Retirement is a time in life when you can finally relax and enjoy the fruits of your labour. But if you want to enjoy the full benefits of retirement, you need to ensure that you are eligible to receive the pension in Australia. This article will discuss how much money you can have and still be eligible for the pension in Australia.
Pension Eligibility
In order to be eligible for the pension in Australia, you must meet certain criteria. These include age, residency and income requirements. The age requirement is that you must be 65 or over, while the residency requirement is that you must have been a permanent resident of Australia for the past 10 years. The income requirement is that you must have an income below a certain threshold in order to be eligible for the pension.
Income Limits
The income threshold for the pension in Australia is currently set at $53,766.50 per annum for single people and $89,290.25 per annum for couples. If you are single and earn more than this amount, you will not be eligible for the pension. Similarly, if you are a couple and your combined income is more than the set amount, you will not be eligible for the pension.
It is important to note that if you are receiving the pension and your income increases above the set threshold, the amount of your pension will be reduced. This is known as the ‘taper rate’ and is designed to ensure that those who receive the pension are not taking advantage of the system.
In summary, it is important to understand the eligibility criteria for the pension in Australia, as well as the income limits that are set. If you are earning more than the set amount, you will not be eligible for the pension. However, if your income increases above the set threshold, the amount of your pension will be reduced. Understanding these requirements is essential for ensuring that you are able to enjoy the full benefits of retirement.
