In 2020 slightly fewer than 70% of eligible Australians will rely on a full or partial Age Pension to support their retirement. And while this figure is expected to fall in the coming years, it will still provide much needed support to a significant proportion of older Australians.1
To get the Age Pension you apply to the Department of Human Services. If your application is approved, then you will start receiving a fortnightly payment. The amount you receive depends on how much income you receive from other sources and the value of your assets.
If you qualify for the full Age Pension the rates as at March 2021 are:
If you qualify for a part pension, the amount reduces depending on how much your income and assets exceed the full pension threshold.
To be eligible for the Age Pension:
The Age Pension age has been slowly increasing from 65 to 67 years. It’ll increase by 6 months every 2 years until Age Pension age is 67 on 1 July 2023.
|Your birthdate||Your Age Pension age||Date of age pension age change|
|1 January 1954 to 30 June 1955||66 years||1 July 2019|
|1 July 1955 to 31 December 1956||66 years and 6 months||1 July 2021|
|On or after 1 January 1957||67 years||1 July 2023|
To learn more, visit the Australian Government Department of Human Services website, call them on 13 23 00 or visit your local Centrelink office.
1 Source: The age pension in the 21st century