Age Pension Payment Rate Changes
Centrelink has reviewed and increased Age Pension payment rates. For senior Australians who are receiving the full Age Pension this translates to an additional $7 per fortnight for singles and $10 per fortnight for couples combined:
Centrelink determines an applicant’s Age Pension payment rate by assessing their income and assets independently, this is referred to as the Means Test. The Means Test ensures the Age Pension is provided to those who need it most.
Income Test Changes
The new disqualifying income limits for singles is $2,040 per fortnight (up from $2,026) and couples combined is $3,122/fortnight (up from $3,100):
Asset Test Changes
The new disqualifying asset limits for single homeowners is $574,500 (up from $572,000); single non-homeowners $785,000 (up from $782,500); couple combined homeowners $863,500 (up from $860,000); couple combined non-homeowners $1,074,000 (up from $1,070,500):
Our quick and easy to use Age Pension Calculator has been updated with these new rates and will give you an accurate assessment. Click below to check how these changes impact you.
Retirement Essentials also offers an easy to use online application service if you would like a helping hand with applying for your Age Pension. If you have any questions simply call us 1300 527 727. Our friendly Age Pension Specialists are waiting to take your call.
These changes are helpful, but we also know that the cost of living is rising, how will these rate changes affect your retirement lifestyle? We love hearing from our customers, share your story below in the comments section.