Also known as pension disqualifying income limits, this is the amount of money that you are allowed to earn before your Age Pension entitlement is removed completely
The new income disqualifying limits have been increased by $40.20 per fortnight for singles and $60.40 for couples (combined).
If you have already qualified for a pension, you do not need to do anything.
But if you have previously not been eligible, as it has been deemed that you earn too much, you may wish to recheck your eligibility in the Retirement Essentials Age Pension Entitlement Calculator. It is true that these modest limit changes may only entitle you to a few dollars of a part Age Pension. But this eligibility carries greater rewards, as you will automatically be awarded a Pension Concession Card which might save you $2000-$3000 in any given year on health costs, pharmaceuticals and energy bills. Plus you will receive the pension and energy supplements.
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 income threshold have impacted you check out Retirement Essential’s Age Pension Eligibility Calculator to get the answers you need.