Are You Missing Out ?

Once you retire, its very common to hear among your retired friends that they are regularly getting discounts on everything from pharmaceuticals to holiday accommodation to ski lift tickets.

This of course leads to one of the worst emotions you can have in retirement. Fear of missing out.

So I thought it might be useful to outline just what discounts are available to those in retirement or even if you have reached aged 6o and feel that you should be retired and feel entitled to some of these benefits.

The most common discount card for anyone over age 60 regardless of how much you earn is the Seniors Card and along with its almost identical twin,  the Seniors Business Discount Card.

You do need to be able claim you are working less that 35 hours a week and be a resident of Australia but beyond that there are no restrictions other than age on who can hold this card. So if you're into discounts, this card is for you and very easy to just keep in your wallet.

It will provide you with a raft of discounts, mostly on local public transport systems as well as discounts at some 4,000 participating businesses. In Victoria, it will make you eligible for a free fishing licence.

The next most sort after card is the Commonwealth Seniors Health Card. It will enable you to access cheaper pharmaceuticals under the PBS scheme and potentially access other discounted medical services.

Holding this card may also entitle you to an economic support payment, which will be paid directly to you and of course you can also enjoy discounts on your gas and electricity bill, rates and public transport.

This card is means tested and is only available if you earn less than $57,761 as a single person, $92,416 as a couple and $115,522 if you are a couple separated by illness, respite care or prison.

Finally there is the Pensioner Concession Card, which is available to anyone receiving Centrelink payments, even if its a part-pension. This card also provides discounts on medical services, public transport and utility bills.

A lot of people in retirement think it's worth doing everything they can to qualify for this card but industry experts suggest that the average value of this card in terms of discounts is about $2,500 a year.

That can seem like a lot of money but its certainly not worth restructuring your financial affairs in order to pass the asset and income test to get it.

Beyond these three cards, many individual outlets, such as hairdressers or restaurants and clubs will offer pension discounts for accessing their services on certain days of the week or times of the day.

So if discounts and freebies are your thing, it pays to keep an eagle eye open for what you might be entitled to in retirement and see which of these three cards you're entitled to.