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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.
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What you need to know
Any advice on this website is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), and 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 relevant product disclosure statement and/or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision on whether to acquire, or continue to hold, the product.
The Target Market Determinations (TMDs) for our financial products (where applicable) can be found at Target Market Determinations (TMDs). The TMDs describe the key features and attributes of an applicable product that affect whether it is likely to be consistent with the objectives, financial situation and needs of consumers in the target market.
Resolution Life can be contacted via contact us or by calling the phone number mentioned above.
