There are two tests used to find this out: the income test and the assets test. Pension means testĪpplying for the age pension will require the Department of Human Services (DHS) to find out the scope of your wealth and how much money you’re eligible to receive. Be a woman whose partner died and has been a resident for two years prior to claimingįormer and current refugees are exempt from the ten-year rule.Be receiving Widow B Pension, Widow Allowance or Partner Allowance immediately before reaching pension age.Be an Australian resident for a total of at least 10 years, with one stay lasting for at least five years consecutively.Additionally, you must satisfy one of the following requirements: Not only must you be an Australian resident you must be in Australia on the day your claim is lodged to qualify for the age pension. Use the table below to see if you’re affected and if you qualify. The Australian Government recently began increasing the age at which you can start receiving the age pension. There are three tests set out to see whether an individual is eligible for the pension. This might seem like a straightforward question but it can actually get pretty complex.
The scheme also encourages pensioners to maximise their overall incomes and is paid on a fortnightly basis. The age pension is a government income payment designed to support older Australians in their retirement. To help out, we’ve put together this brief guide to the age pension. After all, you’ve probably paid hundreds of thousands in taxes over the years - so perhaps it’s time you got something back.īut before you hang up the work boots, it’s important to understand exactly what you’re entitled to so that you can plan and budget for your retirement accordingly. So, it’s likely that upon retirement, you or someone you know will be eligible for the age pension. Meanwhile, a report from the Australian Institute of Health and Welfare found that 2.5 million people aged 65 and over received at least a partial pension in 2017, representing 66% of older people. But the Department of Social Services said this number is expected to grow to 25% by 2047. According to the Australian Bureau of Statistics (ABS), the proportion of the population aged 65 years old and up increased from 12.3% to 15.9% over the 20 years to 2019. It’s no secret that Australia, like many countries around the world, has an ageing population. The age pension is often in the media spotlight, but how many of us can say we actually understand it?
0 kommentar(er)
