It’s a common misconception that older Australians are only eligible for concession cards if they are on the Age Pension. In fact, some concessions may be available even if you’re not yet retired. There are a range of concession cards that Australian seniors and pensioners may be eligible for. Depending on the card, ... 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.
Key superannuation rates and thresholds (2019/2020 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
What is the Pension Loans Scheme, and how does it work?
From 1 July 2019, retirees looking for new ways to boost their retirement income or pay for expenses like home care have another option open to them following some big changes to the federal government’s Pension Loans Scheme (PLS). Although the PLS has been around for about 30 years, few retirees know about it and even ... Read more
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. Even if you have not fully retired from the workforce, it’s worth checking to see if you are eligible for a Seniors Card, as in many states the rules allow you to undertake ... Read more
Making downsizer super contributions: 10 things you need to know
Once you reach age 65, you often find yourself wanting a smaller home or one more suited to your empty-nest requirements. For some retirees, selling the family home can also be a great way to release built-up equity and make an extra contribution to their super account. Under the downsizer contribution rules, your ... Read more
What is myGov and how do I use it?
These days, rolling up to your local Centrelink, ATO or Medicare office to ask a question or get some help is a thing of the past. Instead of talking to real people, we now have to deal with the government via our myGov account. But using myGov is not always a smooth process, so here’s SuperGuide’s simple guide to the ... Read more
How accurate is your ‘retirement estimate’? 7 assumptions you need to understand
When opening their annual member statement, many super fund members see a comforting projection of how much their account balance is likely to be when they retire, and how much income it will provide in retirement. According to super industry researcher SuperRatings, 42% of super funds now provide retirement ... Read more
Reverse mortgages: What are they and how do they work?
If your super account is not as big as you want when you retire, one solution could be to look to your home as a way to generate some extra money – and that doesn’t mean becoming an AirBnB host. One way to unlocking some of the money you have tied up in your home to pay your retirement expenses is to take out a reverse ... Read more
Are you getting your slice of the Age Pension Work Bonus?
On 1 July 2019, there were two major changes to the Work Bonus legislation: The fortnightly Work Bonus amount increased to $300 (from $250), The incentive was extended to self-employed people. If you are a self-employed person, please read on. You may be missing out on your Work Bonus and therefore a potential $7,800 ... Read more
Falling behind with your super? How your super balance compares
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
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