What is the Age Pension?
For many Australians, one of the major lifestyle changes which comes with getting older is that you may need to apply for the Age Pension. The Age Pension may be your main income source in your retirement years, or a supplement to help cope with the costs of living as you age.
How it Works
The Age Pension is a government income support payment paid to eligible Australians who have reached Age Pension age. The Age Pension is income and assets tested which means the amount you can get will depend on any other income you receive (from super, investments and paid work) and on the assets you own.
Do I Qualify?
To receive the Age Pension, you must be:
- at least 65 years and 6 months old (the qualifying age depends on when you were born).
- an Australian resident and be in Australia on the day you apply for an Age Pension, and have lived in Australia for over 10 years.
- under the income and assets test limits.
For more information about Age Pension eligibility and payment rates, visit the Department of Human Services.
Other Concessions and Entitlements
Even if you don’t qualify for the Age Pension, there are other benefits you might be able to get:
- Seniors’ Card
- Rent assistance
- Seniors Health Card
- Pensioner Concession Card
For most people, the Age Pension alone is not enough to fund their retirement goals. That is why a healthy super balance is so important. Contact us to find out how you can boost your super savings for retirement.