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Age Pension overview

Social security, particularly the Age Pension, plays a large role in the lives of retirees. For many this will be the primary source of retirement income while for others it can act as financial security in the event their retirement savings are exhausted.

These are the most common forms of social security for retirees to access:

Age Pension FAQs

To be eligible for Age Pension you must be of Age Pension age, meet the residence rules and satisfy an income and assets test.

The full rules and eligibility criteria can be found on the Services Australia website.

There are two payment rates for the Age Pension:

  1. Normal rates – commonly referred to as the full Age Pension
  2. Transitional rates – commonly referred to as a partial Age Pension

What rate and the amount you may be entitled to receive is determined through two assessments:

  • Assets test
  • Income test

There are different rates of Age Pension payments for single and partnered people. If you have a partner you will need income and asset information for both of you.

You can learn more about the rates on the Government's Services Australia website. 

How much Age Pension you are eligible for depends on the value of your assets, your homeownership status and if you’re in a relationship.

There are limits to how much you can have to get the Age Pension. These limits are referred to the assets test limits.

Your assets include any property or possessions you own in full, in part, or have an interest in. This also includes your superannuation savings.

The Department of Social Services reviews these limits and cut off points in March, July and September each year.

You can learn more on the Government's Services Australia website. 

Your income can reduce how much Age Pension you will receive.

The Department of Social Services will assess both your and your partner’s income from all sources. This includes financial assets such as savings, shares and superannuation.

To work out how much income your financial assets produce, they use deeming.

If you or your partner work, you’ll need to report any employment income you’ve been paid.

You can learn more on the Government's Services Australia website. 

Need  help applying for your government benefits?

Our financial planners can help you determine your eligibility and maximise your entitlements. They can also assist with applications and annual assessments.

You can also check your eligibility online with Retirement Essentials, an unrelated online service that simplifies the eligibility and application process for the Age Pension and Commonwealth Seniors Health Card.* 


Additional reading

Retirement |
Grey Nomads and the Age Pension
What are the Age Pension implications of hitting the open road, and how does Centrelink assess your payments when you’re away from home? Read more
Planning and advice |
Planning for Aged Care
Knowing how aged care works, and being able to plan ahead, means you’ll have more input on the location, the level of care, and the facilities that you’ll be most comfortable with. Read more
Retirement |
The Age Pension explained
The Age Pension is a government initiative, designed to support Australians in retirement and provide a financial safety net. To be eligible, you must meet specific criteria. Read more

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*Retirement Essentials is an independent online service and is not affiliated with Togethr Trustees. Any advice received through Retirement Essentials will be provided by another Australian Financial Services Licensee. Members may incur a cost when using this service to apply for the Age Pension and Commonwealth Seniors Health Card.