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The Age Pension is a fortnightly payment to eligible Australians that can help provide an income if you do not have enough financial resources (such as super) to retire.
While the Age Pension1 does act as a safety net, it only covers the bare essentials and will not be able to guarantee you a comfortable retirement lifestyle. Consider growing your super now with a variety of voluntary contributions to make sure you have the best retirement lifestyle possible.
To understand how you can access the Age Pension when you retire, it’s important to work out your Age Pension age.
To be eligible to receive the Age Pension, you must be 66 years of age (for anyone born between 1 January 1954 and 30 June 1955). If you were born before 1 January 1954, you are already eligible to receive your Age Pension.
However, if you were born after 30 June 1955, your Age Pension age could be 66 years and six months, or 67 years depending on your date of birth.
Below, we’ve shown you the Age Pension ages from 1 July 2019, and when that Age Pension age will change.
These listed ages apply to both Australian men and women. When you can access your super is different to when you can access the Age Pension.
Not only does age eligibility impact when you access the Age Pension, you also need to fulfil several requirements before accessing your safety net for retirement.
An Australian citizen
Assets and income test
Rather than relying solely on the Age Pension in retirement, you might be able to combine it with your super savings. Find out more about how the Age Pension and super work together.
If you’re wanting to maximise your retirement lifestyle without the need to rely on the Age Pension, now may be a good time to look at how your super is tracking for your age.
Discover how you can grow your retirement savings at QSuper and live your ideal post-work lifestyle.
Are your retirement savings on track?
Learn more about how much super you need to retire
1. Australian Government Department of Human Services, https://www.humanservices.gov.au/individuals/services/centrelink/age-pension, accessed 14 January 2020
2. Australian Government Department of Human Services, https://www.humanservices.gov.au/individuals/services/centrelink/age-pension/how-much-you-can-get/assets-test, accessed 14 January 2020
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