The asset limits for the Age Pension in Australia vary based on your relationship status (single or partnered) and whether you own your home or not. Here are the asset limits to receive the full Age Pension:
- Homeowners:
- Single homeowners: The asset limit is $280,000.
- Homeowner couples (combined): The asset limit is $419,000.
- Non-Homeowners:
- Single non-homeowners: The asset limit is $504,500.
- Non-homeowner couples (combined): The asset limit is $643,500.
It’s important to note that the asset limits mentioned above include most types of assets, such as savings in the bank, investments, property (excluding your primary residence), and other assets. Some assets, like your primary residence and certain personal belongings, are exempt from the asset test.
Additionally, there is also an income test that determines your eligibility for the Age Pension, and the test takes into account your assessable income from various sources. The income limits are subject to change, and it’s advisable to check the latest thresholds with the Department of Human Services or Services Australia.
If your assets or income exceed the thresholds for the full Age Pension, you may still be eligible for a part-pension, where the pension amount gradually reduces as your assets or income increase.
These limits may change over time, so it’s advisable to consult with the Department of Human Services, Services Australia, or a financial advisor for the most up-to-date information and personalized advice regarding your specific situation.