Retirement Guide>

Getting the Age Pension

Understanding whether you can qualify for the Australian Age Pension can be tricky. So can managing your pension through income tests, asset tests, means tests and the changes to your assets that may flow out of various life choices and occurrences like downsizing, inheriting money, equity release and more.

Here we provide the essentials on the pension as well as relatable questions and answers and stories from our community, so you can better understand how the pension works and get on with enjoying the best retirement possible.

The latest on the Age Pension

The latest news, views, explainers and community stories about the age pension

Here are five things you should financially achieve by 70, to ensure a happy retirement. Source: Getty

Experts

5 things you should financially achieve by 70

Here are five things you should financially achieve by 70, to ensure a happy retirement. Do your finance goals differ?

THE LIFE SHERPAChristopher Zinn

Age Pension

Maximise your Age Pension: Top tricks to get you more and the traps you should avoid

Maximise your Age Pension: Top tricks to get you more and the traps you should avoid

Pensioners owe it to themselves to make sure they’re getting their full entitlement. Here’s how to do it.

Money ExpertTom Ellison

It’s important you correct the values of your assets such as, bank accounts, investments, cars, and home contents regularly. The majority of your assets depreciate over time, providing an opportunity to increase your pension. Source: Getty Images

Age Pension

New Centrelink thresholds released: How your pension will be affected

New Centrelink thresholds released: How your pension will be affected

The annual indexation allows you to accurately work out how much pension you might lose from the full rate, under the means testing system, Nick Bruining explains.

Money ExpertNick Bruining

For couples, the asset test threshold rises by $3,500, to the new level of $405,000. Source: Getty

Retirement Income

Got nearly $1M in super and still worried about retirement? You’re not alone

Got nearly $1M in super and still worried about retirement? You’re not alone

The strange thing is, many Australians die richer than they were on the day they retired.

Written byRachael Rosel

Retirement fears loom over most people, even those with more savings than others. Source: Getty.

Age Pension

‘If I release $600,000 in home equity, how will it impact my Age Pension?’

‘If I release $600,000 in home equity, how will it impact my Age Pension?’

Making the wrong move here could have the impact of entirely removing this reader’s pension eligibility.

PROPERTY EXPERTRachel Lane

Unlocking cash after selling the family home could impact your pension depending on how you use it. Source: Getty.

From our community

‘If I release $600,000 in home equity, how will it impact my Age Pension?’

by Rachel Lane

‘Is it feasible to upsize, rather than downsize, to get a bigger pension?’

by Noel Whittaker

‘If I give my inheritance to my sons and nephews, will it impact my pension?’

by Noel Whittaker

‘Living on the aged pension is a depressing balancing act’

by Community Contributor

‘The financial struggles we faced after going into retirement’

by Community Contributor

Essentials on the Age Pension

The ‘Beginners guide’ to the Age Pension in Australia

The ‘Beginners guide’ to the Age Pension in Australia

Tom Ellison spells out exactly what you need to know about claiming the Age Pension.

Money ExpertTom Ellison

‘How does Centrelink assess super and what’s an account-based pension?’

‘How does Centrelink assess super and what’s an account-based pension?’

"We haven't started to draw on our superannuation yet so are currently living off savings and the pension."

Money ExpertNoel Whittaker

Commonwealth Seniors Health Card: How to apply and what it covers

Retirement Income

Commonwealth Seniors Health Card: How to apply and what it covers

You could save money on health care by applying for a free Commonwealth Seniors Health Card.

Written byStarts at 60 Writers

Good reasons Age Pensioners should be cautious of lending money

Good reasons Age Pensioners should be cautious of lending money

Centrelink has restrictions on lending AND gifting when it comes to the Age Pension.

Written byChristine Seib

Good news! Means test thresholds rise, making more eligible for pension

Good news! Means test thresholds rise, making more eligible for pension

Indexation is back, which means an Age Pension increase plus changes to the assests and income tests.

Money ExpertNick Bruining

Separated and on the Age Pension? How Centrelink looks at your relationship

Separated and on the Age Pension? How Centrelink looks at your relationship

If you've got a later-life companion or fancy finding one, it pays to be aware of these rules.

Money ExpertBrian Herd

More on the Aged Pension

Make sure you're getting paid what you're entitled to when retiring overseas. Source: Getty.

Age Pension

Tax, super and pension: What you need to know about retiring overseas

Know what you're entitled to if you choose to retire abroad.

