In this episode of Unpacking Money, Scott Malcolm and co-host Ara Jansen unpack one of the most misunderstood parts of retirement planning in Australia: the Age Pension. Rather than treating it as an all-or-nothing entitlement, they explore how the Age Pension can fit as one layer within a broader retirement income framework alongside superannuation, savings, investments and lifestyle goals.

Scott and Ara break down the key moving parts, including eligibility, income and assets testing, deeming rules, the different treatment of the family home, and why part-pension access can still be valuable. They also discuss why financial decisions should not be made purely to maximise Centrelink outcomes, and how a calm, values-based plan can help retirees feel more informed and prepared.

In this episode, we cover:

• Why the Age Pension is not simply “yes” or “no”
• How the income test and assets test can affect pension entitlement
• Why deeming rules matter for savings, shares and super-related assets
• How housing, asset mix and lifestyle needs can change retirement outcomes
• Why retirement income planning should start with your goals, not just the rules

Resources and Calculators:

https://moneysmart.gov.au/retirement-income-sources/age-pension-and-government-benefits

https://www.superguide.com.au/in-retirement/age-pension-calculator

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