E9: Will working affect my pension?

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.

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