Am I eligible for the government’s Age Pension?

A number of factors will play a part in determining whether you’re eligible for a full, part, or no Age Pension. Find out what they are.

The money you use to fund your life in retirement may come from a range of different sources, which might include super, investments, savings, an inheritance or government benefits, such as the Age Pension.

If you’re keen to know whether you’re eligible for the Age Pension and how much you could get, read on.

Am I eligible?

Your eligibility for the Age Pension will generally come down to three things.

1. Your age

The age you qualify for the Age Pension will be between 65 and 67, depending on your date of birth. Check out the table below to see what age you might qualify.

Tip – the age you can access your super and the age you’ll be eligible for the Age Pension won’t necessarily be the same. Generally, you can access your super savings first.

2. Your residency

To receive the Age Pension, you must be an Australian resident and physically present in the country on the day you submit your claim.

You also must have lived in Australia for at least 10 years and continuously, for at least five of those years.

3. Your income and assets

If you’re the right age and meet residency requirements, you’ll then need to fill out an income and assets form for Centrelink.

Centrelink will then assess your income and assets to determine whether you’re eligible for a full, part, or no Age Pension.

How does the income and assets test work?

To be eligible for the Age Pension, you must have income and assets under certain limits. Below we look at some of the things that are taken into consideration and what the income and asset cut-off points are.

The income test

Centrelink will consider all sources of income, including that which you might receive outside of Australia, as part of its assessment. This may include income from:

• employment
• investments
• super and retirement pensions.
  

It doesn’t include things like:

• rental assistance payments
• payments through a National Disability Insurance Scheme package
• emergency relief payments
• regular payments from a close relative.
  

Check out the Services Australia website to find out more about assessable income.

Income cut-off points for the Age Pension

You need to have income lower than the below amounts (per fortnight) to be eligible for any form of Age Pension¹.

Tip – your cut off point will be higher if you get the Work Bonus. Note, the Work Bonus reduces the amount of employment or eligible self-employment income that Centrelink applies to your rate of pension entitlement under the income test².

Asset cut off points for the Age Pension

Full pension

When your assets are more than the limit for your situation below, your Age Pension will reduce³.

Part pension

If your assets are above the below figures, you won’t be eligible for any Age Pension⁴.

How much does the Age Pension pay?

The standard rate for Age Pension payments will come down to whether you have income and assets below certain levels and if you’re single or part of a couple.

To give you a bit of an idea, the amounts below are the maximum rates⁵ currently being paid each fortnight and annually to those who are eligible for a full Age Pension (includes supplements).

Age Pension rates are adjusted throughout the year, so these figures could change.

Where to go for more information?

Planning for retirement and working out your entitlements isn’t always straightforward. Contact Services Australia or your financial adviser to figure out what you’re eligible for. If you don’t have an adviser, click here to find one that suits your needs.

For other retirement planning tips, see our checklist. You may also be interested in what other government benefits, including concession cards, you may be eligible for.

^{1, 2}  Services Australia - Income test for pensions (August 2021)
^{3, 4} Services Australia – Assets test (August 2021)
⁵ Age Pension – How much you can get (August 2021)