Once you have retired, it is important to understand the options available to help you enjoy the most comfortable lifestyle. The government provides the Age Pension to eligible Australians to help them afford their retirement - and here are some things to know:
Super savings will help you enjoy a more comfortable retirement than that provided by the Age Pension alone.
Most people will continue to be eligible for a full or part Age Pension, along with whatever super benefits they receive.
The current Age Pension age in Australia is 65 for both men and women. This is the age you could qualify for the Age Pension. This threshold is set to change in the coming years (see the table).
It’s important to remember that the Age Pension is designed to provide a ‘safety net’ if you don’t have enough super or other financial resources to provide an adequate retirement income. The Age Pension works in conjunction with super.
Age requirements for the Age Pension
If you were born between
You qualify for Age Pension at age
Before 30 June 1952
1 July 1952 to 31 December 1953
65 years and six months
1 January 1954 to 30 June 1955
1 July 1955 to 31 December 1956
66 years and six months
From 1 January 1957
Find out if you qualify for the Age Pension
To qualify for Commonwealth Government's Age Pension payments, you’ll need to meet eligibility requirements. You’ll need to be 65 years or older, meet certain residential conditions and an income and assets test.
The amount of support you receive is determined by the results of these tests. The total balance of your super or Retirement Income Pension account will be taken into consideration in this test.
For more information about the income and assets tests, or to see how your income and assets would be assessed, visit the Centrelink website.
Commonwealth Seniors Health Card
If you’re not eligible for the Age Pension, you might still be able to receive discounts through the Commonwealth Seniors Health Card (CSHC). This card provides access to cheaper prescription medicines, Australian Government-funded medical services and other government concessions.
To qualify for the CSHC, you need to meet eligibility requirements.
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This information is correct as at 02 April 2020.