How to Calculate Age Pension in Australia

This video looks at how the age pension is calculated in Australia. The age pension is calculated using the income and asset tests, with whichever test gives the lowest result being the one that is used.

Please note this video was filmed in 2024, so figures may change into the future. This video is in no way shape or form financial advice.

[pieceofpii]

Hi Everyone!


The new video linked above shows the updated figures, but no calculations. So you can apply the new figures to the process shown here.

Also, very cool to see this video has helped over 100, 000 people!

Thanks and all the best,

Piece of Pi

[Gyllenhaal-wi]

I'm afraid of burning through my cash buying every dip. Retirement has never felt more terrifying!

[stevemurray]

The clarity and simplicity of this explanation begs the question as to why Centrelink seem unable or unwilling to do the same.

[jethrowingnut]

This was the best explanation of the income and assets test I have ever seen. Thankyou very much for providing it. Centrelink should refer people to this video for an explanation.
👍

[Henry_L_]

I have to agree with the comments below. This is the best explanation I have ever seen. Thank you!

[marceloschroeder]

Thank you for this video. This is the best explanation about how to calculate the age pension I've seen so far! 👍

[ricecrash]

Thank you, nice clear explanation. I will get nothing while our politicians and public servants walk away with lifelong pensions. The system is corrupt snd broken.

[FreeRadcal]

This is great. My only comment would be that "home contents" and "motor vehicle" are assessed at "fire sale" value, not the "real value" which reduces your total assets.

[julianstorey]

Clear as mud. I do appreciate the explanation though. It has shown me how complicated this is. The ordinary citizen is going to need a lot of help.

[Chan-vbg]

Thanks, piece of pie. I followed your example to make an Excel worksheet, which enhanced my understanding of the age pension calculation.

[marionjoy]

that really explained these calculations very well .. thank you

[hotchukki]

Well done and spoken at a good slow pace and some duffers complain about microphone, they will always be duffers and racists. Thank you for this you simplified for many as I already knew this but wanted to check the quality of your presentation, it was great.

[linastockley]

This was so much easier to follow and understand. Thank you! I have subscribed.

[redgeranium]

Wonderful Excel sheet and explanation. Are you sharing this Excel sheet? I can build my from watching yours but it would be easier if you were sharing your work :)

[issalorenzo]

I updated the amounts based on the current thresholds (Dec2024), but copied your spreadsheet. I am now the guru of age pension...not! anyway, Thank you so much for a very clear explanation.

[SamsonKempston]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

[NoelMcdougall-twdo]

Can you share this spread sheet thanks, it makes it easy to understand and work things out

[rubhern]

thanks for the information and clarity provided. I have managed to create your spreadsheet and works a treat. 🎉🎉🎉

[armyappy]

Can you please share your spreadsheet?

[MirjamPeij]

Thank you for this clear and concise video. I like the Excel example. How will a monthly overseas pension (from a country with which Australia has a treaty) deposited in an Australian bank account impact the assets and income test? Will it be considered a financial asset and also deemed in the income test?