age pension rules australia
The age test is the qualifying age, the age you must be to receive the Age Pension in Australia. Currently, the qualifying age is 65 years old, but this will be increasing as follows: July 2017: The qualifying age will increase to 65 years and 6 months. July 2019: The qualifying age will increase to 66 years. By the time you are 55, you might be thinking about retirement and what to do once you stop working. Check these MoneySmart prompts to help you review your finances and make some decisions. Australian Securities and Investments Commission. Centrelink rules for age pension: why older is better. When big changes to superannuation rules are introduced, it often takes time to bed them down and be clear about what they mean. Such is the case with the new pension rules that have applied since January 1. Centrelink rules for age pension: why older is better. by John Wasiliev. When big changes to superannuation rules are introduced, it often takes time to bed them down and be clear about what they mean. Such is the case with the new pension rules that have applied since January 1. These rules introduced a new way of calculating the government age pension available to a retiree starting a superannuation pension. Applicants must pass both tests to qualify. The upper thresholds for these tests increased this week, giving some Australians access to the part age pension for the first time. Assets-wise, single homeowners can hold $731,000 in assets, while couples can have $1,086,000 in assets and still receive a part age pension. The Age Pension assets test changes will affect Age Pension recipients, aged 65 and over. To be eligible for a full or part Age Pension, retirees must satisfy an income test and an assets test, as well as other requirements.1. According to reports, changes to the assets test, effective 1 January 2017, will see more than 50,000 additional Australians receive the full Age Pension. The Age Pension assets test changes will affect Age Pension recipients, aged 65 and over. According to reports, changes to the assets test, effective 1 January 2017, will see more than 50,000 additional Australians receive the full Age Pension. ID: 1 Posted December 6, 2016 (edited) Don't get caught in the crossfire. The Federal Government has tightened age pension portability rules. From January 2017, pensioners will only be able to remain absent from Australia for six weeks before facing possible cuts to their age pension. For those who don't qualify for the full age pension, the rate is reduced by $1.50 a fortnight for every $1000 of extra assets. Separately, the upper income threshold has increased, so that singles can now earn more than $45,000 a year, while couples can earn $70,000 and still be eligible for a part age pension. The age test is the qualifying age, the age you must be to receive the Age Pension in Australia. July 2017: The qualifying age will increase to 65 years and 6 months. July 2019: The qualifying age will increase to 66 years.
65 years and 6 months