The Australian Government offers a state pension to citizens that are not able to provide enough money for a dissent living by their own pensions fund. This means that when a citizen reaches the age required to retire, they have an option to receive this help. However, there is a complex aged pension calculator that will show you exactly how much money you can get.
With the calculator, you can first find out if you are able to receive the pension. Some citizens do not fulfill the minimum requirements to get the pension. In order to see if you are, you need to make a test and check whether you can or cannot receive a pension.
There is another thing you should know about the age pension. The Australian Government started moving the qualification age for the pension in July 2017. The qualification age will be moving up every six months until 2023. The qualification age in July 2017 was 65 years and 6 months, and in 2023 you will need to be 67. This trend will probably go on until it reaches the age of 70.
To see if you qualify for the aged pension, you need to take few tests and see if you're eligible for it. The test is used to make a picture of your life situation and to calculate how much money you're able to receive. You'll be asked about your marital status, how much property you own, how much income you have, how many assets you have, how much investments you have, but also loans, debts, and similar.
You're practically getting a full scan of your life and with the aged pension calculator, you can see if you're eligible, and if yes, how much pension you'll receive every week or month. The tests are meant for the government to help those citizens who are more in need, so if you have more income, you'll be qualified for less pension.
Same goes for your assets and property. The more property or assets you have, the less qualified you'll be for the state pension. Here, it is also important if the citizen that is about to retire is married or not. Those living as a couple is considered to have income also from their married partner, so the pension they'll receive will be smaller or they might even not be qualified for one. The aged pension calculator is a pretty complex tool that needs to be studied well.
Another very important thing for you to know is that you must be a citizen of Australia to qualify for the pension. Also, you have to prove that you've been living in Australia for the past 10 years, or at least have combined 10 years of living in it, while you're still an Australian citizen. If you happen not qualify for the aged pension, you can look for some other programs for senior citizens that offers a quality way of living as a senior.