You can have significant assets in the bank and still get the Age Pension in Australia, but it depends on your homeownership and relationship status, with limits for a full pension as of late 2025 being around $321,500 for single homeowners or $481,500 for couples, and much higher if you don't own your home, though all your assessable assets (including super, shares, etc.) count towards these thresholds, not just cash in the bank. The pension reduces as assets exceed these levels, with a higher cutoff for a part pension.
A single homeowner with more than $321,500 in assets will start to see a decrease in their Age Pension payments. If their assets reach $714,500, their Age Pension payments will be reduced to $0. For a non-homeowner couple, the maximum assets cut-off is $1,332,000.
You can have up to $321,500 in assets as a homeowner single or $481,500 as a homeowner couple (combined) and still get the full Australian Age Pension (as of Sept 2025 - Mar 2026). For non-homeowners, the limits are higher: $579,500 for a single and $739,500 for a couple, with the exact amount depending on your home ownership status and relationship status, as Centrelink assesses total assets (including savings, super, investments, etc.) and income.
Technically, yes – but there are significant factors to weigh before pursuing this route. While spending down your super may reduce your assessable assets and potentially increase the Age Pension you're eligible for, it's crucial to consider how this could impact your financial security and lifestyle in retirement.
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People of pension age can have up to £10,000 savings in the bank before it affects their pension credit. So if you have savings over £10,000, it will start to count towards your income calculation. Every £500 over £10,000 will be calculated as £1 additional income per week.
Yes, pensioners receiving payments from Centrelink (Services Australia) generally need to report income and changes in circumstances, especially employment income, even if it's zero, to ensure correct payment, with reporting often required fortnightly through myGov or the app, even if there's no income to report. Failing to report income or significant changes (like assets, address, or living situation) can lead to overpayments and debts, while reporting late might delay payments.
Yes, you might still get a small part of a government pension (like Australia's Age Pension) with $1 million in assets, but it depends heavily on your living situation (homeowner/non-homeowner), relationship status, and current pension rules, as $1 million is generally above the cut-off for full pensions, though it's below the maximum limit for a part pension for couples in some scenarios. You'll likely qualify for less or no Age Pension, but you might still get a concession card, which offers utility and other discounts, say sources 2, 3, 6.
To claim Universal Credit you must usually have no more than £16,000 in money, savings and investments as a single claimant or if you are living with a partner. If you have below £6,000 it will not affect your award.
A: If you run out of money in retirement, you may have to rely on Social Security, pensions, or public assistance. You might sell assets or downsize your home. Many turn to part-time work or family support. The impact can be stressful without advance planning.
So, does cash in the bank affect pension entitlements? Yes. Centrelink considers every dollar when deciding how much pension you'll receive. The more assets you hold, the more your pension may be reduced.
Receiving an inheritance can impact your eligibility for Centrelink benefits such as the Age Pension, Disability Support Pension, JobSeeker, or Family Tax Benefit, as it changes your income and assets.
To retire on $70,000 a year in Australia, you'll generally need a superannuation balance in the range of $1.1 million to $1.7 million, depending heavily on your age at retirement (older is better), lifestyle, and whether you own your home, with estimates often falling around $1.1 million for a later retirement (age 67) or over $1.4 million if retiring earlier (age 60) for a single person, says Canstar and Association of Superannuation Funds of Australia (ASFA). A simple calculation suggests needing $70,000 divided by a 4% withdrawal rate equals $1.75 million, but other factors like the Age Pension and investment returns significantly affect the total required.
Pensioners might need to pay tax on their interest if it's higher than their personal savings tax allowance. You'll need to declare any interest on your self-assessment tax return if you submit one.
Liquid Assets waiting period. If you have savings or other liquid assets over $5,499 you will have up to a maximum of 13 weeks to serve a Liquid Assets Waiting Period. That is, your first payment will be delayed.
No. The State Pension is not means‑tested. This means your savings do not affect whether you receive the State Pension or how much you get. However, many pensioners receive additional support on top of the State Pension.
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up to £120,000 per eligible person, per bank, building society or credit union.
Some benefits are affected by the amount of money you have in savings, such as cash in a savings account, or investments in shares. These benefits are called means-tested benefits. Find out more about which benefits are affected by savings or a lump sum payout, such as redundancy pay or compensation.
The top ten financial mistakes most people make after retirement are:
You can have a significant amount of super and still get a part Age Pension in Australia, with the cut-off for homeowners being around $714,500 (single) or $1,074,000 (couple), and for non-homeowners, roughly $972,500 (single) or $1,332,000 (couple) as of late 2025. These figures are part of the Assets Test, where higher assets reduce your pension amount, with payments stopping entirely once you exceed these limits.
Fewer people have $1 million in retirement savings than commonly thought, with around 4.6% to 4.7% of U.S. households having $1 million or more in retirement accounts, according to recent Federal Reserve data (2022), though this percentage rises for older age groups, with about 9% of those aged 55-64 reaching that milestone. However, the median retirement savings are much lower (around $88,000-$200,000), showing a large gap between averages and reality, with many retirees having significantly less, notes.
You can have significant savings before losing your Australian Age Pension, with limits depending on whether you own your home and your relationship status, such as a single homeowner having up to $321,500 in assets for a full pension, while non-homeowners have higher limits, and a part pension is available with even more assets, up to around $700k-$900k before payments stop. The key is that your assessable assets (excluding your primary home) reduce your pension by $3 for every $1,000 over the lower threshold, but you can still get a part pension with much higher assets.
There isn't a savings limit for Pension Credit. However, if you have over £10,000 in savings, this will affect how much you receive. If you're a mixed-age couple (meaning only one of you is over State Pension age), you normally have to claim Universal Credit until you've both reached State Pension age.
Centrelink exempts your principal home, prepaid funerals, and certain compensation payments from the Age Pension assets test, while counting most other assets like savings, investments, and vehicles, with rules for superannuation and income streams (deeming) varying; the primary exemption is your home, allowing for higher overall asset thresholds before pension reduction or cancellation, but you must declare changes in asset value.