and putting the remainder into an income stream.

[00:09:15]The key message from FIS is that each option can have different tax and social security impacts. So, it's worth understanding how the pieces fit together before making decisions.

[00:09:28]Before we go deeper into assessment rules, we need to touch on eligibility, starting with residency.

[00:09:34]To To eligible for age pension, you generally need to meet residence rules.

[00:09:39]A key part that is usually having 10 years qualifying residence, either as one continuous period or as multiple periods adding up to 10 years with at least one period of 5 years or more.

[00:09:53]Also, in most cases, you need to be physically in Australia when you lodge your claim unless an international agreement applies.

[00:10:01]If your situation involves time living overseas, it doesn't automatically mean no. It just means the rules can be more specific and it can be worth speaking with Services Australia.

[00:10:15]All right, now we're moving into the part people often call the means test, how assets and income are considered.

[00:10:22]We say When we say assets for Centrelink purposes, we mean the type and value of assets you own, whether they're in Australia or overseas.

[00:10:31]Examples include household contents and personal effects, vehicles, boats, caravans, savings, investments, and some income streams, real estate, farms and businesses, and certain gifts and loans.

[00:10:47]This can sound like a lot, but think of it as a structured way of understanding someone's overall financial position.

[00:10:56]So, how do we actually put a value on those assets?

[00:10:59]For many everyday assets like vehicles or household contents, the starting point is usually your estimate of what it would reasonably sell for today, not what you paid for it years ago.

[00:11:11]For real estate, it's based on current market value. So, what your property would sell for in today's market, which is not necessarily the value on the rates notice.

[00:11:21]And for financial investments, we look at the current balance or account value.

[00:11:29]Here's an important balancing point. Not everything you own is counted as an asset for Centrelink purposes. Some things are exempt, meaning they generally aren't counted under the asset test. Though some may still be relevant for other assessments like aged care fees.

[00:11:46]A big one is your principal home and surrounding land up to 2 hectares on the same title. This is an exempt asset.

[00:11:54]There are some additional rules for people living on larger properties which we won't cover today.

[00:11:59]So if that's relevant for you, check out the Services Australia website or talk to us.

[00:12:05]Other exempt assets examples listed here include refundable accommodation deposits for aged care, some funeral investments, for example funeral bonds up to the stated limit, special disability trusts up to the concessional limit, and superannuation if you're under age pension age and it's still in an accumulation account.

[00:12:30]Assets are one side of the means test.

[00:12:33]The other side is income.

[00:12:35]Income for Centrelink purposes can include a range of sources.

[00:12:39]This slide summarizes common examples such as employment income, business and rental income, income from overseas, some income streams, and deemed income from financial investments.

[00:12:52]One thing put people often find confusing is that income doesn't isn't always assessed the same way from every source.

[00:13:00]For example, employment income is generally based on the gross amount, while business or rental income uses a net figure after allowable deductions.

[00:13:10]And investment income is often assessed under the deeming rules rather than what you actually earned.

[00:13:17]You don't need to memorize all of this today. The main idea is that the system looks at both income and assets using set rules for different types of income.

[00:13:29]Deeming comes up often. So, let's explain what that is in simple terms.

[00:13:34]Deeming is a way of simplifying how income from financial investments is assessed.

[00:13:40]Instead of tracking the actual interest, dividends, or returns you earn from each investment, deeming assumes your investments earn a set rate. The current deeming rates are on the screen now.

[00:13:52]The key point is that deeming can allow someone to earn more from their investments than the deeming rates without it affecting their payment.

[00:14:00]This is because Centrelink uses the deemed amount, not the actual higher return.

[00:14:06]And deeming applies across aggregated financial investments, things like bank accounts, shares, managed investments, loans, some income streams, and excess gifting amounts.

[00:14:20]If you've heard the word deeming and thought, "I'll deal with that later."

[00:14:23]you're in good company.

[00:14:25]So, let's go through an example so you can see deeming in action with real numbers.

[00:14:33]Let's look at Brian, who's single, and he's got a total of $250,000 in financial assets.

