Those who believe they now qualify for a part-pension are having trouble dealing with a struggling Centrelink system. Retirees who have lived off a steady stream of share dividends have seen their income plunge as banks cancel payouts, and they face more financial pain in coming months when research shows more companies are likely to slash their distributions because of the coronavirus crisis. Those who believe the damage wrought to their share portfolios means they now qualify for a part-pension have been having trouble dealing with a Centrelink system already struggling with waves of the freshly unemployed, the Association of Independent Retirees says. Dividends have historically been responsible for about 60% of the income reaped from investing in the Australian sharemarket, according to research by Realindex, a division of First Sentier Investors. […] He said retirees who thought the fall in their assets due to a sharemarket rout that wiped about 30% from stock prices meant they would be eligible for a part-pension were having difficulty dealing with Centrelink.
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