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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.
Great article thanks
Can you please explain what would happen if 1 partner is over retirement and preservation age with no Super and the other is well under preservation age in accumulation phase? Is there a maximum amount that the younger partner can earn before the pension is not provided, especially when the older partner is too Ill to work?
Thanks
Hi Andrea. In this example the younger partner’s super will not be counted in the asset test as they are below Age Pension age and the super is still in the accumulation phase. There is a second part to your question however as the younger partner’s earnings will be counted in the Income test. As a couple you can currently earn up to $86,154 before the Age Pension cuts out entirely. Click here for the latest rates and thresholds.
I get $638.79 as a part pension as my partner works. She gets $800- a fortnight. My gripe is if she was on a pension we would get more money a fortnight.
I have recently retired and about to turn 68, my wife who is 67 is still working part time and contributing to her super, does her super amount become part of the assets test if i apply for a part pension while her super is still in accumulation stage.
Thank you
Your constant information is invaluable
Greatly appreciated.
Hi Laurence. Once your wife reaches Age Pension age, which she has, her super, even if still in the accumulation phase will be considered an asset and be assessable in the assets test. You can read more about that here.
If I retire but my wife is not yet at retirement age and not working,is it still beneficial to contribute to her super.
Hi Mick. This will depend on a number of factors. e.g If you only receive a part pension, or no Age Pension at all, moving money into your spouse’s accumulation account could improve your eligibility status. You can book a consultation with one of our Advisers if you would like to know more.
what if my Partner and I do not share any of our finances – we both contribute to the rent and facilities and food but the rest of our finances are separate – can I apply for a pension if i decide to retire next year without his income being considered?
Hi Dennise. Unfortunately from what you have said you will still be considered as a couple and treated accordingly by Centrelink i.e. his income will be considered