Written byRachael Rosel

Age Pension

Retirees face shock 50% income drop from July 1 as super drawdown changes

Retirees face shock 50% income drop from July 1 as super drawdown changes

If you haven't heard from your super fund on how it'll institute the new minimum drawdown rules, it's time to ask.

Written byRachael Rosel

Super funds could be automatically reducing your pension payments on July 1. Source: Getty.

Age Pension

Calls for a universal pension grow as Covid-19 reveals perversity of means tests

Calls for a universal pension grow as Covid-19 reveals perversity of means tests

National Seniors says the financial upheaval caused by coronavirus makes it an ideal time to shake up the retirement income system.

Written byRachael Rosel

A universal pension would provide every senior with equal protection from falling into poverty. Source: Getty.

Age Pension

‘Can I roll my husband’s super into mine to boost his pension and my income?’

‘Can I roll my husband’s super into mine to boost his pension and my income?’

A bit of an age gap between partners can really help when it comes to maximising Age Pension payments.

Money ExpertTom Ellison

Finding the best options for your money is all about finding the right legal loopholes. Source: Getty.

Age Pension

‘It’s just not fair’: Hard-working pensioners miss out on Covid-19 benefits

‘It’s just not fair’: Hard-working pensioners miss out on Covid-19 benefits

"The government hasn't thought about the thousands of people over 60 who have been supplementing their pension to survive."

Written byRachael Rosel

Many working pensioners have fallen into the financial gap where they aren't receiving any government payments at all. Source: Getty.

Age Pension

How the government is helping Disability Support Pensioners amid Covid-19

How the government is helping Disability Support Pensioners amid Covid-19

The requirements to get and keep the Disability Support Pension have been eased.

Written byRachael Rosel

The Disability Support Pension is for anyone who has their income affected due to a permanent disability. Source: Getty.

Experts

The hard retirement choices an ‘average’ couple will have to make

The hard retirement choices an ‘average’ couple will have to make

Finding additional income from somewhere will be a necessity for most.

Written byPeter Kelly

An expert provides his views on the retirement income system in Australia. Source: Getty

Age Pension

Good reasons Age Pensioners should be cautious of lending money

Good reasons Age Pensioners should be cautious of lending money

Centrelink has restrictions on lending AND gifting when it comes to the Age Pension.

Written byChristine Seib

Helping your adult children afford their first home is great, as long as it doesn’t put you in a tight financial spot.

Age Pension

How you can access welfare payments without visiting your local Centrelink

How you can access welfare payments without visiting your local Centrelink

As the government urges Australians to stay home, there are plenty of other ways you can get information about your welfare payments.

Written byJessica Galley

As social distancing guidelines ramp up, it's probably best to avoid your local Centrelink office. Source: Getty.

Age Pension

‘Does the pension count as an income? And can I keep it if I head back to work?’

‘Does the pension count as an income? And can I keep it if I head back to work?’

Noel Whittaker deals with questions from readers concerned about income and the Age Pension.

Money ExpertNoel Whittaker

It's important to always keep retirement income healthy and growing. Source: Getty.

News

Age Pension increases: How much will you receive now?

Age Pension increases: How much will you receive now?

Every March and September, payment rates for pensions and allowances are adjusted in line with the Consumer Price Index.

Written byJessica Galley

Every March and September, payment rates for pensions and allowances are adjusted in line with the Consumer Price Index. Source: Shutterstock.

Age Pension

‘Can I retire overseas, then return to claim the Age Pension at the right age?’

‘Can I retire overseas, then return to claim the Age Pension at the right age?’

Centrelink looks at a wide range of factors to decide who's an Australian resident.

Money ExpertTom Ellison

Tom Ellison says in theory, retiring overseas sounds great but in practice - it might not be the smartest idea. Source: Getty.

Politics

Know the facts: When will pensioners receive the $750 stimulus payment?

Know the facts: When will pensioners receive the $750 stimulus payment?

The government has warned older Australians to be wary about any emails they receive regarding the payment, as it is likely to be a scam.

Written byJessica Galley

The one-off payment was announced as part of the government's economic stimulus package last week. Source: Getty.

Age Pension

Separated and on the Age Pension? How Centrelink looks at your relationship

Separated and on the Age Pension? How Centrelink looks at your relationship

If you've got a later-life companion or fancy finding one, it pays to be aware of these rules.

Money ExpertBrian Herd

Separation isn't just the process of getting divorced, in fact it covers a range of different circumstances. Source: Getty.

