How much you can own in assets while remaining eligible for the age pension will increase tomorrow, 20 September.
If you were born on or after 1 January 1957, you can apply for the pension from age 67.
Among the most important are the assets and income tests.
If you rent, the rules allow you to own more in assets while still qualifying for the pension.
Singles will get an extra $36.80 per fortnight, raising the total age pension payment to $1,237.70 per fortnight.
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Summarized version
Single homeowners whose assets are worth between $333,001 and $745,750 will be eligible for a part-payment. Couple homeowners who have between $499,001 and $1,121,000 in assets will be eligible for a part-payment.
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The article, shortened and in plain language
How much you can own in assets while remaining eligible for the age pension will increase tomorrow, 20 September.
Let's find out what's changing tomorrow.
If you were born on or after 1 January 1957, you can apply for the pension from age 67.
You do not have to be in retirement to qualify for the pension.
Among the most important are the assets and income tests.
The pension is means-tested because it is social security designed to support senior Australians who need it most.
If you rent, the rules allow you to own more in assets while still qualifying for the pension.
Single homeowners whose assets are worth between $333,001 and $745,750 will be eligible for a part-payment.
Couple homeowners whose assets are worth less than $499,000 are eligible for the full age pension.
Couple renters who have between $766,001 and $1,388,000 in assets will be eligible for a part-payment.
Pension payments are also increasing from tomorrow.
Singles will get an extra $36.80 per fortnight, raising the total age pension payment to $1,237.70 per fortnight.
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