[00:14:40]Those assets include things like a bank account, a term deposit, shares, an excess gift amount, and an account-based income stream.

[00:14:50]Now, if we look at what Brian actually earned, the example shows his actual income is $12,085.

[00:14:57]But, Centrelink doesn't assess the investment income based on the actual interest or dividends from each product.

[00:15:04]Using the deeming rates, Brian's deemed income is $6,841, which is significantly lower than the $12,085 he actually received.

[00:15:17]Deeming can work in your favor if your investments earn more than the deeming rate because the assessment is based on the deemed amount, not your actual return.

[00:15:27]If you're thinking, "So, does that mean I don't have to report the actual interest?" It's a good question, and the answer is no.

[00:15:35]But the balances of your financial assets matter because deeming is based on the total value of your financial investments.

[00:15:46]Pensioners can have some income before the pension starts to reduce.

[00:15:50]For a single person, if their assessable income is below $218 per per fortnight, you can generally receive the maximum pension under the income test.

[00:16:00]The income cutoff point is $2,619.80 per fortnight, which is about $68,114 per year.

[00:16:10]>> [snorts] >> And that's current as at the 20th of March, 2026.

[00:16:15]Once income is above the free area of $218, the pension reduces by 50 cents for every dollar above the limit.

[00:16:24]For couples, the principle's the same, but the limits and taper rate are different. So, let's look at that.

[00:16:33]For a pensioner couple, the combined income free area is $380 per fortnight, and the cutoff point is $4,000.80 per fortnight, which annualizes to about $104,020.

[00:16:49]The reduction rate is 25 cents in the dollar each. So, as combined income rises above the free area, each person's rate reduces.

[00:17:00]There are special circumstances like illness separated couples, which can affect the income cut out point. So, if that's relevant to you, it's worth checking the current rules or speaking to us.

[00:17:14]This slide summarizes the asset thresholds and cut out points and how they differ depending on whether you're a homeowner or a non-homeowner.

[00:17:24]Assets up to the relevant threshold amount do not reduce the pension under the asset test.

[00:17:29]The key rule of thumb for the figures shown on this slide is that for assets above the threshold, the pension reduces by $3 per fortnight for every $1,000 of assets.

[00:17:41]>> [snorts] >> I'm now going to hand over to Samuel and he'll guide you through the remainder of today's topics.

[00:17:49]>> Thank you, Jodie. Go and grab yourself a glass of water, my friend.

[00:17:54]Now, a lot of people will ask, "What if I'm still working while on a pension?" And that's where the work bonus comes in.

[00:18:04]The work bonus is designed as an incentive for people over age pension age who receive a pension to stay connected to work if that's what they want to do.

[00:18:13]The simple version is that up to $300 per fortnight of employment income can be discounted, so it doesn't affect your pension assessment in the usual way.

[00:18:23]It can also apply to certain self-employment income, but an important phrase to keep in mind here is personal exertion. This means that any income you earn must be earned because you're actively doing the work.

[00:18:39]The slide on the screen now explains the work bonus balance, which is like a little buffer that can build up if you don't use that full $300 discount each fortnight.

[00:18:48]The balance can build up to a maximum of $11,800 and from the 1st of January 2024, anybody who commences an eligible payment receives an upfront $4,000 starting credit.

[00:19:01]The key idea here is that if you have a fortnight where you earn more than $300, your work bonus can reduce the assessable amount before it starts to reduce your pension rate.

[00:19:12]This is particularly helpful for people who work seasonally, casually, or in bursts because the work bonus can help smooth out that impact.

[00:19:22]Let's make this concrete with an example.

[00:19:25]Everybody, I'd like you to meet Margo.

[00:19:27]Now, Margo earns $1,000 a fortnight.

[00:19:31]Under the work bonus rules, $300 is discounted straight away. So, $700 is what's assessed as employment income when calculating Margo's age pension.

[00:19:41]So, if you're thinking to yourself, "I've earned $1,000 and I still have to report it." then yes, that's true. You do report the income, but the work bonus reduces how much of it is actually counted in the income test.

