The money you use to fund your life in retirement may come from a range of different sources, which might include super, investments, savings, an inheritance or government benefits, such as the Age Pension. The age you qualify for the Age Pension will be between 65 and 67, depending on your date of birth. Check out the table below to see what age you might qualify. Generally, you can access your super savings first.
To receive the Age Pension, you must be an Australian resident and physically present in the country on the day you submit your claim. You also must have lived in Australia for at least 10 years and continuously, for at least five of those years. To be eligible for the Age Pension, you must have income and assets under certain limits. Below we look at some of the things that are taken into consideration and what the income and asset cut-off points are.
Centrelink will consider all sources of income, including that which you might receive outside of Australia, as part of its assessment.
This may include income from:. See asset limits for the Age Pension assets test. Both are used to determine your eligibility for the Age Pension. The test that gives you the lower payment amount which may be zero is the one that is applied. See Your relationship status on the Services Australia website. Items or property you or your partner own in part, or in full. Debts owed to you are also considered assets. Services Australia lists a number of asset types including:.
To determine the value of your asset, the government will look at the market value of the asset, then:. Your principal home, and up to the first two hectares of land it sits on, are not included in the Age Pension assets test. If your principal home is on a rural property, it may be assessed using the Extended Land Use Test. To receive the full pension, your assets must be less than the below as of 20 September If your assets are over the limit for your situation, your pension will reduce.
To receive a part pension, your assets must be less than:. Because they would have received a lower rate on the new income test, they were kept on a transitional rate of pension. The correct rate of pension for those on a transitional rate is regularly assessed to determine if the transitional or the current rate is better for them, and adjusted accordingly.
Note that if you receive Rent Assistance alongside your pension, your cut off point may be higher. On 1 January the Fair and Sustainable Pensions Bill came into effect, which resulted in many pensioners losing part or all of their pensions.
Two significant changes were made:. You must pass an assets test to be eligible for either a full or part Age Pension. This means that the value of your assets excluding your family home must be lower than threshold limits.
You must also pass an income test, have reached the eligibility age and be an Australian resident to qualify for the Australian Age Pension. Important : Your eligibility for the Age Pension is assessed by Centrelink. The information contained in this article is general in nature. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement PDS or seek personal financial advice before making any investment decisions.
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Learn more about SuperGuide. Reading time: 6 minutes On this page How does the Age Pension assets test work? How the Age Pension assets and income tests work together January changes to the assets test thresholds The bottom line. Learn more about the Age Pension in the following SuperGuide articles:.
Retirement age calculator: When can you access your super or the Age Pension? October 5, Age Pension rates September to March September 20, Age Pension calculator updated September September 13, Age Pension income test limits September to March September 13, Are you getting your slice of the Age Pension Work Bonus?
September 7,
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