How self-funded retirees can access hidden benefits and smarter investment options
The Commonwealth Seniors Health Card might be the most underused benefit for retirees, and many Australians don’t even know they qualify.
On 6PR, Jovan Cvetkovski answered listener questions on retirement planning, Centrelink concessions, and how to make the most of your super and savings outside the system.
Here’s what you need to know.
Big savings, low awareness: the Commonwealth Seniors Health Card
If you’re over 67 and not receiving the age pension, you might still be eligible for significant cost-of-living relief through the Commonwealth Seniors Health Card.
Jovan explained that many self-funded retirees assume they won’t qualify. But with current income thresholds of $92,416 for singles and $158,000 for couples, it’s surprisingly accessible, and not asset-tested.
If you’re eligible, you could get:
- Cheaper prescriptions through the PBS
- Bulk billed GP visits (where available)
- Up to $750 off council rates, $600 off water, and $238 off rego
- Discounts at museums, galleries, the Perth Zoo, and more
You’ll need to apply via myGov, link your Centrelink account, and provide some basic documents like your tax return and super balances. Processing usually takes up to 13 weeks.
Can you invest outside of super as a retiree?
One listener asked whether their cash was best left in the bank, or if there were better options.
Jovan’s advice? Don’t let inflation eat away at your savings.
With interest rates on the way down, low-risk investments like bonds and diversified portfolios can offer stronger returns, and you can still take advantage of the $18,200 tax-free threshold in your own name.
The important part is finding the balance between:
- How much risk you’re willing to take
- How much return you actually need
- Your cash flow and lifestyle goals
Personalised advice makes all the difference here.
Super myths: early access, co-contributions, and mortgages
Several questions touched on common super strategies, and misunderstandings.
- Paying off your mortgage with super?
It’s possible using a transition to retirement income stream, but capped at 10% per year unless you’re fully retired. - Super co-contributions for your spouse?
If your partner earns under a certain threshold, you can make an after-tax contribution to their super. Once they lodge their tax return, the ATO handles the rest automatically.
Want to claim your card, and more?
If you’re 67+, financially independent, and managing your own retirement, it’s worth checking your eligibility for the Commonwealth Seniors Health Card.
You may also be ready to:
- Revisit your investment strategy
- Explore tax-smart super contributions
- Plan your cash flow for early retirement
Looking for personalised financial advice that cuts through the noise?
Contact us to explore strategies tailored to your life stage, goals and circumstances.
Listen to the full 6PR segment here