[00:19:55]Let's take a look at what happens when Margo has a bit of that work bonus balance available.

[00:20:00]In this example, Margo has a work bonus balance of $600.

[00:20:05]Now, after the $300 work bonus is applied, her accessible employment income this fortnight is $700.

[00:20:12]But, her $600 balance is used to reduce the accessible amount, which leaves only $100 to be assessed under the regular income test rules.

[00:20:22]This can help a lot when work income isn't perfectly steady. You don't have to worry about trying to time your work perfectly or wondering about which shifts you can take because your balance helps absorb those higher income fortnights.

[00:20:36]Now, what about couples, I hear you ask?

[00:20:38]The work bonus is applied individually, but it can still benefit both people.

[00:20:44]For couples, a helpful thing to remember is that each person has their own work bonus as long as they meet the eligibility requirements.

[00:20:52]Each person needs to undertake their own work to be eligible for their own work bonus, but even if only one person is working, the way that these couple assessments work can mean that the reduced accessible income benefits the overall combined assessment.

[00:21:07]In summary, there are two separate work bonuses for each person, but the assessment is still done in a way that considers you as a couple for the income test.

[00:21:20]Now that we've covered uh some of the income and assets, uh the tests, etc., the work bonus, let's briefly take a look at the actual pension rates that these rules apply to.

[00:21:29]The slide here shows the maximum age pension rates at the time of this presentation.

[00:21:34]Now, it is important to note that rates are indexed over time, so they change.

[00:21:39]If you're watching this as a recording later, it's always best to check the current rates online at the Services Australia website.

[00:21:48]Now, the million-dollar question, so to speak, is which test do I get assessed under?

[00:21:54]The short answer is both of them, but only one result applies.

[00:21:59]Your rate is calculated under both the income test and the assets test, and then you're paid whichever test pays the lower rate.

[00:22:07]It is also possible to move between the two tests as your circumstances change.

[00:22:11]For example, if your assets reduce over time, or your income varies fortnight to fortnight, like Margot's.

[00:22:20]Now, next up are concessions, because even if somebody isn't on the maximum rate, or perhaps even on a payment at all, concession cards can still make a very real difference.

[00:22:31]Concession cards can help reduce certain costs out in the community, particularly health-related costs.

[00:22:37]In broad terms, the pensioner concession card is generally issued automatically to pensioners, and the health care card can be linked to other payments and circumstances.

[00:22:46]Separate to these, there are also state and territory seniors cards, which are managed outside Services Australia by local state or territory authorities.

[00:22:57]Each card has its own eligibility rules and its own benefits. So, it's always worth checking what applies to you in your situation and your own state or territory.

[00:23:08]And the card that comes up the most for people who are age pension age, but perhaps don't qualify for a pension, is the Commonwealth Seniors Health Card.

[00:23:18]The Commonwealth Seniors Health Card is generally for people who are age pension age, but cannot receive a payment because of their income or their assets.

[00:23:26]The big difference is that the Commonwealth Seniors Health Card is not asset tested. Instead, it's based on its own income test using adjusted taxable income. And it can include deeming on certain income streams as well.

[00:23:39]The main benefit that people use this card for is cheaper medicines under the Pharmaceutical Benefits Scheme. And depending on your circumstances and your location, it may also connect you with other concessions, such as reduced rates, reduced license fees, free registration, and so on.

[00:23:56]You might even get yourself cheaper coffee.

[00:24:00]Now, at the time of the webinar, these are the annual income limits for the Commonwealth Seniors Health Card. But as with the other thresholds and rates that we've discussed today, these can change over time. So again, it's always important to check the current figures if you think you're close to the line.

[00:24:18]Now, safe to say, we have discussed a lot of different payments, services, and concessions today. And if you're not sure what you might actually be eligible for, Services Australia has an easy tool to help you explore your options.

[00:24:30]This here on the screen is the Payment and Service Finder. It's an online tool that helps you work out what payments and services you may be eligible for.

[00:24:39]It asks a few questions about your circumstances and then suggests options for you to explore further.

[00:24:44]This is a great starting point, especially if you're in that early stage of thinking, "I just don't know where I fit."

