Thinking about how you’re going to plan your retirement can be daunting and I suggest you do as much research as possible before you book an appointment with a financial adviser or accountant (if that is what you choose to do).If you’re like many Australians within 10 to 15 years of retirement, you’re starting to ... Read more
Age Pension
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.
You can find key information about the Age Pension in the articles below, such as:
- How do the Age Pension rules work?
- What are the latest Age Pension rates?
- What is your Age Pension age?
- 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?
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 referring to Age Pension.
Super tax tables: When OVER 60 years of age
The summary tables below contain the following information on super taxes for over-60s:Table 1: Contributions taxes Table 2: Earnings taxes (accumulation phase) Table 3: Benefit payment taxes for over-60s (taxed funds). All super funds except certain public sector funds. Table 3 outlines the tax treatment ... 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. The Age Pension rates are those that apply from 20 March 2018 to 19 September 2018. You can ... Read more
Age Pension changes: Government cuts benefits and takes from future generations
Introducing our guest contributor, Jim Bonham: Dr Jim Bonham is a retired scientist and manager. Although he is unaffected by the recent changes to the superannuation and Age Pension rules, as an SMSF trustee, he is deeply concerned about the ongoing instability for retirees and future retirees. In the article below, ... Read more
A quick guide: Superannuation rates and thresholds
For a list of the main superannuation, Age Pension and retirement-related rates and thresholds, and how often they are indexed, and links to further information, continue reading this article. (For a summary list of the latest superannuation rates and thresholds, check out Superannuation rates and thresholds for ... Read more
Australian Age Pension: Am I eligible and how do I apply?
Any Australian resident hoping to receive the Age Pension must actively apply for this government-funded benefit. You don’t automatically receive the Age Pension when you reach a certain age, or when you satisfy the other eligibility requirements. You must complete special Centrelink forms and submit those forms to ... Read more
Age Pension: Are you eligible for the Work Bonus?
If you choose to work while receiving the Age Pension, then you will be entitled to a Work Bonus. The Work Bonus operates so that the first $250 of employment income each fortnight is not counted towards the Age Pension income test. The Age Pension income test is one of 2 tests used to decide if you’re eligible for a ... Read more
Age Pension Bonus: Still available for registered Australians
If you’re still working and you were aged 65 or over (or 63.5 or over if you’re a female) before 20 September 2009, and you registered for the Age Pension Bonus by 30 June 2014, and you have not yet claimed the Age Pension, then this article applies to you. If this article applies to you, then on my calculations, you ... Read more
Australian Age Pension: 10 important facts you should know
Most Australians will be able to claim a PART or FULL Age Pension in retirement. A PART Age Pension is possible even when a person (or a couple), owns their own home and has several hundred thousand dollars in superannuation and other savings.Even if you are not planning to claim the Age Pension when you retire, ... Read more
Age Pension changes: More Australians entitled to payments from March 2018
In March, July and September of each year, the federal government changes the rules for claiming the Age Pension… usually for the better! Currently, the Age Pension income test thresholds and the Age Pension assets test thresholds are adjusted three times a year in line with increases in the Consumer Price ... Read more
Latest Age Pension rates (since March 2018)
Note: This article explains the latest Age Pension rates, applicable until 19 September 2018. The Age Pension rates are indexed twice-yearly, with the next adjustment taking effect from 20 September 2018. If you are seeking information on how the Age Pension rules work, see SuperGuide articles Australian Age Pension: ... Read more
Age Pension: Assets test thresholds applicable since March 2018
Note: This article explains the latest Age Pension assets thresholds, applicable from 20 March 2018, and also earlier thresholds (including from 19 September 2017 until 19 March 2018, and from 1 July 2017 until 19 September 2017). If you are seeking information on the latest Age Pension rates, see SuperGuide ... Read more
