How Much Money Can You Have in the Bank to Qualify for Australia's Age Pension?

Find out the maximum bank balance for pension eligibility in Australia in 2023.

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In Australia, the amount of money you can have in the bank and still receive the Age Pension depends on your assets and means tests. As of 2023, a single homeowner can have up to $280,000 in assets before their pension is affected. These thresholds can change, so it's important to consult the Services Australia website or a financial advisor for the latest information.

FAQs & Answers

  1. What are the current asset limits for the Age Pension in Australia? As of 2023, a single homeowner can have up to $280,000 in assets before their pension is affected.
  2. How does the means test affect pension eligibility? The means test assesses both assets and income to determine eligibility for the Age Pension in Australia.
  3. What resources can I consult for Age Pension information? Consult the Services Australia website or a financial advisor for the latest Age Pension thresholds and regulations.

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