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Once you reach age 70, your ability to make contributions into your super account is limited, so it’s important to ensure you know all the rules governing when you can make contributions and withdraw money.
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.
Learn more about the super rules in the following SuperGuide articles:
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In your 50s? The super rules that apply to you
When you get to your 50s, you should be paying a lot more attention to your super savings. So you need to know all the rules about making contributions and withdrawing money from your account.
Learn more about the super rules in the following SuperGuide articles:
In your 20s, 30s or 40s? The super rules that apply to you
In the early to mid stages of your working life you need to pay attention to your super to ensure it’s growing steadily. But you also need to know the rules about making contributions and withdrawals.
Worried about your post-virus finances? 10 tips to help stretch your retirement dollars
With sharemarkets swooning, interest rates being cut and super balances dropping, many retirees are starting to worry about their finances. Here’s our 10 suggestions to stretch your retirement income.
Case studies: How is the Age Pension assessed?
In this article we detail how the Age Pension is assessed, how the income and assets tests work, and illustrate with case studies for a Single and a Couple.
Learn more about the Age Pension in the following SuperGuide articles:
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Key superannuation rates and thresholds (2019/2020 year)
From tax on super lump sums to the transfer balance cap, there are a range of rates and thresholds that can affect your super. In this article we provide an overview of the key aspects of each of these rates and thresholds for 2019/20.
Deeming rates for the Age Pension income test
On 22 March 2020 the Federal government announced that from 1 May 2020 the deeming rates would be lowered to 0.25% (lower rate) and 2.25% (upper rate).
Age Pension calculator: How much could you be eligible for?
Our Age Pension calculator gives you an indication of potential Age Pension entitlements. The Age Pension rates are those that apply from 20 March 2020 to 19 September 2020.
Learn more about retirement calculators and reckoners in the following SuperGuide articles:
Australian Age Pension rates (March 2020 to September 2020)
Age Pension rates increased on 20 March 2020. This article also explains how the Age Pension works, and includes the latest Age Pension rates for residents, non-residents, and the transitional Age Pension.
Learn more about the latest super and retirement changes in the following SuperGuide articles:
Age Pension income test rules (March 2020 to July 2020)
A common question for those nearing or in retirement is “How much can a pensioner earn before it affects the pension?”.
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Age Pension assets test rules (March 2020 to July 2020)
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 Age Pension you could be eligible for.
What is the DVA (Department of Veterans’ Affairs) Service Pension?
A Service Pension is an age-based, means tested pension like the Age Pension but paid to veterans, their partners widows or widowers.
How does your super affect the Age Pension?
Your superannuation can potentially affect how much, if any, Age Pension you receive in several ways. As well as the amount you have in super, your partner’s age can have an impact as can what you do with any super payments you access.
What are the Age Pension residency rules?
There are specific residency requirements that you must meet to be eligible to receive the Age Pension from the Australian government.
Your simple guide to state Seniors Cards: How they can save you money
Everyone loves a bargain, but once they turn 60 many people forget to grab one of the best deals on offer – their state government’s Seniors Card.