Whats New with Age Pension

I promised to prepare an update on the most important information in relation to Age Pension payments and eligibility.
No wonder it is an important topic for many retirees, after all almost 80% of retirees are receiving some level of Age Pension today.
today we are going back to the Age Pension school - all you need to know to understand that complicated system.
I will cover the following:
Who is eligible for Age Pension
Current Age Pension rates and when they change each year
How is Age Pension calculated.
How much can you earn before Age Pension is affected - this is a very common question I keep receiving
How much assets can you have
When income and assets thresholds change
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Contact details:
Katherine Isbrandt of About Retirement
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#KatherineIsbrandt #Aboutretirement #ChangesToAgePension

[@AboutRetirementTV]

Are you receiving any Age Pension payments? If not, why not?

[@angeladearden2689]

@@AboutRetirementTV we are not at retirement age yet. Hubby 64 me nearly 62. Volunteer for centerlink. Just asking as a friend said non home owner and I didn't think it was correct. Thanks.

[@Conrod56]

Just applied for my pension end of 2024. Then got a message 2 weeks later from Centrelink saying my application had been cancelled because at the time of my application I was not in the country. Spent an hour on hold trying to speak to someone. Seems they had no record of me returning from Vietnam last August even though we had come back through perth airport . Makes you wonder about the passport control systems if they don’t know who’s here and who’s not.

[@ravipeter-andrew1603]

Thank you Katherine.

[@sewlovemydogs]

Thank you, you explained this very clearly. Most appreciated.

[@savannahbanks]

Thank you! We'll be trying to contact you today for a consultation. Excited!!

[@Robyn19fnq]

Thank you again Katherine for keeping us informed. My pension has been reduced from 20th September even though income has not changed. Perhaps Centrelink looks at the changing value of superannuation?

[@AboutRetirementTV]

perhaps, hard to tell without knowing the details

[@patriciaa3462]

@Robyn19fnq, my Centrelink payments go up and down like crazy. My income has not changed. Nothing has changed, just the Age Pension payment. Very confusing.

[@gayathrimohanraj4592]

Thank you Katherine. You explained so well.

[@gayathrimohanraj4592]

Pls do more about age pension

[@ccli3880]

I found your channel very informative. Can you do a video on how gifting may affect age pension? And is there a video on what assets are counted under asset test? Thank you in advance.

[@kirip7571]

Thank you for informative videos Katherine :) Assuming there's no income whatsoever - If one's assets are under the limit for their situation to be eligible for a full pension, how does 'gifting' impact- if at all? Whether they keep the funds in investment accounts or choose to gift to help family members...If I understand it correctly, the ‘Deeming’ rule would apply in the same way, whether the fund is sitting in your account or if gifted , both will be treated as 'asset' - asset (if kept in own account) or deprived asset (if gifted - of course for the portion minus the 10k or 30k threshold for 1 yr 5 yr rule)?

[@raneezeller7475]

I’m curious. How does being paid into crypto effect pension. Thanks clear & concise information. I’m glad I found you at my age of 60

[@gayathrimohanraj4592]

Please do more on age pension pls

[@wisemanf8112]

Hi Katherine, love your videos, they are honest, to the point and explain things well. I hope you can answer my question. I am hoping to retire in 1 year and live off super for a while until i get to 67 (im single). Im confused re the assets tests as i gather I will need super and pension to survive but not sure how much pension i will get. Im trying to do the calculation myself so my question is, is your super classed as an asset and if so do you declare it as an assett AND then also do you declare what you earn a year from that assett (a double whammy) what is the sweet spot amount to have in super in an allocated pension to aim for? thanks in advance

[@alangarnham706]

Hi Katherine, can you do a video on gifting and capital gains tax, example gifting my holiday house to my children ad capital gains tax. I will make a meeting request with you soon.

[@AboutRetirementTV]

That is a very good idea, I have never thought of such a topic, although I talk about it with so many clients. Thanks Alan, I will make a note and create a video on the topic you have requested.

[@sashawhitehead7378]

Thank you I have been wanting to know this latest info.You make it clear. May I ask about the single pension work bonus - income allowance- of $300- can that be allowed as rental income from an investment property?Thank you Katherine.