[00:24:52]Now, once you've found the right payment, it's generally a good idea to submit your claim as soon as you can.

[00:24:58]The sooner it's in, the sooner you'll get an outcome.

[00:25:01]The easiest way for most people to claim is online through my gov, but if online isn't suitable, there are phone options depending on the service and your situation, and you can always visit us at a Services Australia service center.

[00:25:14]When you claim, there are a few standard things we will ask you for.

[00:25:17]So, let's take a look at a little bit of a checklist.

[00:25:23]When you claim a payment or card, you'll generally need to provide proof of identity and age, proof of residency, your tax file number, and details of your income and your assets.

[00:25:34]If you're using my gov, you will need a Centrelink online account to be linked to my gov, and many claims can be started in advance in some circumstances, and then you can review them again before submitting.

[00:25:46]Getting ready to claim can sometimes feel like a lot, but if you can gather those key documents and the key information first, the rest of the process is usually much smoother.

[00:25:58]Now, let's move on to the next big topic for today, superannuation, and how Australia's system works.

[00:26:06]Superannuation is often just called super.

[00:26:09]It's your money in your name, set aside during your working life to provide income in your retirement. It's yours.

[00:26:18]One thing that's really useful to note here is that Australia's system is different to a lot of other countries.

[00:26:24]In many countries, people contribute to a state-run pension scheme, and their income in retirement is based on those contributions made over time. But here in Australia, the age pension is means tested. It's based on your income and your assets, not based on what you contributed through your working life like super is.

[00:26:41]So, for many people, retirement income ends up being a blend of super, other savings, and then possibly the age pension as a safety net.

[00:26:53]The most question for everybody is when can I access my super? And the answer is it depends.

[00:26:59]It depends on your age and it depends on your circumstances.

[00:27:03]Generally speaking, you can access your super in a few different ways. At your preservation age, if you've retired, through a transition to retirement option, or once you reach 65 years of age.

[00:27:14]Your preservation age depends on your date of birth and what counts as retired can have different specific meanings.

[00:27:22]Just a word of warning, if you ever see schemes promising early access to super outside of the legal rules, please be cautious.

[00:27:30]Access to super in Australia is highly regulated and improper early access can have very serious consequences.

[00:27:40]Now, once you're accessing super, a popular approach is using an income stream.

[00:27:47]An income stream is essentially exchanging a lump sum, often from your super, for a series of regular payments that are made back to you.

[00:27:54]Income streams can be popular because they help people manage their cash flow and their budgeting in retirement. And they can have different tax features depending on the product and your age.

[00:28:04]There are many different types of income streams. Some are account based, others are not account based, and each one has different features around flexibility, certainty, and what happens with your money over time.

[00:28:16]If your fund allows it, you may also be able to take a lump sum in instead. But, it's worth remembering that once money is withdrawn from super, it may be treated differently for tax and social security purposes depending on what it is you do with it next.

[00:28:33]Okay, we're going to talk tax now, uh but hopefully we're going to do it in a way that doesn't make everybody search for the door or reach for the coffee immediately.

[00:28:42]This slide here is a simple guide as to which parts of certain payments may be taxable and which parts are not.

[00:28:48]The basic pension component is listed here as being taxable. The supplement as partially taxable, and then add-on items like rent assistance or remote area allowance are listed as not taxable.

[00:29:01]Here's a little bit of information not many people know about. If your pension is to reduce because of the income or the assets test, the taxable portion reduces first. And generally, no tax is withheld from our payments unless you ask for it to be.

[00:29:15]If you're unsure whether you should request tax to be withheld, that's something you can explore based on your overall circumstances. And the Australian Taxation Office or ATO's resources can help you understand your tax position.

[00:29:30]One of the things that helps many people at or around age pension age is the seniors and pensioners tax offset, also known as SAPTO.

[00:29:39]SAPTO is a tax offset that can reduce the amount of tax you pay. In some cases, it may reduce the tax tax payable to zero, depending on your circumstances and your income.

[00:29:50]The slide here sets out the maximum offset amount and the income levels where it starts to reduce and where it will stop.

