How To Know If You Qualify For The Age Asset Test?

Many people are put under the impression that the only time in which they are able to rely on pension is when they retire. While this may be only partly true you need to be in check and make sure if you qualify and if you do the amount that you will possibly receive from the program. The answer is solely based on many different factors such as your current age and location as well as what you have earned during your employment and if you have any investments. What you will receive if you are a bachelor/bachelorette will be an amount which is higher when compared to what is offered for couples.

The age for qualification differs depending on where you were born however the general age in which one is considered entitled to such a benefit is known to be when an individual is sixty-five years old. And from the current year the qualifying age will increase by six months every two years when the qualifying age will be 67 by the year of two thousand twenty-three.The process is normally tend to mislead people and they really have no proper idea on how asset test for age pension works. However, you are subject to face an age test it involves the process of calculating amounts of both income and test of assets the results which will end up showing the lower will determine the maximum age of the pension that you are entitled to. There are several factors which are taken into consideration during the income test such as the wage or salary with the bonuses that you have earned during the time of employment. Click here for more info on asset test for age pension.

The dividends distributed from private trusts and companies. A section of all your pension and allowance payments even though you commence a pension through the super it will generally be considered investment in financial.Most of the property and things your partner or yourself own will be added in the asset list and you can get an in-depth advice on this by consulting a professional working on superannuation advice and discuss the specific. The value which is given to them is determined through the market price that they have if they were to be sold out. And the best part is the house that you live in will not be accounted for an asset.

You have to keep in mind for you to be eligible for the test in age pension could be impacted based on how you access your super weather in terms of lump sum or income stream. Also remember that changes in the rules may affect the process for you and therefore you have the responsibility of being on constant check for the changes in qualifying factors.