If you’re eligible you may be able to receive the Age Pension to supplement your income in retirement.

The Age Pension is an income support payment paid by the federal government. It is a safety net for people who do not have enough in their superannuation, savings, or other investments in retirement. The Age Pension is managed by Centrelink (Services Australia) and is subject to eligibility criteria, such as an income and assets test.

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 - see table below); and
• meet an assets test - what you own affects the amount you are eligible to receive (this includes things such as savings, your super, cars, property etc.); or
• meet an income test - income from working, investments and your superannuation impact eligibility; and
• meet residency requirements

You can check your eligibility against the income and assets tests, to see if you qualify and to know how much you can earn before any payments reduce or stop.

Eligibility for the Age Pension age has been slowly increasing from 65 to 67 years.

How much you receive depends on your relationship status (couple or single), whether you own your home and the assets and income test. Changes to these rates can happen at any time, in line with government and legislative decisions, but are normally adjusted at March and September each year.

If you qualify for the full Age Pension the rates as at March 2023 are:

• $1,064 per fortnight for a single person
• $1,604 per fortnight for a couple

Additional supplements may also apply. Check the Services Australia website for more information.

Depending on how much your income and assets exceed the full pension threshold you may qualify for a part pension.

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