16 Oct 2021

How Much Super Can You Have and Still Receive the Pension?

pension

In Australia, superannuation funds exist to help Australians plan for their retirement. Employees can request that their employers pay 10% into their fund known as the Superannuation Guarantee. There are 500 funds in Australia that aim to grow funds invested. When making your decision, complete some due diligence first.

Once you’re ready to withdraw funds, it’s important to meet the right requirements. In addition, if you expect to receive a pension, you must meet the stated criteria.

Married couples who own their home can access a pension and their super. Their total savings can be $394,500. Others will qualify for a partial pension if they saved up to $863,500. Keep in mind that rules may change. Depending on your age, you may be grandfathered into existing plans. The younger generation often fall into the new rules.

Studies show that Australians require more funding for the retirement years. So, it’s a good idea to maximise all retirement funding sources. 

Government tools are at your disposal. A calculator allows you to input your age, savings, and total assets. Then, you’ll see the parameters and links between super and pension amounts. 

Mortgage House offers similar online tools. For example, you can calculate a potential car loan amount on the corresponding calculator. 

Superannuation and Pensions Conclusion

It’s possible to collect a pension in Australia if your assets come under the limit set by the government. In superannuation and pensions, it’s important to also fully own your home. To gather information about mortgage options, contact our Mortgage House loan specialists.

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