The income and asset limits for the Australian Age Pension determine how much income and how many assets you can have while still being eligible for the full Age Pension.
To identify how much in savings you can have in your account to still qualify for the full age pension, it’s best to look at the asset limit and thresholds. This involves the amount of savings you already have, plus all other assets combined.
When your assets are more than the limit for your situation, your pension will reduce. If you’re a member of a couple, the limit is for both your and your partner’s assets combined, not each of you.
Consider the income and asset limits per your situation in the table below.
| Your situation | Homeowner | Non-homeowner |
|---|---|---|
| Single | $301,750 | $543,750 |
| A couple, combined | $451,500 | $693,500 |
| A couple, separated due to illness, combined | $451,500 | $693,500 |
| A couple, one partner eligible, combined | $451,500 | $693,500 |
For example, if you are a single homeowner you can get a full pension with an asset limit of $301,750. As a couple with a home and combined assets, your limit is reached at $451,500 to receive a full pension.* Anything on top of the limit will reduce your pension, but might still make you eligible for a part pension.
In short, how much money you can have in the bank and still get the full aged pension is dependent on the value of other assets you already own. Per your situation, the calculation can be like this:
Corresponding asset limit – the Value of other assets owned = the Amount of bank savings you can have and still qualify for full-aged pension.
To get more information about the income and asset limits for the Age Pension in Australia, you can visit the official Australian Government website for Services Australia or contact them directly.