From today the qualifying age for the Age Pension is increasing to 66.
Back in 2017, the Department of Human Services announced that it would increase the qualifying age to get Age Pension by 6 months every two years, and this will continue until it reaches 67 years on 1 July 2023.
Aside from the qualifying age, Centrelink is also implementing changes to Age Pension rates for income and assets test limits.
Changes to the Income Test
The following income limits will be effective starting 1 July 2019:
| Situation | Full Pension Per Fortnight | Part Pension Per Fortnight |
| Single | Up to $174 | Less than $2,026.40 |
| Couple (Combined) | Up to $308 | Less than $3,100.40 |
These income amounts do not include the Work Bonus.
Changes to the Assets Test
The following asset test limits will be effective starting 1 July 2019:
| Situation | Homeowners | Non-Homeowners |
| Single | $263,250 | $473,750 |
| Couple (Combined) | $394,500 | $605,000 |
Work Bonus Changes
Previously the Work Bonus applied only to people receiving the Age Pension and working for an employer.
From 1 July 2019, Centrelink will implement two major changes to the Work Bonus program:
- The amount you can earn will increase to $300 per fortnight, with the maximum that you can accrue over the year also increasing to $7,800. This means you can earn more from work before Centrelink reduces your pension
- Centrelink will start applying Work Bonus to income derived from self-employment
Click here if you want to know if you want to learn more about the Work Bonus.
Know Your Updated Age Pension Rates with Our Calculator
We have now updated our Age Pension Calculator with all these changes. So go on, click here to see what effect they will have on your entitlement.
We would love to hear how these will changes affect your retirement lifestyle? Share your story in the comments section below.
If you need Age Pension advice or if you have any questions, don’t hesitate to call Retirement Essentials on 1300 527 727. Our Age Pension Specialists will be happy for a chat.
What happens if a couple have more than $ 394.500!?
Please let Kim is know!
Thank you .
Hi there
Once your assets exceed $394,500 then you are no longer eligible for a full Age Pension and will move onto a part Pension. To find out what you are eligible for why not try pour Age Pension Calculator – it’s quick, easy and free. Just click on the link below:
https://retirementessentials.supered.com.au/#/landing/9d9ada74-b214-11e7-adbe-0a111bbaff52/53c77aea-219c-11e8-bdf5-0688351d9823&_ga=2.126200399.334046834.1561944400-1804610860.1539663622
If you would like a helping hand to use the calculator just give us a call on 1300 527 727 and one of our Age Pension Specialists will guide you through it.
.How much money can you have in the bank if you are a single person, but wish to apply for a part pension?
Hi Denise
If you own your home the maximum amount of assets you can have $572,000 (this figure excludes the home you own) and if you don’t own your home the maximum is $782,500. These amounts are the maximum you can have in assets before you are no longer eligible for a part Age Pension.
We have Age Pension Specialists available over the phone if you would like to better understand your Pension entitlement. Give us a call on 1300 527 727.
Hello!
I will be 66 next February. I receive a superannuation income of $500 per week. Would I still be able to receive the pension?
Also, when should I start to apply?
Hi Sheila
Thanks for your message. Pension eligibility is calculated by looking at your income and assets. We would need a bit more information on your financial circumstance to determine your entitlement. Please try our Age Pension Calculator – it’s quick, easy and free. You can apply for your Pension 13 weeks prior to turning 66 years of age.
Click the link below to get to our online calculator:
https://retirementessentials.supered.com.au/#/landing/9d9ada74-b214-11e7-adbe-0a111bbaff52/53c77aea-219c-11e8-bdf5-0688351d9823&_ga=2.130901965.334046834.1561944400-1804610860.1539663622
Give us a call on 1300 527 727 if you want a helping hand from one of our Age Pension Specialists.
I’m 77 and have been on the pension for some time. I’m keen to know specifically what impact these changes have on my fortnightly pension.
Hi Lily
Why not try our Age Pension Calculator – its quick and easy (and free) and will tell you straight away how these changes impact your pension. Otherwise the next best option is to speak with Centrelink.
A pension age couple living in a family home worth $3 million with $394,000 in other assets can get a full pension, even if they cashed all other assets in the buy it just before retiring.
A pension age couple living in a $400,000 town house with $610,000 in other assets cannot even get a part pension.
The former lives off public funds and has a huge asset to pass on to their children.
The latter lives off their savings, costs the public purse nothing and finishes with little to hand on to their children.
How is this encouraging pension age couples to downsize?
Is our super classed as assets please??
Just wondering if our super is calculated in the $394.500 per couple please??
I agree with Gordon Nightingale’s comment of 2 July…this system is totally unethical!
Hi there I am turning 66 years in January and I have been out of work for three years when is the best time to start enquiring about the age pension thanks Margaret
Hi Margaret
You can lodge your application for the Age Pension 13 weeks ahead of turning Age Pension age. I would start preparing 3-4 weeks ahead of this date to give yourself enough time to pull together your application and make sure you have all the required supporting documentation to lodge with Centrelink. We would be happy to make this a very simple process for you if you would like our help. Give us a call on 1300 527 727.
Can you please tell me what are the assessable assets? Also I think my assessable assets would come in well under my minimum allowable amount, does this entitle me to a full pension and what would that amount be?
