After working for decades to build your superannuation, the day finally arrives when you can say goodbye to the nine-to-five and turn your super into a reliable source of retirement income. Depending on your account balance, a super pension can be used to supplement the Age Pension or replace it entirely. The most ... Read more
Age Pension
A Super Guide
The Age Pension is a taxpayer-funded basic retirement income stream for life, for those Australians who meet the eligibility requirements for the Age Pension. The Age Pension rules include reaching a certain age (Age Pension age), meeting residency requirements, and also passing the Age Pension assets test and the Age Pension income test.
The Age Pension rates are indexed twice a year, in March and September. The single rate Age Pension is set to at least 27.7 per cent of Male Total Average Weekly Earnings.
The Age Pension thresholds for the Age Pension income test and assets test are indexed once a year for entitlement to the FULL Age Pension, and three times a year for entitlement to PART Age Pension.
You can find key information about the Age Pension in the articles below, such as:
- What are the latest Age Pension rates?
- Case studies: How is the Age Pension assessed?
- What is your Age Pension age?
- Am I eligible for the Australian Age Pension?
- How do I apply for the Australian Age Pension?
- What are the assets thresholds for the Age Pension assets test?
- What are the income thresholds for the Age Pension income test?
- Do you understand the Age Pension income test deeming rules for financial investments?
Note: From 1 January 2017, the Age Pension assets test became a lot stricter. For more information, see SuperGuide article Age Pension: 300,000 Australians lost entitlements on 1 January 2017.
Below are some of our key Age Pension articles:
Set out below are all SuperGuide articles that relate to Age Pension.
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Key superannuation rates and thresholds (2018/2019 year)
There are a range of key rates and thresholds that can affect your super, including: Concessional contributions cap Non-concessional contributions cap Division 293 tax Superannuation guarantee (SG) Superannuation co-contributions Tax offset for super contributions on behalf of your spouse Low-income ... Read more
Retirement cost of living: How much does a comfortable lifestyle cost?
As you approach retirement, you may have already spent time thinking about your likely spending habits once you stop work for good. We will review some industry reports to see how much retirees are spending, and help you assess what your own needs and preferences may be. Knowing what and where you will spend will ... Read more
Never stand between a politician and a big pot of money: How greed is destroying super
An Act of Betrayal Many of today’s retirees are feeling betrayed. In 1992, Australians entered into an agreement. They agreed with a plan made by the politicians of the day that, in order to reduce the burden of the Age Pension on future generations of working taxpayers, everyone would save super for their own ... Read more
What concession cards are available for Seniors and Pensioners?
There are a range of concession cards that Australian seniors and pensioners may be eligible for and entitle holders to cheaper services such as public transport, council rates, and utilities like electricity. Seniors Card Who is eligible In Australia, you’re generally eligible to apply for a Seniors Card from your ... Read more
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What are the Age Pension residency requirements?
There are specific residency requirements that you must meet to be eligible to receive the Age Pension from the Australian government. These residency requirements are in addition to the age eligibility and the income and assets tests that you must also pass to receive the Age Pension. What are the Age Pension ... Read more
How superannuation affects the Age Pension
Superannuation can affect the Age Pension in different ways, depending on whether you or your partner have reached Age Pension age, and what you do with any super payments you access. How the Age Pension is assessed For a detailed explanation of how the Age Pension is assessed, see SuperGuide article Case studies: How ... Read more
Case studies: How is the Age Pension assessed?
The current (20 March 2019 to 19 September 2019) maximum rates of Age Pension are as follows: Single: $926.20 per fortnight (approximately $24,081 per year) Couple (each): $698.10 per fortnight (approximately $18,051 per year) Note: Includes base pension + supplements. Learn more about Age Pension rates. Not everyone ... Read more
Australian Age Pension rates (20 March 2019 to 19 September 2019)
The rates for a full Age Pension for Australian residents for the period 20 March 2019 to 19 September 2019 are listed below: Single: $926.20 per fortnight (approximately $24,081 per year) - an increase of $9.90 per fortnight Couple (each): $698.10 per fortnight (approximately $18,051 per year) - an increase of ... Read more
Age Pension assets test rules (March 2019 to September 2019)
A common question for those nearing or in retirement is “How much money can you have before it affects your pension?”. This article details the rules around the Age Pension assets test (how much your savings and other assets are worth), which is one half of the means test (along with the income test) that determines ... Read more
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Age Pension income test rules (March 2019 to September 2019)
A common question for those nearing or in retirement is “How much can a pensioner earn before it affects the pension?”. This article details the rules around the Age Pension income test (how much you earn) which is a half of the means test (along with the assets test) that determines how much Age Pension you could be ... Read more
Deeming rates for the Age Pension income test
Deeming is a key concept in the Age Pension income test, which is a test you must pass as one of the requirements to access this government payment. The other requirements are passing the assets test, being age-eligible, and qualifying as an Australian resident. Deeming rules are used by the Department of Social ... Read more
How does the Age Pension work bonus work?
The Age Pension work bonus applies to the Age Pension income test, which is a means test you must pass as one of the requirements to access this government payment. The other requirements are passing the assets test, being age-eligible, and qualifying as an Australian resident. The work bonus will apply to your Age ... Read more
Age Pension calculator: How much could you be eligible for?
Welcome to the SuperGuide Age Pension calculator. Using the calculator is easy. Enter your details in the calculator below (in the yellow blocks) and you will see an estimate of amount of Age Pension you may be eligible for. Note: The Age Pension rates used in the calculator are those that apply from 20 ... Read more
What is the current Age Pension age?
The current Age Pension eligibility age is 65 years and 6 months for any person born before 1954, though this age is progressively increasing from 1 July 2019 depending on your date of birth. Age Pension ages from 1 July 2019 are provided in the table below. Note that the Age Pension eligibility age is increasing by ... Read more