Age pension is basically designed for Australian retirees to give them financial assistance to cover the cost of daily living. Age pension payout amount will increase from September 20, 2024. The new rate is $28.10 fortnightly for single individuals and $42.40 fortnightly for couples.
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Age Pension Increase
In Australia, Age pension is a financial assistance providing program or income support payment providing program that is only provided to the individuals who meet the age limit of pension age. A maximum of five million Australians are going to receive an increase in their financial support payments from 20 September 2024 according to the latest indexation.
The new rates of Age Pension for Australians will start from 20 September 2024 and come to an end on 19 March 2025. The age pension rate for every single eligible individual will be $28.10 fortnightly and for each combined couple a maximum of $42.40 fortnightly.
The total age pension increase for the Disability Support Pension and Carer Payment is going to reach $1144.40 for single individuals, a maximum of $862.60 for per person in couples, and a maximum of $1725.20 fortnightly for couples jointly, including the energy supplement.
Who is eligible for the Australian Age Pension
If you want to get the benefits from the age pension program then it is very important for you to satisfy the eligibility criteria of age pension. The eligibility requirements for the age pension program are listed below.
- Interested individuals must be 67 years of age or older.
- Applicants must be a permanent Australian resident or citizen for at least 10 years.
- Individuals must satisfy the income test limit. The pet fortnight income limit for individuals is $212 and for couples (both) is $372.
- To qualify for age pension, applicants must fulfill the assets limits. The asset limit is $314,000 for single homeowners or $566,000 for single non-homeowners. The assets limit for couple homeowners is $470,000 and for couples non-homeowners assets limit is $722,000.
How to apply for an Australian Age Pension?
After satisfying the eligibility requirements individuals must submit a valid claim or application form 13 weeks before the age limit of age pension program. Individuals can easily apply for age pension after following the below step by step procedure to apply for age pension benefits.
- Navigate to the https://servicesaustralia.gov.au/age-pension website.
- Sign in your myGov account if you previously have one otherwise create it by entering all the required details.
- Locate make a claim button and then press it.
- Find an older Australian and then choose an age pension.
- A claim form is displayed on the screen.
- Enter all the required details such as your first or last name, date of birth, address, phone number, email address, filing status, spouse or partner’s name and date of birth, income limit, assets limit, etc.
- Attach all the required documents such as proof of income limits, residency, birth certificate,etc.
- Select the payment receiving methods from the available direct deposit, cheques and others.
- After verifying all your entered details submit your age pension application form.
What happens after submitting a valid application form?
After submitting a valid, accurate and completed claim form for age pension, officials will review your claim form information and check your attached documents. If your application is approved then officials will send you a confirmation letter through myGov account or email that will inform you about your submitted claim decision, claim ID number, payout details, etc.
If your claim is rejected because of claim filing timing or incomplete details then you can submit a new claim form but make sure it will contain valid and accurate details. If additional Information or documentation is required then officials will inform you. It is advised to you to notify officials if any type of changes occur in your circumstances because this will help you to get a maximum amount.
When and how can you get your age pension payout Amount?
Eligible individuals can get their age pension benefit amount after the approval of their claim form and age limit of age pension benefit occurrence. Individuals can get an age pension benefit amount on a fortnightly basis. The payment is directly deposited into your bank account or other payment depositing methods that you select while applying for age pension benefits.
The direct deposit payment depositing method is a fast, smooth and easy payment depositing method so it is advised to choose a direct or bank deposit payment method to be safe from any type of delay. If any type of delay occurs in receiving your age pension benefit payout then you should contact the officials. They will inform you about the delaying reason and payment date of your age pension benefits.