[00:29:57]Now, FIS here can explain what SAPTO is and how it works, but it's the ATO that determines the outcome when your tax return is assessed.

[00:30:06]SAPTO is only one piece of the tax puzzle though, so let's quickly look at a few of the other common offsets.

[00:30:15]On the slide now are three tax items that come up often.

[00:30:18]Low income tax offset, low income super tax offset, and refunds of franking credits. Now, we're not going to get into the nitty-gritty of these offsets today, but you can plan find plenty of information on the ATO's website, and again, FIS is always here to help.

[00:30:35]Tax offsets are generally applied automatically by the ATO based on the information in your tax return.

[00:30:41]You typically don't need to do a separate offset application. However, it is always best to speak to the ATO directly to know where it is that you stand.

[00:30:52]And if all of this talk of tax has made you think, "Oh, I just want someone else to do my return for me." or you feel like you need a bit of help, there is a program for that. It's called Tax Help.

[00:31:02]It's a free service provided by ATO trained volunteers for people with simple tax returns.

[00:31:08]It's generally available from late July to October, and support can be provided in many different formats depending on what's available in your area, including virtual or phone support.

[00:31:19]The program is aimed at people with income around $70,000 or less.

[00:31:24]And it isn't designed for complex affairs. So, things like running a business, um and if you have more complicated tax arrangements, then your circumstances may fall outside the scope of the program.

[00:31:37]And of course, if you're feeling confident, many people continue to use my tax to lodge their tax return online themselves.

[00:31:47]Let's take a little step back from thresholds and rates and tax and finish with a simple what's now checklist.

[00:31:54]The slide on the screen now is my favorite, not just because I made it, but because it's practical. It turns a lot of information into next steps.

[00:32:02]Firstly, review your spending. What you spend now is often a strong clue for what you may want to spend in your retirement, with some unpredictable changes like reduced work costs, increased leisure, or those extra Christmas presents for the grandkids.

[00:32:16]Think about what kind of planning or advice you might need, remembering that FIS is here to provide financial information only, and financial advisers or planners can provide personal advice, usually for a fee.

[00:32:28]Start to think about how you might use your superannuation, whether that be leaving it in super, turning it into an income stream, taking lump sums, or a combination of all of these things.

[00:32:40]Consider estate planning, being things like wills, powers of attorney, relevant nominations, particularly for your super.

[00:32:48]And make a plan for your long-term needs, including later life health costs and major replacements or maintenance over time.

[00:32:56]If you're somebody that might be taking notes today, here's a simple exercise for you to try.

[00:33:01]Write down three retirement priorities, and then next to them write down one small action item that you can take for each of them in the next couple months.

[00:33:11]You can't get started too early.

[00:33:17]Now, when it comes to planning, many people find it easier to manage things online. So, we'll give you a quick overview of the self-service options available through Services Australia.

[00:33:26]The slide here highlights Express Plus mobile apps, myGov, and phone self-service with 136 240 to register.

[00:33:34]The goal is to provide options that are secure, convenient, and available when you need them, including outside of normal business hours.

[00:33:43]Lots of us already use self-service every day, perhaps in ways we don't even realize.

[00:33:48]Think of things like banking apps. When you go shopping, travel check-ins, and government services are moving in this same direction.

[00:33:56]Services Australia continues developing and refining digital services to make it easier for people to manage these routine tasks, while still having support available for those with more complex or specialized needs.

[00:34:08]And just to be clear, using online services is not mandatory, but it's simply an option that many people will find quicker and easier if it suits them.

[00:34:20]The main front door for most online access is myGov.

[00:34:24]myGov is a single account that lets you link multiple Australian services using one username and the one password.

[00:34:31]Through myGov, you can access Services Australia's online accounts like Centrelink, Medicare, child support, and other services like the Australian Taxation Office and My Aged Care, just to name a few.

[00:34:42]And if you ever get stuck, there is a myGov digital assistant available 24/7 to help guide you through some of the more common questions and steps.

