Noel Whittaker is the author of Wills, Death & Taxes Made Simple and numerous other books on personal finance. Email: [email protected]​

The quarterly age pension adjustments have been announced, and thanks to inflation, all pensioners will receive an income boost. The pension system can be confusing because there are three changes each year: in July, the asset and income thresholds are adjusted, while in September and March, pension payments are updated.

You can download the latest pension charts and use the updated age pension calculator and deeming calculator on my website: www.noelwhittaker.com.au.

The single pension has increased by $4.60 a fortnight and the couples’ pension by $3.50 per fortnight each. When the pension rate rises, the eligibility threshold increases too. The new cut-off point for a homeowner couple is $1,047,500, while for a single homeowner, it is $697,000.

What do pension adjustments mean for you? Image Credit: Shutterstock

Many wealthier pensioners ask if they can earn extra income. The answer is yes—if you're asset tested, the income test does not apply. A single pensioner with $560,000 in assets, who now receives $411 a fortnight, could earn up to $43,000 a year, including deemed and employment income, without affecting their pension, as they remain asset tested.

Your home is exempt, but furniture, fittings, and vehicles are assessable. Many pensioners mistakenly value these at replacement cost, which can be costly. Every $10,000 in excess assets reduces the pension by $780 per year, so it’s crucial to value these items at garage sale prices, not replacement cost.

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[IAN3005]

I wish you would stop calling it a BOOST in pensions..... I would consider a $800 a week a BOOST..... I'm tired of hearing the pension being bandied around with all the other increases taking place, it is a farce

 

[Daibhin]

It is not a quarterly rise, it's twice yearly.

No wonder people keep thinking we get heaps when it's a pittance.

The last time we get out a decent rise was when Rudd was PM. The Covid handouts cannot be counted because use it was across the board.

 

[IAN3005]

It is not a quarterly rise, it's twice yearly.

No wonder people keep thinking we get heaps when it's a pittance.

The last time we get out a decent rise was when Rudd was PM. The Covid handouts cannot be counted because use it was across the board.

I wish they would stop calling it a BOOST... Drives me crazy... they are trying to convince themselves.

 

[Daibhin]

I wish they would stop calling it a BOOST... Drives me crazy... they are trying to convince themselves.

The only boost is for politicians - they think. We know better.
No way can $4.60 per fortnight be called a boost. They obviously think we are stupid, or the public is, perhaps they are because I heard one man tell another that what we pensioners get per fortnight, was weekly. I relieved them of that belief. Hope it opened their eyes but doubt it.

 

[SandraD22]

If we sell our house, bank the money and use it to make part payments on our new house as it is being built on my daughter's property will our pensions be affected?

 

[Jest]

It is not a quarterly rise, it's twice yearly.

No wonder people keep thinking we get heaps when it's a pittance.

The last time we get out a decent rise was when Rudd was PM. The Covid handouts cannot be counted because use it was across the board.

rudd the dud.

 

[IAN3005]

rudd the dud.

He is a twerp like Turnbull.

 

[Reet]

It is an insult to call the pension increase a boost. It does not reflect the increase in food and other increases so how is it a boost?

 

[Daibhin]

rudd the dud.

You may think so, but he did actually give age pensioners a boost, and more than once.
His problem was he tried to do everything himself, been there done that, so those under him got shirty instead of approaching him sensibly and explaining in a non-aggresive manner that they were feeling left out, and would he, please, share the load. They might also have explained that they didn't have his energy, but no, they went behind his back and got him out of the PM job when it could all have been sorted with a bit of diplomacy.

Julia got a lot done, but forgot the pensioners in her deal-making and we've fallen under the radar ever since.

I swear this spellcheck is ireign - I just typed foreign

 

[mitchellowe]

A PENSION RISE OF %.04 is not a rise
ITS UTTER CRAP THATTHE CPI WAS ONLY %.04
WHERE DID THE GOVT GET THAT NUMBER FROM
ITSA ABSOLUTE LIE
THESE LIES HAVE BEEN GOING ON FOREVER AND THE GOVT KEEPS STEALING FUNDS THAT SHOULD HAVE BEEN ACTUAL CPI COSTS
AS FAR AS I KNOW ITS NEEN HAPPENING SINCE 2007
THATS AT LEAST 38 TIMES THE GOVT HAS COMMITTED FRAUD AGAINST ALL CENTRELINC RECIPIENTS
SOMETHING SHOULD BE DONE TO FIXTHIS CPI THAT THE GOVT CONTINUES TO LIE ABOUT

 

[Luckyus]

I reckon the age pension rate should start at the minimum wage, then adjusted with the Individuals circumstances e.g Super, investment etc,

 

[IAN3005]

It is an insult to call the pension increase a boost. It does not reflect the increase in food and other increases so how is it a boost?

As I keep saying, I wish they would STOP referring to it as a BOOST

 

[mitchellowe]

It is not a quarterly rise, it's twice yearly.

No wonder people keep thinking we get heaps when it's a pittance.

The last time we get out a decent rise was when Rudd was PM. The Covid handouts cannot be counted because use it was across the board.

IT should be counted as everyone got at least $5000 more than pensioners
EVEN DOLLIES WERE GETTING $ 200 a fortnight more than pensioners and the dole increases were bigger than pension increases

 

[mitchellowe]

tell me and exery one else how this govt got a %.04 pay increase from
HAS THE COST OF LIVING ONLY GONE UP THAT MUCH IN 6 MONTHS
THE LIBERAL GOVT REPRESENTATIVES SAY IT WAS %3..6
6 What was the actual CPI ON THE 20th March?