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.

INCOME TEST

Single person

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).

ASSET TEST

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.

Age Pension assets test – for FULL Age Pension (effective from 1 July 2017 until 30 June 2018)

Situation Home-owner Not Home-owner
Single $253,750 $456,750
Couple (combined) $380,500 $583,500
Couple (separated due to illness)(combined) $380,500 $583,500
One partner eligible (combined) $380,500 $583,500
 Note the asset test is just that – ALL ASSETS. If you have a reasonable amount of assets expect not to be a paid a pension in Australia. Please source professional financial advice before you think of retiring in Australia. 
 
Categories: Retiring in Australia