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Can you claim the Age Pension and still work?
It’s important to understand how the Age Pension can be affected if you’re still working or want to work:
1. Income test: Your income will be assessed against the Age Pension income test. Be aware of income limits as a higher income may reduce your Age Pension payments.
2. Work Bonus: The Government also offers a Work Bonus, which is an incentive to keep older Australians in the workforce for longer. The Work Bonus lets you earn up to certain amounts every fortnight before your Age Pension is impacted. Your eligible Work Bonus amount isn’t included in your income test calculation, so it may provide a way to supplement your Age Pension and use less of your super while you’re still working.
Where the information on this website is factual information only, it does not contain any financial product advice or make any recommendations about a financial product or service being right for you. Any advice is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the product disclosure statement and policy document for the product. Any guarantee offered in the product is only provided by Resolution Life. Any Target Market Determinations for our products can be found at resolutionlife.com.au/target-market-determinations.
Resolution Life does not make any representation or warranty as to the accuracy, reliability or completeness of material on this website nor accepts any liability or responsibility for any acts or decisions based on such information.
Resolution Life can be contacted at resolutionlife.com.au/contact-us or by calling 133 731.