The pension is a financial support service provided by the Australian government to people in need. It is designed to help those in retirement, or those who are unable to work due to a disability or illness. Qualifying for the pension can be a complex process, and understanding how much money you can have and still receive the pension is an important part of the process.
Qualifying for the Pension
To qualify for the pension in Australia, you must meet certain criteria. These criteria are based on your age, income, assets, and other factors.
To be eligible for the Age Pension, you must be aged 66 or over. You also must be an Australian resident and have lived in Australia for at least 10 years.
Income and assets also play a role in whether or not you will qualify for the pension. Your income must be below a certain threshold, and your assets must be below a certain level.
How Much Money Can You Have?
The amount of money you can have and still receive the pension depends on your age, income, and assets.
If you are a single person aged 66 or over, you can have up to $537,000 in assets and still qualify for the pension. If you are a couple, the asset limit is $816,000.
Your income must also be below a certain level to qualify for the pension. For a single person, the maximum income is $48,840 per year. For a couple, the maximum income is $80,937 per year.
If your income or assets exceed these limits, you may still be eligible for the pension if you meet other criteria.
Qualifying for the pension in Australia can be a complex process, but understanding how much money you can have and still receive the pension is an important part of the process. Knowing the asset and income limits can help you determine if you are eligible for the pension.