government age pension

The Government Age Pension is a fortnightly income from the Australian Government designed to help eligible older Australians to supplement their retirement savings.

Am I eligible to receive the Age Pension?

To qualify for the Age Pension, you’ll need to meet the Government’s eligibility requirements. These include:

  • your qualifying or eligibility age for the Age Pension (also known as the ‘pension age’)
  • your residential status
  • your assets and/or income.

How much is the Age Pension?

How much you get depends on your income and assets tests, and whether you're single or in a couple.

As a guide, here are the current payments for those who are entitled to the full Age Pension. These numbers are reviewed by the Government annually.

Find out more about how much Age Pension you can get.

Assets test for the Age Pension 

The assets you own will affect whether you get the Age Pension, and how much.

Currently a home-owning couple with assets totalling less than $880,500, which does not include the family home, may qualify for a part Age Pension.  An income test also applies.

For home-owning singles, the upper asset threshold is $585,750.

Find out more about the assets test.

Those who don't qualify for any age pension may qualify for the Commonwealth Seniors Health Card, which provides holders access to cheaper medicine, health services and subsidised electricity bills.

What it means for you

There are strategies available that may potentially help you maximise your Age Pension entitlements.  Get in touch with your Active Super financial planner – we’re here to help.

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