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:
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
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.