[@AboutRetirementTV]

NO, rental income is not income earned from work. Wok bonus is only for the income earned from work/employment

[@johngoard8272]

Thanks, Katerine I see that I did not get that increase you mentioned and will have to look into it. Now I do not do any work at least for money but do have a small number of shares that gives me about $350 pa and am just wondering if thtat makes any difference to my situation as a single person.

[@AboutRetirementTV]

If this is the only income you are receiving over and above your Age Pension, then it will not impact your pension entitlement

[@angelamay6205]

Thank you Katherine, as ever, very informative. Just wondering about the Work earnings. I guess this means that each person in a couple can earn $300.00 per fortnight or $5,900.00 per year each. My query is, can this be earned over a 12 month period, and not necessarily every fortnight. I hope that makes sense. eg: work may be seasonal and the amount may be earned over a 3 month period, within a financial year?

[@AboutRetirementTV]

hi Angela, unfortunately Centrelink is working on fortnightly basis only, so you have to be careful and try to earn an equal amount each fortnight to benefit the most

[@ritmolatino1627]

can you cover plp on DSP as well please?

[@AboutRetirementTV]

I will try to prepare a video on DSP, few people asked already 😃

[@donhinds7470]

Do invalid recipients need to change something or do they automatically shift to aged pension upon reaching the age.

[@renowdenbuyersadvocatesmelbvic]

Hi Katherine, Thank you for this information. At Question 5 ....8min 30sec What "assets" are you referring to here? Is that meaning Cash? shares? Other? but not real estate? ... And if you own a home for example worth $650,000 with a $200,000 mortgage, is the value of your home considered to be $650k or $450k ???(due to the mortgage) ... Many thanks Bruce.

[@AboutRetirementTV]

Hi Bruce, your mortgage against your home makes no difference, home is exempt, so is our mortgage. It gives you no benefit. Q. 5 refers to all assets excluding your home. All are included in the Assets Test

[@juliancooper8963]

Hi Katherine, when will your calendar be available to book a meeting online around June / July 2025 in preparation for Age Pension eligibilty - thanks.

[@AboutRetirementTV]

Hi Julian, the next year calendar will be opened next month. Lots of technology changes, hence the delay. All need to work together smoothly not to create problems with bookings.

[@queenslander954]

Wondering if i can get the age pension when I turn 67 next year if my wife is still working.

[@AboutRetirementTV]

Depending on the outcome of the Income Test.

[@johninnes7435]

How much money can you have in a bank account as a single age pensioner ?

[@gtpete6363]

Love your informed videos, but I would suggest that you invest in a good quality microphone as the sound on the last few videos has been very soft.

[@SteveSentosa]

The sound is excellent. Perhaps the issue is at your end.

[@mrdcwdcw]

Slightly off topic, the ATO allow an Undeducted Purchase Price on foreign pensions which reduces the amount of the pension that is taxable. It is usually set at 8% of the pension value by default but I believe you can apply for a private ruling. Basically they aren’t taxing you on the money you originally contributed to the pension that is simply being returned to you as part of the pension (at least that’s my understanding). So for example, for a foreign pension of $1,000 per year, only $920 is taxable. Does Centrelink allow this deduction when calculating foreign pension income in the Age Pension income test?

[@AboutRetirementTV]

Centrelink has completely different rules and will treat your pension differently depending which country it originates from and based on all the statements you provide. It is impossible to give you any detailed information without seeing any details of your pensions from overseas.

[@mrdcwdcw]

@@AboutRetirementTV Thanks for taking the time to reply. In my case my pensions are all from the UK. I receive the UK state pension and a couple of small private pensions. The ATO allows me to claim 8% UPP on each of them, so the taxable value of each is reduced by 8%. All these pensions are contributory schemes, so the ATO is giving a small allowance for the money originally put into the scheme which is simply being returned as part of the pension. It would seem only fair if Centrelink did likewise.

[@jackieporter8801]

What country are you from and referring to please as I am in Australia

[@AboutRetirementTV]

I am quite surprised with your question, the channel is all about retirement in Australia

[@michaelwhalan9783]

Elephant in the room: recently proposed changes to the refundable aged-care deposit to $750000 supported by the coalition, and increased funding for at-home care.

