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:

• For a single person, $952.70 per fortnight.
• For a couple, the maximum rate is $1,436.20 per fortnight.

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:

• You must be at least 66 years old (with your eligibility age depending on your date of birth)

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.

• You must satisfy the government's Income and Assets Tests
• You must have been an Australian resident for at least 10 years including 5 consecutive years

To learn more, visit the Australian Government Department of Human Services website, call them on 13 23 00 or visit your local Centrelink office.