As a member of a couple, you can have up to $915,500 (combined) and still get the pension if you are a homeowner and $1,140,000 (combined) if you are a non-homeowner.
You could even receive the Government Age Pension if you're using super money in retirement. The Government Age Pension is different to an account-based pension from your super.
Taking money out of superannuation doesn't affect payments from us. But what you do with the money may. For instance we'll count it in your income and assets tests if you either: use it to buy an income stream.
For example, if you are a single homeowner you can get a full pension with an asset limit of $270,500. As a couple with a home and combined assets your limit is reached at $405,000 to receive a full pension.
Any super you have will be counted as an asset, including the balance of any account-based pensions such as your NGS Income account. Some older types of income products, like annuities or term allocated pensions, may not be fully assessed as assets.
As a single person you can have up to $609,250 and still get the pension if you are a homeowner and $833,750 if you are a non-homeowner.
A single homeowner can have up to $622,250 of assessable assets and receive a part pension – for a single non-homeowner the higher threshold is $846,750. For a couple, the higher threshold to $935,500 for a homeowner and $1,159,500 for a non-homeowner.
The amount of money you receive from the age pension you receive depends on your age, wealth and income. It can be affected by the amount of money you have in your bank account as well as in your super fund.
Taking money out of superannuation doesn't affect payments from us. But what you do with the money may. For instance we'll count it in your income and assets tests if you either: use it to buy an income stream.
If you purchase the income stream with superannuation money, it doesn't count in the income test until your payments start. If you purchase the income stream with savings, we treat the income stream as a financial asset until assessment day. As a financial asset, deeming rules will apply.
There is no maximum amount which must be paid unless it is a transition to retirement pension. A maximum amount of 10% of your account balance applies for transition to retirement pensions which are not in retirement phase.
You can access your super as long as you've permanently retired. If you end an employment arrangement on or after age 60, you can also access the super you've earned up until then. If you're not ready to retire, you could use some of your super while you're still working, with a Transition to Retirement Income account.
Introduction. If you're a pensioner currently receiving support through Centrelink, you may be eligible for extra help with bills and medicine costs through the Pension Supplement. This supplement is a combined payment of Pharmaceutical Allowance, Utilities Allowance, GST Supplement and Telephone Allowance.
The minimum amount that can be withdrawn is $1,000 and the maximum amount is $10,000. If your super balance is less than $1,000 you can withdraw up to your remaining balance after tax. You can only make one withdrawal in any 12-month period.
There are no rules about what you can spend your super on if you choose to take it as a lump sum.
In addition to funds received that are held in a financial investment, the value of insurance or compensation payments that have been applied to build, repair or renovate the building or plant can be exempt from the assets test.
Lump Sum withdrawals when aged over 65
There is no maximum Lump Sum amount if you are aged over 65 and you are free to access all your Super Benefit as desired. No tax is payable on Lump Sum withdrawals made after 65.
What are the caps or limits on making super contributions in my late 60s and early 70s? Whatever your age, the general concessional (before-tax) contributions cap (or limit) is $27,500 each year (2022–23). From 1 July 2017 to 30 June 2021, the annual general concessional contributions cap was $25,000.
Single: $772.40 per fortnight (approximately $20,082 per year) – an increase of $29.70 per fortnight. Couple (each): $645.60 per fortnight (approximately $16,786 per year) – an increase of $24.80 per fortnight.
The £300 payment will be made on top of Winter Fuel payments, which in late 2022 were made to nearly every pensioner who turned 66 born before September 26, 2022. In winter 2023/2024, the Winter Fuel and Cost of Living Payments are expected to be made to those who reach the state pension age before September 25, 2023.
Eligible pensioners will receive a one-off $4,000 boost to Work Bonus balances from 1 December, 2022. The $4,000 bonus will lift the income cap lift from $7,800 to $11,800 for eligible pensioners.
Can I access super at 65 and keep working? Yes. You can access your super when you turn 65 regardless of whether you're still working. You can also make certain types of super contributions up until you turn 75, even if you're retired and drawing a super pension.