Last month, increases were made to the Age Pension asset threshold limits as a result of CPI, allowing individuals to hold slightly more assets before their pension payments would be affected.
These changes occur up to three times a year which is important to note because if you were previously deemed not eligible or were previously eligible for a part-pension only, your situation could have changed, as could the payment you are eligible for.
Who is eligible for the aged care pension?
To qualify for the age pension, individuals must be 67 and pass income and asset tests. You may qualify for a full or part pension, unless you exceed either of the thresholds and you aren’t eligible for the payment at all.
Below is a table showing the asset thresholds for full and part pension as of 20 September 2024.
| Category | Thresholds | |
| Part pension | Full pension | |
| Couple Homeowner | $1,045,500 | $470,000 |
| Single Homeowner | $695,500 | $314,000 |
| Couple non-homeowner | $1,297,500 | $722,000 |
| Single non-homeowner | $947,500 | $566,000 |
Additionally, your eligibility for pension payments can change based on changes to your relationship status, legislation, as well as when you make changes to your assets and income.
Learn about full eligibility here: Who-can-get-age-pension?
What is considered an ‘asset’ and how is its value assessed?
According to Services Australia (otherwise known as Centrelink), assets are property or items you or your partner own in full or part, or have an interest in. They can affect your payment. Assets include any:
- financial investments
- home contents, personal effects and vehicles
- real estate (not your PPO), annuities, income streams and superannuation pensions
- sole traders, partnerships, private trusts and private companies.
The value of your assets is what you’d get if you sold them at market value. The Government will ‘deduct any debt you owe that your asset is security for, from its market value. If you got an unsecured loan specifically to buy the asset, we may also deduct this loan from the value of the asset.
Contact our Financial advisers today
If you’re approaching retirement, and you are confused when it comes to financial planning and planning for your future, our team of financial advisers can help.
Contact us for an initial obligation-free chat to learn more, including how you can benefit from our Wealth Projections process where you’ll gain clarity on financial strategies that make most sense to your situation, while supporting a worry-free retirement.
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Feel free to get in touch with us on 03 9886 0800 or drop us an email at team@tagfinancial.com.au.
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Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686). Copyright 2024. Please do not reproduce without the expressed written consent of the author.