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James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
I thought the new work Income test level was $11,800 / annum for a retired couple before any pension amount is reduced? (Not $8,736)
Hi Peter, thanks for keeping us on our toes! I can confirm that as of today (28/12/22) $336/fn or $8,736/yr is correct. CLICK HERE to see Centrelink’s website confirming it.
Hi folks. Have much appreciated your information on retirement. My DOB is 15/03/1958 and will likely look for some assistance when getting closer to the age pension commencement date as unfortunately I will need it. Thanks again.
Hi Joe, thanks for the feedback! We look forward to helping you when you are ready to apply.
I think there seems to be some confusion about “Income Test” (as per your figures for income from various sources, including passive income from investments) v. “Work Bonus” (which is in addition to the Income Test amounts: I think $7800 per year extra for ACTIVE work, with a boost for calendar 2023 of an additional $4000, making a total of $11800 for 2023 only, at this stage). Perhaps you could clarify that detail somewhere (you probably have in previous articles!)
Hi there, thank you for highlighting your concern! We have discussed the work bonus and it’s impact in another article which can be found HERE.
As I understand the income level for the CSHC has increased to a realistic level. Several of my friends are confused as to the income assessment rules. The main area of confusion is actual income earned as opposed to deemed, the question being is income from employment or even a capital gain treated as income per se or is deeming the only concern.
It is time the federal government adopted the same income system as New Zealand and the UK. Does not matter what you earn your pension stays the same because you are paying tax on the additional income. This would help the worker shortages as well. Happy and engaged older people also means healthier older people thus reducing the drain on the medical system. WIN WIN!!!!!