You’re in your late sixties and on the aged pension and you’ve been offered some paid part time work. You’d like to supplement your pension to help pay some bills. Will accepting the job affect your entitlements?
In this episode Justin Bott, Services Australia Financial Information Officer, explains that the impact of working on your entitlements is less than you might think. He says if you want to work, there are incentives to allow you to do so while maintaining all or some of your pension.
For example, a single person can earn around $4000 a year from any source without their pension being affected.
Under the Work Bonus the first $178 you earn in every fortnight as a single person won’t be counted towards your assessable income. This amount can be accrued up to around $7800 in what’s called the Work Bonus income bank. This might be helpful if you work short term say for example for the Electoral Commission or as an exam marker for a few weeks a year.
If you want to keep working after pension age, currently sixty-six and a half, Services Australia can put you in touch with an employment service to assist you find work.
There is also a calculator for older Australian to help you work out the financial impact of working.
- Services Australia Calculator
- Contact Services Australia on 13 2300
More information:
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Older Women’s Network NSW
The Older Women’s Network in NSW believes in a society rich in social capital, where mutual respect and trust are paramount, where diversity and debate are valued and where people and their networks have a legitimate voice.
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Older Women’s Network NSW
8-10 Victoria Street,
Newtown NSW 2042, Australia.
+61 – 2 – 9519 8044
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We acknowledge the sorrow of the Stolen Generations and the impacts of colonisation on Aboriginal and Torres Strait Islander peoples.
OWN NSW supports the Uluru Statement from the Heart, the call for a First Nation's Voice enshrined in the Australian Constitution and a Makarrata Commission to oversee agreement-making and truth-telling.