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AGE PENSION – New Income and Asset Test limits

Today we will continue our last week’s topic: “Age Pension improvement – empty promises” and we will continue talking about the new asset limits introduced on 1st July 2023 as well as new income limits, so how much you can earn under the Age Pension Income Test rules. Last week I explained the change of the lower limit, which is the limit to keep the full Age Pension under the Asset Test and the upper limit when the Age Penson entitlement is being cut out. In both cases, singles and couples you have limits for homeowners and non-homeowners. What I did not mentioned last time was the fact that the amount of income you can earn before it impacts your Age Pension entitlement under the Income Test has also been increased. For Singles: To keep the full Age Pension payment under the Income Test your income allowance has increased from $190pf up to $204pf The Age Pension is being cut off if your income is greater then $2,332pf, which is an increase from the previous limit of $2,318pf. For couples: To keep the full Age Pension payment under the Income Test, you can earn $360pf, which has increased from $336pf The Age Pension reduces to $0.00 when you earn more than $3,568pf, which is an increase of the previous limit of $3,544pf Video Mentioned: Age Pension improvement – empty promises -    • AGE PENSION INCREASE - empty promises   Age Pension Income Test madness -    • Age Pension Income Test MADNESS #AgeP...   To download the book 12 PRINCIPLES OF INVESTING: https://ebook.aboutretirement.com.au/... Contact details: Katherine Isbrandt of About Retirement Website: https://aboutretirement.com.au/ Email: [email protected] Or connect with me: https://www.facebook.com/katherineisb...   / katherineisbrandt     / katherineisbrandt   https://www.pinterest.com.au/katherin... FSG: https://aboutretirement.com.au/wp-con... My Adviser Profile: https://aboutretirement.com.au/wp-con... #KatherineIsbrandt #Aboutretirement #AgePensionThresholdsChanges