When approaching retirement age, one of the most important questions to consider is how much money you can have and still receive an aged pension. The amount of money you can have and still qualify for the aged pension varies depending on a range of factors, including your age, relationship status, and whether you own a home or have other assets. This article will provide an overview of the maximum assets you can have and still be eligible for the aged pension.
Maximum Assets for Aged Pension
In Australia, the maximum assets you can have and still be eligible for the aged pension depends on your relationship status and whether you own a home.
For single people, the maximum assets you can have and still receive the aged pension is $539,250. If you own a home, the maximum assets you can have is $862,500.
For couples, the maximum assets you can have and still receive the aged pension is $876,500. If you own a home, the maximum assets you can have is $1,145,000.
Understanding Pension Eligibility
In addition to the maximum assets you can have and still receive the aged pension, there are also income and asset tests that must be met in order to qualify.
The income test looks at your assessable income, including income from investments, pensions, and wages. The income test is based on the amount of income you have over a certain threshold. For example, if your assessable income is more than $172.20 per fortnight for single people, or $304.80 per fortnight for couples, then the income test will apply and you may not be eligible for the aged pension.
The assets test also looks at the value of your assets and how they affect your eligibility for the aged pension. The assets test is based on the value of your assets, including your home, investments, and other assets. If your assets are more than the maximum allowed then you may not be eligible for the aged pension.
Understanding the maximum assets you can have and still be eligible for the aged pension can help you make informed decisions about your retirement. It is important to remember that there are also income and asset tests that must be met in order to qualify for the aged pension. It is also important to seek financial advice from a qualified professional before making any decisions about your retirement.