Understanding Income & Assets impact on the Age Pension
Age Pension Income & Assets Test – Free Calculator
To be eligible for the Centrelink Age Pension, you’ll need to meet both an Income Test and an Assets Test, along with the minimum age and residency requirements.
These tests help determine how much Age Pension you can receive. The more income or assets you have, the less pension you may be entitled to—but many Australians are still eligible for full or part payments.
Income Test – Your assessable income must be less than $65,416 if you’re a single person, or $99,954 if you’re a couple.
Asset Test – If you’re a home owner, singles can have up to $704,500 and couples $1,059,000. If you’re not a home owner, singles can have up to $962,500 and couples $1,317,000
Age is the first requirement. You must be at least 67 to be eligible for the Age Pension.
Residency – You don’t have to be an Australian citizen to qualify for the Centrelink Age Pension. But you must have been a Permanent Resident for at least 10 years AND have lived in Australia for at least 5 years of those 10 uninterrupted (excluding short holidays).
Test your income and assets
Understanding the Income & Assets tests
Don’t worry—these rules can sound complicated, but there are tools and support available to help you understand what you’re entitled to. Most people are surprised to find they qualify for more than they thought.
Retirement Essentials offers a user-friendly Age Pension Eligibility Calculator.
This tool simplifies the process, providing a quick and personalised estimate of your potential entitlements in under five minutes.
