You are (much) wealthier than you know, thanks to an $897,610 perk

The aged pension means every couple in Australia is already a millionaire – they just don’t know it. Here’s how we worked that out and what it means for you.

Andrew HobbsWealth reporter

Updated May 1, 2025 – 9.48am, first published at 5.00am

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There is a perk everyone in Australia will get, provided they need it and live long enough to qualify.

It is crucial to the retirement of most people, and it’s much more generous than you probably think. It is worth more than $480,000 to a 67-year-old man, about $510,000 to a 67-year-old woman (an extra $30,000!) and in excess of $800,000 to a couple.

Andrew Hobbs covers self-managed superannuation funds (SMSFs), financial planning, retirement, inheritance, tax, personal finance and, sometimes, the Perth Bears. He has been a financial journalist for 30 years, previously at Bloomberg and AAP.