Do you qualify for the Federal Government Age Pension? Here we cover the eligibility requirements and how much you can expect to receive.
In Australia, the age at which workers can access the Age Pension is gradually increasing, so it is important to know where you stand.
Australians are eligible for the Age Pension from age 65 but from 1 July 2017, this will increase to 65 years and 6 months and will continue to increase by six months every two years, reaching age 67 by 2023.
To qualify for the Age Pension, you will need to meet the Government’s age and residence requirements. How much you get will depend on your income, assets and other circumstances.
For most people, the Age Pension will not be sufficient to achieve a comfortable lifestyle in retirement, so having a healthy superannuation balance at retirement is important.
As a guide, here are the current payments for those who are entitled to the full Age Pension. These numbers are reviewed by the Government annually.
|Single person||Couple living together||Couple separated due to ill health|
|Maximum basic rate||$788.40||$594.30 each||$788.40 each|
|Maximum pension supplement||$64.50||$48.60 each||$64.50 each|
|Clean energy supplement||$14.10||$10.60 each||$14.10 each|
|Total per fortnight||$867.00||$653.50 each||$867.00 each|