See the assumptions, exclusions and disclaimer below for more detail. The calculator assumes you have reached your Age Pension age, which will depend on the year you were born.
Discover your Age Pension age by using the SuperGuide retirement age calculator. The Age Pension rates and thresholds used in the calculator are those that apply from 20 September to 19 March and will be updated again from 20 March This calculator assumes you are eligible for the Age Pension. When you apply for the Age Pension, you must satisfy certain requirements:.
You can learn more about Age Pension eligibility here. When you apply for an Age Pension, Centrelink takes into account the value of nearly all the assets you own. There are, however, some assets that are exempt from the Age Pension assets test — the most significant being your principal place of residence.
Centrelink also distinguishes between your non-financial assets and your financial investments. This is because they assume that financial investments achieve a certain rate of return. This is known as deeming. You can learn more about the current deeming rates and thresholds here. It is worth noting that an investment property is not counted as a financial investment, so it is not assumed that it achieves an income at the deeming rate, but you should include any income from investment properties in the Other income section.
The value of the investment property should be minus the value of the mortgage. The calculator assumes you and your partner are eligible for the work bonus and applies the work bonus. This means that if your income is not evenly spread throughout the year it could affect whether you are eligible for the work bonus each fortnight.
This includes any income outside your salary, such as non-Centrelink pensions or income streams, and net income from an investment property. If your investment property has a negative income, you should enter a zero amount and not a negative amount.
If only one partner is eligible to apply for the Age Pension, all jointly owned assets, financial investments and income and assets should be included, although special rules apply to superannuation. If a member of a couple has not yet reached Age Pension age, then his or her superannuation benefits are not counted for Age Pension eligibility UNLESS he or she has started receiving superannuation pension payments.
For more information on how super benefits affect Age Pension entitlements, see SuperGuide article How does your super affect the Age Pension?
Reminder: If only one partner has reached Age Pension age, and the couple satisfy the Age Pension assets test and income test, the eligible partner will be paid half of the Couple rate, rather than the Single rate.
This calculator does not currently cater for couples separated due to illness. Please note though that there are higher asset and income thresholds for couples separated by illness. For more information see the following SuperGuide articles:. Learn the current Age Pension rates. This calculator is designed to give you an approximate estimation of your potential Age Pension but does not account for all of your personal circumstances.
Only Centrelink can give you an exact figure for what your Age Pension will be. Annual figures are based on 26 x fortnightly payments, which equals days per year, rather than days. This is because Centrelink pays fortnightly. It is always updated with the latest Centrelink rates and calculations. Rest assured the information you enter into the calculator is confidential and is not shared with Centrelink. Australian seniors conduct more than 5, monthly Google searches for Age Pension Calculator.
What is an Age Pension calculator? An Age Pension calculator is a free and anonymous online tool that allows people to submit age, residency status asset and income data to quickly calculate their likely Centrelink Age Pension entitlements. When to use a pension calculator Older Australians commonly begin to use pension eligibillity calculators as they approach retirement age.
For people transitioning from paid work to retirement it can help provide clarity with personal finances. Existing pensioners who might be about to experience a change in their financial circumstances are also frequent users of Age Pension calculators.
Any life event or decision that may increase or decrease income or assets could affect eligibility for pension entitlements. Australian Age Pension Calculator. The SimplyRetirement Age Pension Calculator Calculating your Age pension entitlement, whether full or partial, can be quite complex depending upon your individual circumstances. The calculator is free for personal use, but may not be used within any commercial, business or government enterprises without SimplyRetirement's prior written approval; downloading the calculator is conditional on your agreeing that it will not be used for commercial purposes.
Please also note that no technical support or advice will be made available in relation to the use of the calculator.
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