The Age Pension is Australia’s primary income support for seniors, providing financial assistance to help cover living expenses during retirement.
As of MaY 2025, eligible individuals can receive up to $1,149.00 per fortnight, equating to approximately $29,874 annually, or $2,489.50 per month. For couples, the combined maximum is $1,732.20 per fortnight, totaling around $45,037 annually, or $3,753.10 per month .
Eligibility Criteria
To qualify for the Age Pension, applicants must meet the following requirements:
Age Requirement
- Must be 67 years or older.
Residency Requirement
- Must be an Australian resident and have lived in Australia for at least 10 years, with at least 5 years of continuous residence.
Income and Assets Tests
The Age Pension is means-tested, meaning both income and assets are assessed to determine eligibility and payment rates.
Income Test
- Singles: To receive the full pension, income must be below $212 per fortnight. Payments reduce for incomes up to $2,510 per fortnight.
- Couples: Combined income must be below $372 per fortnight for the full pension. Payments reduce for combined incomes up to $3,836.40 per fortnight .
Assets Test
- Singles:
- Homeowners: Assets below $314,000 for full pension; up to $697,000 for part pension.
- Non-homeowners: Assets below $566,000 for full pension; up to $949,000 for part pension.
- Couples (combined):
- Homeowners: Assets below $470,000 for full pension; up to $1,047,500 for part pension.
- Non-homeowners: Assets below $722,000 for full pension; up to $1,299,500 for part pension .
Payment Details
Payment Frequency
- Payments are made fortnightly.
Payment Method
- Direct deposit into the recipient’s nominated bank account.
Indexation
- Payment rates are adjusted twice a year, in March and September, to reflect changes in the cost of living and average wages.
Application Process
- Check Eligibility: Ensure you meet age, residency, income, and assets criteria.
- Prepare Documentation:
- Proof of identity (e.g., passport, birth certificate).
- Proof of residency.
- Financial information (e.g., bank statements, investment details).
- Submit Application:
- Online via myGov.
- In person at a Services Australia service centre.
- Await Decision:
- Processing times may vary.
- If approved, payments will commence from the date of eligibility.
Additional Benefits
Recipients of the Age Pension may also be eligible for:
- Pensioner Concession Card: Provides discounts on prescription medicines, utility bills, and public transport.
- Rent Assistance: Additional financial support for those renting in the private market.
- Energy Supplement: Helps with the cost of energy bills.
- Commonwealth Seniors Health Card: For those not eligible for the Age Pension but meet income requirements, offering similar concessions.
The Age Pension provides essential financial support for Australian seniors, with up to $3,900 per month available for eligible couples.
Understanding the eligibility criteria, application process, and additional benefits can help ensure you receive the support you’re entitled to. For more information or to apply, visit Services Australia – Age Pension.
FAQs
Can I receive the Age Pension if I live overseas?
Yes, but the payment rate may be affected. If you live or travel outside Australia long-term, payments are made every 4 weeks, and the rate may be adjusted based on your circumstances .
What happens if my income or assets change?
You must inform Services Australia of any changes, as they can affect your payment rate or eligibility.
Is the family home included in the assets test?
No, your principal home is exempt from the assets test.