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You can be a MILLIONAIRE and still access the AGE PENSION.

Maximising Your Retirement Income: Understanding the Age Pension

Age pensions and ancillary benefits are subjects of much debate and emotion, especially across different generations.

How to be a millionaire and still access age pension
How to be a millionaire and still access age pension

One common sentiment often expressed is:

"I've worked my whole life. I've earned the Age Pension!"

But the landscape of pensions and retirement benefits is more nuanced than meets the eye.

A recent change allows couples to possess up to $1,103,000* worth of assets on top of the value of their family home and still qualify for a part-age pension. However, the threshold is capped at $1,245,000* for couples who don't own their home.

Clearly, homeowners stand to gain more from the social security system, underscoring the importance of understanding the intricacies of retirement benefits.

The Reality: It's evident that possessing a home significantly enhances one's eligibility for the Age Pension. This reality underscores the importance of financial planning, particularly in the years leading up to retirement.

The Opportunity: The Age Pension presents a valuable opportunity for those with substantial superannuation or investment balances. Leveraging Centrelink benefits to supplement your retirement income can significantly enhance your financial stability during retirement.

The Strategy: To optimise retirement assets and income, it's important to carefully evaluate potential Age Pension entitlements and consider how to structure your finances accordingly.

Many use their superannuation to "top-up" their age pension benefits; knowing how to do this efficiently is the secret sauce.

Seeking professional financial planning advice right before retirement can make a difference, BUT if you want to make the biggest difference, you need to seek advice sooner rather than later.

If you aspire to maximise your retirement benefits, you must navigate the complexities of the Age Pension system with informed decision-making. Your ability to access the maximum benefits hinges on strategic financial planning rather than mere entitlement. Taking proactive steps to understand and leverage available resources can pave the way for a financially secure retirement journey.

What you need to know

Lush Wealth - Financial Advice for Women provides and produces this information. The advice provided is general advice only as, in preparing it, we did not consider your investment objectives, financial situation or particular needs. Before making a financial decision based on this article, you should consider how appropriate the information is to your particular investment needs and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

*The Age Pension Rates change multiple times per year. The amounts in this article are correct as of Jan 2024. For updated rates, please refer to the Centrelink Website:


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