Age Pension in Australia
In order to get a payments from the Australian government every 2 weeks –
Eligibility basics –
- reached age pension age
- under the income and assets test limits
- an Australian resident, normally for at least 10 years
The big items for pension in Australia is the income test and asset test. If you have too many $ then you will be self funding your own retirement. The below is taken from humanservices.gov.au.
|If your income per fortnight is||your pension will reduce by|
|up to $168||$0|
|over $168||50 cents for each dollar over $168|
Couple living together or apart due to ill health
|If your combined income per fortnight is||your combined pension will reduce by|
|up to $300||$0|
|over $300||50 cents for each dollar over $300|
If your income in a fortnight goes over the limit you reach the cut off point. This is the point when you get $0 for that fortnight (2 weeks).
You can view the current assets test limits to see how much your assets can be worth before they reduce your Age Pension in Australia. Below is a summarised table.
|Couple (separated due to illness)(combined)||$380,500||$583,500|
|One partner eligible (combined)||$380,500||$583,500|