Are these Centrelink Estimator figures correct?
I thought the assests test to receive the full single age pension says that if your total assets are under $250,000 (excluding the home you own) then your single age pension will be the full $834.40.
Tonight I used the online Centrelink Estimator to see if this was so.
I listed myself as owning my own home, having $70,000 in a bank account, having a fortnightly income of $130 (from a suprannuation income stream with $45,000 in it)and having no other assets whatsoever. So my total assets were $70,000 plus $45,000.
I then checked to see how much age pension I would receive under these circumstances, and the estimator showed me not getting the full age pension ..... it was decreased.
I then did more tests on the Estimator and here's what I found: The Estimator shows the age pension decreases if your total assets are worth $60,000 or more.
If your assets are $50,000 the pension is the full $834.4.
If your assets are $60,000 the pension is decreased to $833.17.
If your assets are $70,000 the pension is decreased to $826.92.
If your assets are $100,000 the pension is decreased to $808.17
Is the Centrelink Estimator faulty? I was sure the single age pension remained at the full rate until assets reached $250,000, and only when assets were more than that did the pension begin to decrease.
Thanks for any assistance.