To be eligible for the Age Pension, you must meet certain age and residency requirements, and pass a means test, which assesses your income and assets.
The amount of the Age Pension you receive depends on a number of factors, including your income and assets, your partner’s income and assets (if you have one), and whether you own your own home. The Age Pension is subject to regular indexation and is reviewed by the government periodically.
If you’re approaching retirement age, my advice would be to familiarize yourself with the eligibility criteria and the means test, and to plan your finances accordingly.
Our financial advisers will help you understand your options and to help you make informed decisions about your retirement income.