Australia Age Pension Increase 2024: Latest News, Eligibility, Form, Dates

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Hey Hustlers! Exciting news for our Aussie retirees. The Australia Age Pension is set for a significant update in 2024, promising better support and increased thresholds. Here’s everything you need to know.

Happy senior couple reviewing finances with Australian Parliament House in the background. — ^{A joyful senior couple looks over their financial documents, reflecting optimism about the 2024 Age Pension increase.}

Table of Contents

KEY TAKEAWAY BOX

Increase in Pension Rates: Singles will see an increase to $1,116.30 per fortnight and couples combined will get $1,682.80 per fortnight starting from March 20, 2024.
Eligibility Changes: New asset thresholds are set, with single homeowners allowed up to $314,000 and non-homeowners up to $566,000 to qualify for the full pension.
Income Limits: Income thresholds have been updated, enabling pensioners to earn more before their payments are reduced.
Form and Application Dates: Ensure your applications are up-to-date to benefit from these changes. Key dates include March 20 and July 1, 2024, for different updates.

What’s New in 2024?

Pension Rate Increases

Starting March 20, 2024, the Age Pension will see a boost:

Singles: From $1,096.70 to $1,116.30 per fortnight.
Couples (combined): From $1,653.40 to $1,682.80 per fortnight.

Eligibility and Asset Limits

New asset thresholds will be in effect from July 1, 2024:

Single Homeowners: Up to $314,000 (previously $301,750).
Single Non-homeowners: Up to $566,000 (previously $543,750).
Couple Homeowners: Up to $470,000 combined (previously $451,500).
Couple Non-homeowners: Up to $722,000 combined (previously $693,500).

Income Thresholds

Income limits have also been updated:

Singles: Can earn up to $212 before reductions start.
Couples: Can earn up to $372 before reductions start.

Applying for the Australia Age Pension

To apply for the Age Pension, ensure your forms are correctly filled out and submitted to Centrelink. Key dates for changes are March 20 and July 1, 2024. Ensure you stay updated with any additional requirements or changes by visiting the HustleHub website.

FAQs

What are the new pension rates for 2024?

The rates are increasing to $1,116.30 per fortnight for singles and $1,682.80 for couples combined.

When do the new rates come into effect?

The new rates will be effective from March 20, 2024.

What are the new asset thresholds for eligibility?

Single homeowners can have up to $314,000, and non-homeowners can have up to $566,000 in assets.

How much can I earn before my pension is reduced?

Singles can earn up to $212 per fortnight, and couples can earn up to $372 before reductions start.

Where can I get the application forms?

Application forms are available on the Centrelink website or can be picked up from Centrelink offices.

What happens if I exceed the income threshold?

Your pension payment will decrease by 50 cents for every dollar over the threshold for singles, and 25 cents for couples.

Can I receive rent assistance as a pensioner?

Yes, if you pay rent and meet the eligibility criteria, you can receive rent assistance. Check the Services Australia website for more details.

For more detailed information and official updates, visit Services Australia.

Stay informed, stay ahead, Hustlers!