Retirees are always looking for new ways to boost their retirement income or to pay for expenses, like home care. Although downsizing to a small home can be one option, the Pension Loans Scheme (PLS) offered by the federal government is a rarely considered alternative. Although the PLS has been around for about 30 ... 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?
- How do the Age Pension rules work?
- What is your Age Pension age?
- Australian Age Pension: 10 important facts you should know
- Australian Age Pension: Am I eligible and how do I apply?
- 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 referring to Age Pension.
Reverse mortgages: retirement income solution or snare?
With the cost of residential property at all-time highs, it can be tempting for asset-rich and cash-poor retirees to look at ways of unlocking some of the money they have tied up in their home to help pay for their retirement expenses, particularly if their super account is small. One solution to this dilemma can be ... Read more
Age Pension income test: Deeming rates and deeming thresholds
Note: This article explains the latest deeming rates and the deeming thresholds for financial investments under the Age Pension income test. The deeming thresholds increase from 1 July 2018, and will change again from 1 July 2019. If you are seeking information about the latest increases in the thresholds for the Age ... Read more
Age Pension: Assets test thresholds applicable from July 2018
Note: This article explains the latest Age Pension assets thresholds, applicable from 1 July 2018 until 30 June 2019, and also earlier thresholds (including from 20 March 2018 until 30 June 2018, and from 19 September 2017 until 19 March 2018, and from 1 July 2017 until 19 September 2017). If you are seeking ... Read more
Age Pension changes: More Australians entitled to payments from July 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
Age Pension: Income test thresholds applicable from July 2018
Note: This article explains the latest Age Pension income test thresholds, applicable from 1 July 2018 until 30 June 2019. (This article also explains the thresholds applicable from 20 March 2018 until 30 June 2018, and from 19 September 2017 until 19 March 2018, and from 1 July 2017 until 19 September 2017). If you ... Read more
2018 Federal Budget summary: Superannuation and retirement measures
On 8 May 2018, Treasurer Scott Morrison released his third federal budget. His budget speech was titled ‘A plan for a stronger economy.’ He says: “The Turnbull Government will build a stronger economy to create more jobs, provide tax relief to encourage and reward working Australians, guarantee essential services and ... 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 March 2018 ... Read more
Minimum pension payments for 2018/2019 year (and for 2017/2018 year)
Note: This article explains the superannuation minimum pension payment factors for the 2018/2019 year, and for the 2017/2018 year, and earlier years. The article also lists the minimum pension factors for the 2016/2017, 2015/2016, 2014/2015, 2013/2014, 2012/2013, 2011/2012 and 2010/2011 years. Alternatively, if you are ... Read more
‘Member for Hypocrisy’: Minister called out by Liberal supporters
The Liberal government is now actively preparing for a federal election in late 2018, or in early 2019. Although the 2018 Federal Budget is an election budget promising tax cuts and other benefits, it was not that long ago that the Liberal government made significant changes to the super and retirement rules (July ... Read more
Age Pension: Are you eligible for the Work Bonus?
2018 Federal Budget alert! From 1 July 2019, the Work Bonus will increase to $300 per fortnight, rather than the current $250 a fortnight. The first $300 of fortnightly income from employment will not count towards the Age Pension income test. For example, on current thresholds, a single person could earn $468 a ... Read more
Tax-free super for over-60s, except for some
If you withdraw your super benefits after you turn 60 years of age, you can expect to pay NO tax on those super benefit payments, unless you are a member of certain types of public sector super funds. Further, since 1 July 2017, certain recipients of private and public defined benefit pensions will also pay tax, or pay ... Read more
