When you retire, you may be eligible for government benefits such as the Age Pension or a concession card. Show
The kind of pension and benefits you're entitled to generally depends on your age, assets and income. Generally, to be eligible for the Age Pension, you must:
Income and assets testsThese tests measure your income (how much money you get) and the value of your assets (what you own, for example, any investment properties). If your income or assets are above certain limits, your pension payment will be reduced, or you may not be eligible at all. Your income includes money from:
See income test for pensions on the Services Australia website. Your assets include things like:
Your family home, if you live in it, isn't counted as an asset. However, if you decide to sell, it could affect your pension. If you have any assets overseas, their value will be converted into the equivalent Australian dollar amount. See assets on the Services Australia website. To talk to someone about the Age Pension income and assets tests, contact the Services Australia Financial Information Service. How much the Age Pension paysHow much you get depends on your income and assets tests, and whether you're single or in a couple. The maximum Age Pension for:
These amounts do not include any supplements. See Age Pension on the Services Australia website for more information. Age Pension benefitsIf you get the Age Pension, you may be eligible for other, related benefits:
Other types of pensionsFor information about veterans pensions, see income support on the Department of Veterans' Affairs (DVA) website. For other types of payments, including carers allowance, use Centrelink's Payment finder. Concession cardsThe following cards provide seniors, retirees and pensioners with discounts on things like health care, transport and utilities. Pensioner Concession CardGives you access to cheaper utility and medical bills, and discounts on public transport in some states. You must:
See Pensioner Concession Card on the Services Australia website. Seniors cardsOffers a discount on public transport and some goods and services. Generally, you must:
Check eligibility in your state or territory: Commonwealth Seniors Health CardGets you cheaper prescriptions and medical appointments. You must:
See Commonwealth Seniors Health Card on the Services Australia website. Government loansIf you're on or qualify for the Age Pension, you may be eligible for Services Australia loans:
Health care benefitsThese government benefits can help you save on your health expenses.
Tax offsetsYou may be eligible for additional tax offsets, depending on your:
See seniors and pensioners tax offset on the Australian Taxation Office (ATO) website. Low cost bankingIf you have a Pensioner Concession Card or Commonwealth Seniors Health Card, you may be eligible for a low cost, basic bank account. Check with your bank. Lorenzo and Sophia apply for the Age Pension Lorenzo and Sophia have both reached retirement age. They provide their tax returns and bank and financial statements to Centrelink for assessment. Their combined assets are worth $200,000 and their joint income is $45,000 a year. Their assets are modest, so they don't affect their pension. However, as their joint income exceeds the minimum, they will only receive a part pension. How much money can an Australian pensioner have in the bank?The test resulting in the lower pension rate will be the one applied to your personal situation.
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Full Age Pension asset limits.. How much can a pensioner have in savings before losing benefits in Australia?A person can invest up to $14,000 (as at 1 July 2022) in a funeral bond and this amount is exempt from the assets test. Members of a couple can have their own individual bond up to the same limit each.
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. How much super can I have and still get a pension in Australia?If your assets exceed the limits shown in the table above, you may still be eligible for a Part Pension until the complete cut-off point as shown in the table below.
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Full Age Pension – Assets Test.. How much can you have in assets and still get the pension?A single homeowner can have up to $622,250 of assessable assets and receive a part pension – for a single non-homeowner the higher threshold is $846,750. For a couple, the higher threshold to $935,500 for a homeowner and $1,159,500 for a non-homeowner.
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