Understanding Age Pension eligibility

The Government Age Pension is a safety net for many Australians. It’s designed to provide a regular income to support older Australians with the cost of living in retirement. 
 

Eligibility 

To qualify for the Government Age Pension, you must be 67 years or older, be an Australian resident, and meet the income and assets tests. The amount you might receive – either a full or part pension – is based on your personal financial situation. 

Keep in mind that the Government Age Pension is not a guaranteed option for everyone who is ready to retire. But that doesn’t mean you may not qualify later on. As eligibility is assessed based on your assets and income each year, once you have spent a portion of your super savings, you may be eligible to receive some or all of the Government Age Pension. 
 

Income and assets test 

The amount of Government Age Pension you may be eligible for decreases as your income and assets increase. It’s important to understand these thresholds and how they impact your pension entitlements. 
 

Supplementing your income 

If you are eligible for the Government Age Pension, you may still want to use some of your super to top up your income, as the Government Age Pension amount is lower than the ASFA Retirement Standard’s ‘modest lifestyle’ benchmark.

Visit Services Australia for comprehensive information about the Government Age Pension, including the income and assets tests.