Age Pension

Big super fund slashes pension account fees by 40%

Big super fund slashes pension account fees by 40%

If you chose this fund on the Barefoot Investor's advice, you're in luck.

Written byRachael Rosel

The cuts will be implemented by April 1. Source: Getty.

Age Pension

‘Unfair’ superannuation tax concessions could soon cost taxpayers more

‘Unfair’ superannuation tax concessions could soon cost taxpayers more

New research has shone a light on the unfairness of superannuation tax concessions, which tend to only benefit high-income households.

Written byTamille Head

New research has shone a light on the unfairness of superannuation tax concessions. Source: Getty

Age Pension

‘Will my $35K inheritance be taxed and how will it affect my Age Pension?’

‘Will my $35K inheritance be taxed and how will it affect my Age Pension?’

It all comes down to the assets and income tests - as usual!

Money ExpertTom Ellison

Receiving inheritance isn't a straight and narrow path. Carefully navigating your way through the obstacles will make sure you get everything you're entitled to. Source: Getty.

Age Pension

‘Will I get the pension if I use my superannuation to pay off my mortgage?’

‘Will I get the pension if I use my superannuation to pay off my mortgage?’

Centrelink follows strict rules that can sometimes ruin your chances of receiving the full pension.

Money ExpertNoel Whittaker

This reader is juggling several different income streams such as work, superannuation and inheritance. So will they get the pension? Source: Getty.

Age Pension

One recent interest rate cut is actually good news for income-seeking retirees

One recent interest rate cut is actually good news for income-seeking retirees

If you're not quite ready for downsizing but want to use your home to increase your income, the Pension Loans Scheme may be worth exploring

PROPERTY EXPERTRachel Lane

Swapping some of your home equity for a regular income through the Pension Loans Scheme just got a little cheaper. Source: Getty

Age Pension

A miserly UK pensions policy robs thousands of retirees in Australia

A miserly UK pensions policy robs thousands of retirees in Australia

"The UK is the only OECD country that practices a selective pension policy of freezing its state pension in some countries."

Money ExpertJim Tilley

The UK State Pension is just out of reach for so many Brits living in Australia despite their right to receive it. Source: Getty.

Age Pension

Here’s what real Aussie retirees have to say about their incomes

Here’s what real Aussie retirees have to say about their incomes

Members of the public shared details of their retirement income as part of a government review of the superannuation system.

Written byJessica Galley

The government published public submissions from its Retirement Income Review online. Source: Shutterstock.

Politics

Calling Age Pensioners: The way you report income to Centrelink is changing

Calling Age Pensioners: The way you report income to Centrelink is changing

The Coalition has put forward cost-cutting plans which would reform the way that welfare recipients report earnings to Centrelink.

Written byJessica Galley

The Coalition says the proposed changes would simplify the currently "confusing" system. Source: Getty.

Bloggers

‘Inflation and the cost of living: It’s all relative to me’

‘Inflation and the cost of living: It’s all relative to me’

"Of course, the main reason for the overall increase in the price of everything, if not the value, is that we all want to earn more money ..."

Written byBrian Lee

Has the cost of living really changed so dramatically over the past 60 years? Source: Getty Images

Age Pension

‘We want to buy a rental property but will this reduce our Age Pension?’

‘We want to buy a rental property but will this reduce our Age Pension?’

After gifting $300,000 to their children, these readers want to use the remainder on an investment property.

Money ExpertNoel Whittaker

Does making more money in property affect the amount of age pension? Noel Whittaker discusses. Source: Getty.

Age Pension

‘We’ve got property and a $450K inheritance, so will my husband lose his pension?’

‘We’ve got property and a $450K inheritance, so will my husband lose his pension?’

Centrelink's free financial advice service can be very helpful in situations involving an inheritance and the Age Pension.

Money ExpertNoel Whittaker

Centrelink does offer some exemptions from its primary residence rules to regional Australians and primary producers. Source: Getty

From our community

‘Does the pension count as an income? And can I keep it if I head back to work?’

by Noel Whittaker

‘I’m worried that releasing $200K in home equity will impact my pension?’

by Rachel Lane

‘Can I roll my husband’s super into mine to boost his pension and my income?’

by Tom Ellison

‘Why must I take a super income if I’m happy living on a full pension?’

by Jim Kilkenny

‘Are there pension or estate issues if my parents have a granny flat on my land?’

by Rachel Lane