The easiest way to claim is online. To claim online, you need a myGov account linked to your Centrelink online account. If you don’t have a myGov account or a Centrelink online account, you’ll need to set them up. You may need to confirm your identity with us before you start your claim.
- 1 When can I apply for the aged pension?
- 2 How long does it take to get the aged pension in Australia?
- 3 How much money can I have in the bank and still claim Centrelink?
- 4 How much is the age pension for a single person?
- 5 Who is eligible for pension?
- 6 Does Centrelink look at your savings?
- 7 How do I hide money from Centrelink?
- 8 What assets can a single pensioner have?
When can I apply for the aged pension?
Current Age Pension age Good to know: You can start to apply for the Age Pension 13 weeks before you reach Age Pension age. Learn more about applying for the Age Pension. From 1 July 2023 the eligibility age will rise to 67 years, for those born after 31 December 1956.
How long does it take to get the aged pension in Australia?
If you submit your claim on the day you turn Age Pension age, in most cases you’ll be waiting between two weeks and two months to be paid.
The limit is a total of both: $10,000 in one financial year, and. $30,000 in 5 financial years – this can’t include more than $10,000 in any year.
How much is the age pension for a single person?
Latest Age Pension rates (from 20 September 2021) Single: $967.50 per fortnight (approximately $25,155 per year) Couple (each): $729.30 per fortnight (approximately $18,962 per year)
Who is eligible for pension?
A member becomes eligible for pension benefits once he retires at the age of 58 years. However, it is mandatory for him to provide service for a period of at least 10 years when he turns 58 for availing pension benefits.
Centrelink requires details of your income and assets to determine your eligibility for income support and at which rate it should be paid. You will need to advise Centrelink of the balance of your bank account, investments, assets you hold and any additional income you earn.
9 Ways to Legally HIDE MONEY to Get More Age Pension
- Home exemption.
- Renovate your home.
- Repay debt against exempt assets – pay off your home loan.
- Prepay your expenses.
- Funeral bonds within limits or prepayment of funeral expenses.
- Contribute to younger spouse super.
- Purchase a specific type of annuity.
What assets can a single pensioner have?
Assets Test A single homeowner can have up to $593,000 of assessable assets and receive a part pension – for a single non-homeowner the lower threshold is $809,500. For a couple, the higher threshold to $891,500 for a homeowner and $1,108,000 for a non-homeowner.