The government’s Age Pension is designed to act as a safety net for retirees, providing a basic standard of living for Australians most in need and unable to properly or fully fund their retirement.
Figures provided by the Department of Human Services indicate the maximum Age Pension entitlement (including supplements).
While the Age Pension may be a factor in planning retirement, it's worth considering how all income sources available to you may work together when planning your financial future. Talking to an authorised financial adviser may help.
You can also see how Age Pension figures compare to industry estimates of a budget for a ‘comfortable’ standard of living in retirement.
There are limitations on eligibility for the Age Pension, most commonly based on your age, residency status, the amount of income you receive as a retiree and the value of assets that you hold.
A quick general overview of this information is below, but it’s important that you refer to the Department of Human Services for more details and the most up-to-date information about the Age Pension before finalising any decisions.
Date of birth |
Age Pension age |
Before 1 July 1952 |
65 years |
1 July 1952 to 31 December 1953 |
65 years and 6 months |
1 January 1954 to 30 June 1955 |
66 years |
1 July 1955 to 31 December 1956 |
66 years and 6 months |
From 1 January 1957 |
67 years |
To be eligible for the Age Pension you must satisfy residence requirements, which means on the day you submit your claim, you must be an Australian resident and physically present in Australia. You also need to have been an Australian resident for a continuous period of at least 10 years, or for a number of periods that total more than 10 years with one of the periods being at least 5 years, although some exceptions do apply.
The amount of income you may be receiving from other sources and the value of assets you own can affect the amount you receive as your Age Pension. As part of determining eligibility for a full or partial Age Pension, you’ll need to satisfy an income test and an assets test. You can find out more from the Department of Human Services.
Find out more about how the Age Pension complements super, and what you could be eligible for. (Source: ASFA Super Guru)
Try this calculator to see when you can access your super and when you can apply for the Age Pension. (Source: ASIC MoneySmart)
