The Government has provided two separate $750 payments to social security, veteran and other income support recipients and eligible concession card holders. Around half of those that benefit are pensioners. These payments will support households to manage the economic impact of the Coronavirus.
These were extra payments paid as part of the coronavirus (COVID-19) stimulus. We've already paid most eligible people. We paid one-off payments of: $750 from March 2020 and July 2020.
Eligible pensioners have had $4,000 credited to their Work Bonus balance since 1 December 2022, increasing the maximum Work Bonus balance from $7,800 to $11,800. This measure extends the increase to 31 December 2023. The Work Bonus concession of $300 per fortnight will stay the same.
Pension supplement is a fortnightly amount paid to help you with the cost of prescriptions, rates, telephone and internet connections, energy, water and sewerage.
Recipients of Age Pension, Disability Support Pension and Carer Payment can expect an increase of $37.50 a fortnight for singles and $56.40 a fortnight for couples combined.
Full Age Pension income threshold increases by: Singles threshold $204 per fortnight, increase is $14 per fortnight, $364 per annum. Couples threshold $360 per fortnight, increase is $24 per fortnight, $624 per annum.
The maximum rate of single service pension will rise by $37.50 to $1,064.00 per fortnight and the maximum rate for couples will increase by $28.20 to $802.00 per fortnight (each). The Special Rate of Disability Compensation Payment (T&PI payment) will increase by $59.04 to $1,676.20 per fortnight.
If you're a pensioner currently receiving support through Centrelink, you may be eligible for extra help with bills and medicine costs through the Pension Supplement. This supplement is a combined payment of Pharmaceutical Allowance, Utilities Allowance, GST Supplement and Telephone Allowance.
Who is eligible? There are three ways you can be eligible for the Pension Supplement. The supplement is granted to recipients of the Age Pension, JobSeeker Payment, Carer Payment and the Disability Support Pension (unless you're aged 20 or younger with no dependent children).
For a single person the proposed maximum rate will increase from $157.20 per fortnight to $180.78 from 20 September 2023.
The Work Bonus income bank is useful for pensioners who wish to work, particularly those who undertake intermittent or occasional work. Note: from 1 December 2022 to 31 December 2023, a one-off, temporary credit of $4,000 applies to Work Bonus income bank balances.
Around 1.6 million NSW households and 320,000 small businesses are eligible for a new National Energy Bill Relief payment in financial year 2023-24. Eligible low-income households, pensioners, self-funded retirees, families and carers will receive a one-off $500 bill relief payment towards their electricity bills.
To get the Cost of Living Payment you must be a Centrelink or Department of Veterans' Affairs customer. To get the $250 one-off Cost of Living Payment you must be a Centrelink or Department of Veterans'Affairs customer.
The Australian Government will invest $1.5 billion to assist around 6 million Australians with higher cost of living pressures. A one-off $250 Cost of Living Payment will be paid to eligible recipients from the end of April 2022.
Aussies who compare energy providers will receive a one-off $250 payment, as part of a new NSW election promise. NSW households will receive a $250 cost-of-living payment for comparing energy providers, if the Coalition is re-elected in March.
Latest Age Pension changes (from 20 March 2023)
Single: $1,064.00 per fortnight (approximately $27,664 per year) Couple (each): $802.00 per fortnight (approximately $20,852 per year) Couple (combined): $1,604.00 per fortnight (approximately $41,704 per year)
For taxation purposes, pension supplement basic amount is treated the same as the pension with which it is paid. Any amount of pension supplement above pension supplement basic amount is tax exempt.
Currently, the maximum amount that most savers can claim as a pension commencement lump sum is 25 per cent of their available lifetime allowance at the time this sum is taken.
In terms of how much either spouse is entitled to, the general rule is to divide pension benefits earned during the course of the marriage right down the middle. Though that means your spouse would be able to claim half your pension, they are limited to what was earned during the course of the marriage.
Your state pension may not provide all the monthly income you'll need for a long retirement. Supplement your pension by saving your own money in a retirement plan like a 403(b) or IRA. Invest for as many years as possible to maximize potential investment returns.
The Age Pension qualifying age is 67 years, for those born after December 31, 1956.
What Is the Maximum Social Security Payment? The maximum monthly benefits for SSI, SSDI, and retirement in 2023: Supplemental Security Income (SSI) – The maximum payment is $914 monthly for individuals and $1,371 monthly for couples. Social Security Disability Insurance (SSDI) – The maximum payment is $3,627 a month.
Differences. DSP has ongoing medical review requirements. Age Pension does not. DSP recipients may be eligible for a Pensioner Education Supplement and Education Entry Payment whereas this is not available via Age Pension.
If you own more than a set amount in assets your full pension will be reduced. The maximum assets for a full pension are (as of 1 July 2022): $280,500 for a single person who is a homeowner. $504,500 for a single person who is not a homeowner.