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New Age Pension Rates commenced today

The new Age Pension rates for the Means Test commenced July 1st.  This means Seniors can earn slightly more, or have slightly higher assets, before they start losing some of their Age Pension entitlements. Some of the changes include…

 

Singles

  • The amount that can be earned and still get a full Age Pension has increased by $104 p/a to $4,628 while the upper limit where you can no longer get any pension has increased to $53,731 p/a
  • The lower limit on the assets test for a non-home owner has increased by $8,750 to $482,500 and the upper limit has increased to $797,500.

Couples

  • The amount that can be earned and still get a full Age Pension has increased by $208 p/a to $8,216 while the upper limit where you can no longer get any pension has increased to $82,243 p/a
  • The lower limit on the assets test for non-home owners has increased by $11,000 to $616,000 and the upper limit has increased to $1,091,000.

 

All the new levels for the income and assets test are shown in the following tables.

Income Test

July 2020 income test

 

Asset Test

July 2020 Assets Test

If you are eligible for a payment but haven’t lodged your application yet – stop delaying. You are missing out on your entitlement, which will only be back dated to the date that you lodge your application, not from when you became eligible.

Retirement Essentials makes it easy for you to complete your application plus we work with Centrelink to get your application processed quickly. Go on, give us a try. We’ve already helped hundreds of senior Australians get their pension the easy way and we also offer a money back guarantee.

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