Everyone likes to know how their financial position compares to others of the same age. It’s no different when it comes to your super account. But how can you find out how you compare with your peers and whether you are on track – or behind the pack? To make things easy, SuperGuide has pulled together the latest ... Read more
Age Pension
A Super Guide
The Age Pension eligibility age in Australia is currently 66 years. This age will progressively increase in six month increments until it reaches the age of 67 for all Australians by 1 July 2023.
In addition to the age requirement, your eligibility for the Age Pension depends on you:
- Being able to satisfy the Age Pension assets test,
- Being able to satisfy the Age Pension income test, and
- Meeting Australian residency requirements.
You will be eligible to receive either a full or part Age Pension provided your assets or income don’t exceed the thresholds of the respective tests, and you also satisfy both the age and Australian residency requirements. It’s important to understand that your super may be included in both your asset and income tests, and can therefore affect your potential Age Pension eligibility.
It’s possible to earn up to earn up to $300 per fortnight from paid employment without this amount being included in your Age Pension income test. This is known as the work bonus.
Age Pension rates for singles and couples (married or de facto) are adjusted very six months based on changes in the Consumer Price Index (CPI), Male Total Average Weekly Earnings, and the Pensioner and Beneficiary Living Cost Index.
Learn about the key aspects of the Age Pension in the following SuperGuide articles:
Set out below are all SuperGuide articles that relate to Age Pension.
Five common financial mistakes people make just before retirement
Preparing for retirement can be fraught. Not everybody wants to finish working, and some may be wondering what they are going to do with their days when the initial novelty of sleeping in and travelling wears off. There is also the concern that the money may run out. During such a stressful time, keeping on top of your ... Read more
Case studies: How is the Age Pension assessed?
The current (20 September 2019 to 19 March 2020) maximum rates of Age Pension are as follows:Single: $933.40 per fortnight (approximately $24,268 per year) Couple (each): $703.50 per fortnight (approximately $18,291 per year)Note: Includes base pension + supplements. Learn more about Age Pension rates. But not ... Read more
Australian Age Pension rates (September 2019 to March 2020)
The rates for a full Age Pension for Australian residents for the period 20 September 2019 to 19 March 2020 are listed below:Single: $933.40 per fortnight (approximately $24,268 per year) - an increase of $7.20 per fortnight Couple (each): $703.50 per fortnight (approximately $18,291 per year) - an increase of $5.40 ... 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. You can skip any question that doesn't apply to you. Help information is available on ... Read more
Am I eligible for the Australian Age Pension?
Your eligibility for the Australian Age Pension depends upon your age, residency and whether you pass what is known as the “means test”. The Age Pension is one of the ‘three pillars of retirement income’ in Australia – along with superannuation and private savings. It plays a critical role in retirement income for ... Read more
Age Pension income test rules (September 2019 to March 2020)
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 of 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
Age Pension assets test rules (September 2019 to March 2020)
A common question for those nearing or in retirement is “How much money can I have before it affects my pension?”. This article details the rules of 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 how much ... Read more
Is super better or worse than ever?
Superannuation in Australia has a history that’s over 150 years long, but it’s really only in the last three decades that it’s become accessible to all working Australians.In that time, it’s undergone constant change, but does that mean we’re worse off than before – or better? ... Read more
Quiz: Age Pension rules
Take the following 10 question quiz to test your knowledge on the Age Pension rules.Don't worry if you don’t know the answer to a question. Have a go anyway and we’ll let you know the correct answer, as well as providing you with a link to a relevant article.Note: When you pick an answer the correct answer is ... Read more
Need care at home? We look at the costs
Elderly retirees may come to a point where they need support to live at home. They can sometimes rely on friends, family and volunteer services to help. Getting assistance from your nearest and dearest is definitely the cheapest option but can’t always be relied on, especially over the long term. So, what are the ... Read more
Retirement age calculator: When can you access your super or the Age Pension?
Although there is no ‘retirement age’ in Australia, there are two ages that are important to know for planning your retirement:Preservation age: This is the age when you can access your super funds provided you have also met a condition of release (such as retiring or turning 65). Age Pension age: This is ... Read more
How to select a retirement income calculator
Anyone who’s ever spent a few minutes popping numbers into their super fund’s online retirement calculator to find out if their retirement savings are on track knows it’s a confusing process.Calculators ask lots of questions and produce some great charts, but they’re only as good as the information you put into them, ... Read more
Why timing counts if you’re planning to retire this year and start a super pension
If you’re retiring this financial year it pays to think about possible timing issues before you start drawing down on your superannuation. Why? Because your age, your total super balance and ability to make additional contributions now or down the track, could all play a part in your decision-making. So, before you ... Read more
Retiring overseas: Implications for your super and tax
In 2016, 11,660 Australians over 55 permanently relocated overseas. While the exact number is hard to pin down, various industry estimates put the total number of Australian retirees who are now living overseas at around 90,000, a figure which has risen steadily in recent years.The most popular retiree destinations ... Read more