Hi Richard
Assessable assets are super, money in the bank, shares, investment property, motor vehicles and the contents of your home. Asset limits are set differently for homeowners vs non homeowners and also for singles vs couples. As I am unsure of your personal situation I can’t tell you if you are entitled to a full pension – sorry. But why don’t you try our Age Pension calculator, it will tell you in 2 mins what you are eligible for. Click the link below to start:
https://retirementessentials.supered.com.au/#/landing/9d9ada74-b214-11e7-adbe-0a111bbaff52/53c77aea-219c-11e8-bdf5-0688351d9823&_ga=2.235884099.334046834.1561944400-1804610860.1539663622
Would make it simple to do with what the ATO did for years .Start from lowest income & the detail how much pension you would recieveEG .$300 per week & then continue through to the maximum This would make where you would cease receiving the Pension when your income is over the threashold this would make is easier for people who are still employed, to calculate their living expenses.Not Rocket Science/. ..
My partner and I (both 72) lodged our application for the Aged Pension with Centrink in Dec. 18 after we had received advice from a Centrelink Financial Consultant telling us we were eligible to get at least part if not full pension just 3 weeks prior. After submitting financial documents at nausium for 6 months they tell us we are not eligible as have assets totalling nearly $1 million! Problem is they have calculated our own home as an asset! They want us to reapply now as they say we would be now be eligible having paid our builder the profits from the sale of our previous home! That means they don’t have to give us back pay from Dec. 18!
Are aged. Pensioners getting any increase to their pensions
In the near future
i have heard we were getting a rise in pension but cannot find anything on this site about it
If your pension payment is income tested, you may get a small increase to your pension and back payment on or around 1/9/19. This is due to deeming rates being reduced as of 1/7/19
My names john wilson.
I DONT own my own place.
I have super and cash assets of $700,000.
I have not received one cent from centrelink since my exit from the workforce in 2018.
Hi John, based on this information it would seem you are entitled to a part Pension payment. You should not delay, apply now. We can make this really easy for you if you’d like us to give you a helping hand? Give us a call on 1300 527 727.
How much do you charge to help apply for any pension
Hi
Our pricing is
$198 initial fee following completion of application forms (this includes any additional support you may require during the completion of the forms)
then
$198 once you application has been approved (this includes any questions or conversations we may need to have with Centrelink as part of their assessment of your application)
Hope this is of assistance.
I am 67 and on aged pension. My defacto husband is 58 years old, 9 years younger than me but they put me on a combined pension. Shouldn’t I be getting a single pension as he is not able to get an aged pension.
Liz
When you are part of a couple you are assessed and paid as such.
Do aged pensioners who have no assets at all( just depend on the pension) receive an increase at all ?
Hi Russell
From time to time the Govt will increase the Age Pension payment amounts.
I will turn 66 in February 2020. My husband is 60 and on newstart. Will his newstart affect my age pension
Kerri
You are best to chat with Centrelink about this.
I’m single and on a full pension and I am renting. If a find a part time position earning $150 per fortnight do I have to include my pension when doing my tax return and therefore pay tax on a combined wage and pension.
Hi Frances
I don’t think you pay tax on your pension or declare it on your income tax return, however your accountant will know how to handle this.
When is the powers that be,going to do the right thing for the aging population and pay a universal pension to all who worked and payed taxes,
And stop this bureaucratic red tape madness.
The cost to police and administer this tangeled web of rules and regulations is mind boggling.
The government have collected the money from these working tax payers in the past.they should now pay up.!!
i have heard we are getting a rise in pension is this right thank you
How much is the maximum in assets can a married couple have to receive a part pension
Hi Jenny
The amount depends on whether you are homeowners or not. If you want to better understand Asset limits then I recommend you take a look at this page on our website that clearly explains how the Assets Test works
https://retirementessentials.com.au/age-pension/eligibility/
Otherwise you can give us a call on 1300 527 727, we have Age Pension Specialists ready to give you a helping hand.
I Will be applying for the age pension later this year as i turn 66 in January my wife is still
Working and does not reach age pension age for a couple of years she brings home around $1200 per fortnight. Will i still be eligible for an age pension
Hi Clive
You may be eligible for a part pension even if your wife is still working. You can use our Age Pension calculator to see what you might be eligible to receive. If you need a helping hand with this (it can be tricky) then give us a call on 1300 527 727, we have Age Pension Specialists ready to take your call.
I am a 73 yr old female with a 64yr old male partner, my question is, am i elegable for the age pension if neither of us work anymore.
Hi Pamela
You can use our Age Pension Calculator to see what you are entitled to or simply give us a call on 1300 527 727 if you would like a helping hand to check your eligibility.
Hi Pamela
You can use our Age Pension calculator to check your eligibility. If you need a helping hand with this (it can be tricky) then give us a call on 1300 527 727, we have Age Pension Specialists ready to take your call.
Hi, I turn 70 in January 2020. I work full time but because I own a business with my son which is running at a loss, my wage ($650 pw) goes back into the business. Would I be eligible for a pension. I own my own unit
Hi Robin
You can use our Age Pension calculator to see if you are eligible. If you need a helping hand with this (it can be tricky) then give us a call on 1300 527 727, we have Age Pension Specialists ready to take your call.
I will be 66 in 02/2020 and single – Made redundent in 2013 therefore I have used up my Super. I still live in my home which is under mortgagee with payments of $450 p/w. Do I qualify for aged pension if what amount or should I sell.
Hi Garry
We have a quick and easy to use Age Pension Calculator – 8 questions, only takes 2 mins to complete. Please give it a go. You will know in 2 mins what you are entitled to
lady pensioner with no asserts what rent assistance is she entitled 2 paying $260.00 per week?