Aged Pension Changes
The eligibility for the Aged Pension will increase to 67 if you were born on or after the 1st of January 1957. Here is what you need to know about the changes being made.
What can I earn while still receiving the aged pension?
- Single Pensioners will be able to earn $204 a fortnight – up from $190 a fortnight – and still be eligible for the full single pension.
- Couple Pensioners will be able to earn $360 a fortnight – up from $336 a fortnight – and still be eligible for the full amount.
- Once this threshold is exceeded, the pension amount is reduced by 0.50 cents for every dollar over $204 or $360, respectively.
What are the changes to asset threshold?
- Single Homeowners will be able to have assets of $301,750 (excluding their own home) and receive the full pension, while single non-homeowners can have $543,750.
- Couple Homeowners will be able to have combined assets of $451,500 (excluding their own home) and receive the full pension, while couple non-homeowners can have $693,500.
- Single Homeowners will be able to have up to $656,500 of assets (excluding their own home) and receive a part pension, while single non-homeowners will be able to have $898,500.
- For Couples, the cut-off threshold will increase to $986,500 for homeowners and $1,228,500 for non-homeowners.
What if I need more information on these changes?
- If you require further information about these changes, I would advise that you visit Services Australia in person, or visit their website: servicesaustralia.gov.au/age-pension
- You can also contact my office on (07) 3893 3488, or email me at firstname.lastname@example.org for further assistance.