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Boost to Age Pension

From 20 September 2021, the maximum single age pension rate will rise by $14.80 per fortnight, while couples will receive an extra $22.40 per fortnight combined as follows:

This boost will see the age pension paid to a single to $25,155 and $37,923 for a couple. Pensions and other government payments are adjusted twice each year (in March and September) and this is the biggest increase to the age pension and other social security payments since 2014.

We quite often receive calls from people enquiring as to the amount of assets they can hold before it affects their eligibility for an age pension entitlement. The Age Pension assets limits are adjusted three times a year based on movements in the consumer price index (CPI). The thresholds for the full Age Pension change in July, while thresholds for the part age pension change in March and September.

In the following table, the current limits apply from 1 July 2021 to 30 June 2022. To be eligible for a full Age Pension, the value of your assessable assets must be below the following thresholds:

Please note that your principal place of residence (i.e. family home) is NOT included as an assessable asset for the purposes of calculating your age pension entitlement.

In the following table, the current limits apply from 20 September 2021 to 19 March 2022. The maximum value of assessable assets you can hold to still be eligible to receive any part-pension payment are as follows:

Author
Certified Financial Planner ® | B.Bus | Dip.Bus | Authorised Representative No. 314983

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