[00:34:51]If you're watching this webinar live with us today and thinking, "Yeah, okay, Sam. I do need to go and get that set up." You don't necessarily need to do it right now, but I would encourage you to take it down as a follow-up task for some time after the webinar.

[00:35:07]Sometimes people also choose to have somebody help them deal with Services Australia.

[00:35:11]We have a few options for having someone act for you, which can be helpful if you're supporting a family member, or if you're someone that just wants somebody else to help you manage certain tasks.

[00:35:22]The slide here lists a few different types of arrangements.

[00:35:25]Depending on what you want this person to be able to do, you might appoint a nominee, a person permitted to inquire, or a person permitted to update. And there are legal arrangements such as powers of attorney and guardianship as well.

[00:35:38]In most cases, you can still deal with us directly yourself. Having a representative doesn't remove your ability to contact us. It simply means you have that added support if you feel you need it.

[00:35:51]And if you're using online services or helping somebody else use our online services, there's always help available.

[00:35:58]There are a range of step-by-step guides and video demonstrations available online to help you make the most of not only myGov, but our online accounts and our Express Plus apps as well.

[00:36:08]These guides cover common tasks like creating a myGov account, linking services, updating details, reporting changes, and submitting claims where relevant.

[00:36:21]We have discussed a lot of information today, and you're not expected to retain it all right now. So, remember, if retirement planning questions do come up for you, FIS is here to help with information.

[00:36:33]This slide here summarizes just some of the things that the Financial Information Service can help you with.

[00:36:39]We can help build your confidence to make informed financial decisions and understand key concepts, including how social security, tax, and superannuation interact with one another.

[00:36:49]We can also help you think through retirement planning from an information perspective.

[00:36:54]So, even if you're still working, you can understand the implications of early choices over a long period of time.

[00:37:01]And as always, as Jodie and I have said a few times now, we are an information service only. We are not financial planners. We are not financial advisers.

[00:37:10]We explain options and impacts, but you must always make the decisions that fits you.

[00:37:18]If you would like to speak with a Financial Information Service Officer, you can call 132 300 or any number that you normally use to call Centrelink, and when prompted, say Financial Information Service.

[00:37:31]There are a few different ways that people can engage with us, and you can see these on the screen now.

[00:37:36]This includes financial information presentations, community outreach, and of course, our free live webinars such as this one.

[00:37:44]If your situation is perhaps a little more sensitive, complex, or involved, we can always have a longer conversation with you by booking you a face-to-face appointment at one of our service centers or by having a video chat from the comfort of your own home.

[00:38:00]If you're looking for other independent tools and calculators to help you explore different scenarios, MoneySmart is a great option. It's an Australian government resource run by the Australian Securities and Investments Commission, or ASIC, that helps people make confident money decisions using free tools, tips, and calculators.

[00:38:18]It's especially handy for things like budgeting tools and retirement planning resources. And it's designed to be plain language and impartial.

[00:38:26]So, if you're somebody that like that's like me, wants to be a little bit practical, wants to test a few scenarios, MoneySmart is a great place to explore without the need for special software or spreadsheets.

[00:38:40]Now, finally, we'll finish with a few other service contacts just in case you or somebody that you support may need them.

[00:38:46]We have a range of additional service options available that can be helpful depending on your needs. For example, the Centrelink Indigenous Call Centre can be reached on 1800 136 380 or the multilingual phone service on 131 202.

[00:39:04]If you need accessibility support, such as assistance for hearing loss or speech disability, Services Australia also provides pathways through relay services, the details of which are on our website.

[00:39:18]And that brings us to the end of our webinar.

[00:39:21]Thanks again for joining myself, Jodie, and the entire team here today.

[00:39:26]We all trust that you've found this information helpful, and hopefully you've been taking plenty of notes to get ready for your dream retirement.

[00:39:34]>> And remember, you can watch this webinar again by visiting [clears throat] our YouTube channel. And if you have any questions that are personal to your situation, the best next step is to contact us and ask for the financial information service so we can talk it through privately.

[00:39:49]Take care, stay safe, and we'll see you next time.

[00:39:52]>> Thank you, everybody.