A recent paper by advocacy group, Save Our Super, originally produced for SuperGuide, has uncovered financially devastating repercussions for Australia because of harsh Age Pension and superannuation policies made in haste and with hubris, and implemented with gusto by Federal Treasurer, Scott Morrison.Treasurer ... 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 rates are indexed twice a year, in March and September. 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 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 becomes a lot stricter. For more information, see SuperGuide article Age Pension: 300,000-plus Australians lose entitlements from January 2017.
Below are some of our key Age Pension articles:
Set out below are all SuperGuide articles referring to Age Pension.
Retirement income and savings trap: 13 findings from Save Our Super’s paper
For a couple who own their home, the retirement savings ‘sweet spot’ target should be $400,000, to ensure maximum income (utilising super savings and Age Pension entitlements under the 2017 changes), according to a paper written by advocacy group, Save Our Super.Only when superannuation savings increase to ... Read more
Retirement income and savings trap caused by Coalition’s 2017 superannuation and Age Pension changes
Note: SuperGuide has invited advocacy group, Save Our Super, to highlight the immediate and long-term implications of the federal government’s latest changes to super and the Age Pension. The authors of this article, Jack Hammond, founder of Save Our Super, and Terrence (Terry) O’Brien, a retired Treasury official, ... Read more
Age Pension age increases to 65.5 years from July 2017
From 1 July 2017, the Age Pension age effectively increases to 65.5 years (from its current 65 years) until it reaches age 67 from July 2023. Your Age Pension age is the age at which you are eligible to apply for the Age Pension, and this will depend on your date of birth.Australian residents born on or after 1 ... 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 have increased from 1 July 2017, but at the time of writing, the deeming rates remain unchanged. If you are seeking information about the latest increases ... Read more
Age Pension: More Australians entitled to payments from July 2017
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 and the Age Pension assets test are adjusted three times a year in line with increases in the Consumer Price Index, although the Age Pension ... Read more
Age Pension: Assets test thresholds applicable from July 2017
Note: This article explains the latest Age Pension assets thresholds, applicable from 1 July 2017, and also earlier thresholds, including from 20 March 2017 until 30 June 2017, and from 1 January 2017 until 19 March 2017. If you are seeking information on the latest Age Pension rates, see SuperGuide article Age ... 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: Income test thresholds applicable from July 2017
Note: This article explains the latest Age Pension income test thresholds, applicable from 1 July 2017 until 19 September 2017. If you are seeking information on the latest Age Pension rates see SuperGuide article Age Pension: 20 March 2017 now rates apply (until September 2017). If you’re looking for information on ... Read more
Super changes (July 2017): Planning ahead for the 2017/2018 year
Radical and substantial superannuation changes take effect from 1 July 2017: have you investigated how the super changes will affect your superannuation and retirement plans?A summary of the superannuation changes is set out below. You can also read more detail on each super change by clicking through to supporting ... Read more
2017 Federal Budget summary: Superannuation and retirement measures
On 9 May 2017, Treasurer Scott Morrison released his second federal budget. His budget speech was titled ‘The right choices to secure better days ahead.’ He says our choices are based on ‘the principles of fairness, security and opportunity’.Treasurer Morrison predicts the Federal Budget will return to balance in ... Read more
Superannuation checklist: What rules apply for the 2016/2017 year?
With only weeks left of the 2016/2017 financial year, it is timely to consider whether you plan to take advantage of pre-July 2017 rules, especially in relation to making super contributions.Although the Coalition government has made significant amendments to Australia’s superannuation rules, many of the big-ticket ... Read more
