How to maximise your Age Pension

Australia has a means tested social security system, which is designed to work like a safety net.

The more in assets or income you have, the less Age Pension you may be entitled to.

If your assets or income exceed the cut off limits, you will not be eligible for a pension at all, but the limits are reasonably generous so it’s worth checking whether you are entitled to at least some Age Pension.

If you find you are currently ineligible for the Age Pension, never fear. There are steps you can take to maximise your pension entitlements.  

The current maximum rates of Age Pension

• For singles: $1,144.40 per fortnight (approximately $29,754 per year)
• For couples: $862.60 per fortnight each (approximately $22,428 per year each)

(Rates effective from 20 September 2024 to 19 March 2025 and include base pension plus supplements.)

Times are a-changing

Over the past 15 years there have been significant changes to the assessment of assets and income for social security purposes. Unfortunately, it’s been mostly bad news but there are bright spots, such as the increase in the work bonus (details later in this article).