As you are no doubt aware, qualification for the Age Pension is dependent upon meeting both the income and assets tests, and whichever test delivers the worse outcome – the lowest amount of pension – is the one upon which your Age Pension entitlement will be based. When applying, more people fail to meet the assets test than the income test. So the uplift in the assets test thresholds by $6,750 for singles and $10,000 for couples is a significant change. It means that you may now qualify for an Age Pension, and the associated Pension Concession Card. Reviewing your eligibility is easy – simply click through to the Retirement Essentials Age Pension Eligibility Calculator and enter your assets and income to see if your entitlement has indeed changed.
You may also be able to restructure some of your assets to improve your eligibility status. Our advisers can talk to you about this if you would like to book a consultation.
Here to help
Age Pension entitlement rules are complex. Understanding which assets to include, and how your assets are deemed to add to your income, can be plain confusing. That’s why the customer service team at Retirement Essentials is on hand to step you through the rules that relate to your particular situation, and how you can maximise your entitlements whilst always complying with Centrelink regulations. If you need financial planning advice we also offer affordable adviser consultations to discuss the bigger issues associated with your retirement income.
And if you would like to check how the changes to the asset threshold have impacted you check out Retirement Essential’s Age Pension Eligibility Calculator to get the answers you need.