Biggest increase in nine years
The March 20 Age Pension increases have been announced, with the highest increase for nine years soon to hit retirees’ pay packets.
Current inflationary tendencies have had a marked impact on the rate of the Age Pension with singles base and supplements increasing by over $20 a fortnight and couples joint pension increasing by more than $30 a fortnight.
The asset and income test thresholds have also increased which will mean some people that previously narrowly missed qualifying for the Age Pension may now find they will qualify from March 20th.
The disqualifying (upper) income limits have increased
- by $40.20 a fortnight to $2,155.20 for a single person
- by $50.40 a fortnight to $3,297.60 for a couple
The disqualifying (upper) asset test limits have increased
- by $6,750 for a single person
- by $10,000 for a couple
A top-level summary of the rate changes is in the table below.
The full annual pension rate for a single person will be $25,677.60 and a couple combined will be $38,708.80 from March 20.
What does this mean for you?
If you have already qualified for a full Age Pension, you will receive the full increases.
If you have already qualified for a part Age Pension, you may be entitled to a higher base rate, as well as the increases, due to income or asset threshold changes.
If you have previously missed out on qualifying, you may now qualify, due to one or both of the threshold changes.
Whichever situation applies to you, why not visit Retirement Essentials’ Age Pension Eligibility Calculator to check your revised entitlements? We will update all new rates and thresholds on Friday March 18. And keep an eye out for next week’s special enews edition when we will report more fully on these changes and what they mean for different retirement households.
|Single (per fortnight)||Pre 20 March||20 March 2022||Increase (per fortnight)|
|Supplement||$ 71.20||$ 72.70||$ 1.50|
|Energy Supplement||$ 14.10||$ 14.10||$0|
|Partnered (each – per fortnight)||Pre 20 March||20 March 2022||Increase (per fortnight)|
|Supplement||$ 53.70||$ 54.80||$ 1.10|
|Energy Supplement||$ 10.60||$ 10.60||$0|