[@AboutRetirementTV]

this topic is coming soon

[@Redheartlove]

Can I have a meeting with you in January please?😊

[@AboutRetirementTV]

Just call our office on 1300 274 731 mid Jan and we we will try to accommodate for the meeting

[@davidhanak2767]

Hi. Im stop work. Im 60 years. Moved to thailand do i have to stay in australia for 2 years if so why come back to claim i was away from family for two years when covid was on so if have to be away from family again. Im not going through the stress again thank you moveed thailand 9 may 2024

[@garrysmith4454]

If I am eligible for the aged pension and my partner isn’t 67 yet, am I paid single amount or couple amount?

[@LeeJahn-ih9xu]

Couple , they want partners income /assets also , even though their not eligible yet

[@AboutRetirementTV]

your are receiving one payment of a couple assessed pension payment

[@xiaxia2558]

So for example if you owns your home worth 2mil, then you aint qualified for any pension right?

[@AboutRetirementTV]

Home is exempt, so it does not matter how much it is worth. It is not counted

[@darrynpickstone4621]

Hi, im 61 years of age australian born and living off my super and bank savings at moment over in Philippines since 2022 as i couldnt afford to live in australia etc. My question is do i need to be living back in australia to get the pension, what i have read is that i need to be back in australia for 2 years prior to receiving the age pension, or is it 2 years after the age of 67 years ? so i dont loose the pension when i move back overseas ?? Any help or ideas please . thanks

[@AboutRetirementTV]

Yes, you will need to return to Australia to apply for the Age Pension and then remain in Australia for a period of at least 2 years before leaving, so your Age Pension becomes so called "portable" that obviously providing you meet all other requirements.

[@savannahbanks]

Oh! I just tried to book an appointment but your calendar says you have no spots available for the rest of this year! ( and we were prepared to fly to Boronia!) Is it possible to get a suggestion of a financial advisor here in Perth? A sweet female advisor, of course! ❤

[@AboutRetirementTV]

Hi Savanna, I think I replied before, just call our office and I will organise the time 1300 274 731

[@gracegladden3279]

Which country???

[@AboutRetirementTV]

Australia

[@michaelmallal9101]

Will Dutton reduce payments?

[@AboutRetirementTV]

there is no plan for pension payments reduction. I do not believe any government would dare to do so.

[@Tony-eb5kh]

They make the rules and the people of Australia voted them in.

[@peaceful3250]

They got 32% of the votes.

[@galinalikhovetsky2896]

We are not voting for pension rates, we are voting for politicians who do whatever. We don't have much choice in budget decisions

[@peaceful3250]

@@Tony-eb5kh 32 % of votes is hardly the people of Australia. Two thirds of voters didn't want them in government.

[@gtpete6363]

Please , please, Invest in a decent external microphone. The audio on all of your videos is really poor qaulity and hard to hear.

[@reneregtien8288]

Have to say, you may want to check your speakers or headphones. I have found all the videos very clear to hear and understand. Hope this helps.

[@aussietaipan8700]

176 liked.

[@AboutRetirementTV]

😀

[@VivienneWest-k3n]

Because I invested money, I am only receiving $670.05 a fortnight. What legal rights does the government dictate how much I can have in my own personal banking account. What they are doing is making money from me with the lose of over $440 . This will mean that I will have to reduce my spending concerning council rates, water rates and no longer get full health insurance. Don't try and say I got money put away, what I got is my business. Like all Australians I pay 4 different tariffs on everything that is imported, plus GST on the same item imported, plus GST on items in supermarkets.

[@Tinesj63]

Are you saying that because you invested wisely, you are largely self-funded and not getting the full pension? If so, seeing as the pension is paid by the government with tax payers money, they unfortunately have the right to say how much and when you get the pension. As you say, if you're earning more than the cut-offs, celebrate that!

[@copaloadofthis]

Vivienne... I can only dream of having your 'Problems'

[@janehanlon2802]

Invest in bit coin if you are not worried about losing money big Time lol🤪🤪🤪

[@lesdircks2540]

How about a very bloody simple thing.. PUT WHICH COUNTRY YOU ARE TALKING ABOUT IN THE TITLE!!

[@annettemcculloch4620]

Katherine has conveyed that she is addressing Australian Pension topics. Calm down mate!

[@AboutRetirementTV]

@annettemcculloch4620 thank you Annette

[@kenoath4013]

You really are a dirk, Les.😂. Ya nong

[@thevasilakis]

In which country????

[@Tinesj63]

Australia

[@Leemac--gg1]

That vase is not doing you any favours 🌷🌺🫶 but you sound nice good luck to you