The Age Pension1 is a regular payment provided by the Australian Government to help eligible retirees manage their living costs. It provides essential financial support for Australians in retirement, offering stability and peace of mind. Whether you're exploring Age Pension eligibility, understanding the Age Pension assets test, or curious about Age Pension rates, this guide has you covered.
Learn how the Age Pension can supplement your retirement income, offer access to concession cards, and provide additional benefits to help you live comfortably. From the Age Pension age requirements to working while receiving the pension, we’ll walk you through everything you need to know.
The Age Pension offers more than just financial support - it can provide a safety net for retirees. It can deliver financial stability, additional benefits due to receiving the Age Pension, and access to the Pensioner Concession Card, helping ensure peace of mind during retirement. With regular payments and supplementary benefits, the Age Pension is designed to help you meet basic living costs and can be a reliable foundation for your retirement income.
Retirement is about more than just the Age Pension. It’s about creating a secure and fulfilling future.
Download our Guide to a confident retirement to explore practical advice, tools, and strategies to help you plan for the retirement you deserve.
Estimate the longevity of your savings, determine your potential Age Pension and craft a secure lifetime income plan, safeguarding your retirement amidst market uncertainties.
To qualify for the Age Pension, you must meet specific criteria, including the Age Pension age, residency requirements, and the Age Pension assets and income test. The current Age Pension qualifying age is 67, and you must have been an Australian resident for at least 10 years, with at least five of those years being continuous. If you don’t meet the residency requirements and have arrived from a country that Australia has a social security agreement with, there are rules which can potentially help you to meet the residency requirements.
Additionally, your income and assets (and your partner’s, when relevant) are assessed under the means test to determine your Age Pension eligibility and payment amount. Understanding these requirements is key to ensuring you receive the financial support you’re entitled to during retirement.
Applying for the Age Pension is simple if you follow these three steps:
Step 1 | Step 2 | Step 3 |
|---|---|---|
Gather your documents | Apply online through myGov | Submit your application |
Collect proof of identity, financial details, and any other required documents. | Log in to your myGov account and complete the Age Pension application form. | Once completed, submit your application and wait for confirmation from Services Australia. |
Start your application now on myGov or for more details visit the Services Australia website.
The Age Pension rates are updated twice a year, on 20 March and 20 September, to reflect changes in the cost of living. The actual amount of Age Pension you may receive will vary depending on your situation. Below are the current fortnightly maximum Age Pension rates as at 20 September 2026:
Your situation | Fortnightly rate | Annual rate |
|---|---|---|
| Single | $1,237.70 | $32,180.20 |
| Couple (combined) | $1,866.00 | $48,516.00 |
The Pension Supplement and Energy Supplement are included in these rates to help with everyday living costs. The Pension Supplement is designed to assist with expenses like utilities, phone bills, and healthcare, while the Energy Supplement provides additional support to help cover energy costs.
For those on transitional rates (applicable to certain part-pensioners receiving eligible social security payments before 20 September 2009), the maximum amounts are different than the rates described above.
For full details, visit the Services Australia website.
Navigating the Age Pension means test can feel complex, but understanding how the assets test and income test work is key to potentially maximising your Age Pension benefits.
The Age Pension is determined by two key assessments:
1. Assets test
2. Income test
These tests evaluate your financial situation to determine your Age Pension eligibility and payment rate.
The assets test assesses the value of your assets (and your partner’s, if applicable), including assets in Australia and overseas, such as:
The value of these assets can impact how much Age Pension you can receive. Below are the current assets test limits as of 20 September 2026:
The income test generally includes any income you (and your partner, if applicable) earns from various sources. A deemed rate of income is applied when assessing income from some investment assets, such as
Below are the current income test limits as of 1 July 2026:
Key notes:
For more details visit the Services Australia website.
Both the assets test and income test are applied, and the one that results in the lower payment determines your Age Pension rate. If you or your partner have income or assets outside Australia, these may also impact your payment amount. For a detailed explanation of the Age Pension assets test, income test, and how they work as part of the Age Pension means test, visit the income and assets test page.
Certain financial products, such as Challenger’s lifetime annuities, may help improve your Age Pension eligibility. These products can receive favourable treatment under the assets test and income test, which could increase your payments while providing a reliable income stream for life. Learn more about Challenger’s lifetime annuities.
Purchasing a lifetime annuity could immediately increase your Age Pension payments. Unlike many investments, which are 100% assessable under the means test, some life time annuities are partially exempt. Here’s how they are treated:
Assets test:
Income test:
This favourable treatment can help retirees maximise their Age Pension payments while enjoying the security of a guaranteed regular income for life.
Challenger lifetime annuities are designed to provide a guaranteed regular income for life, helping you manage retirement income with confidence. They offer:
This is general information only, and we recommend seeking advice regarding your individual circumstances. Your local Centrelink office can help answer any questions you may have. A financial adviser can also help. It’s important you read the relevant PDS and TMD and ask any questions you may have before investing in any financial products.
To learn more about Challenger lifetime annuities page, visit our Lifetime annuities page.
Beyond the Age Pension, there are several programs designed to provide financial assistance for retirees, helping you manage expenses and enjoy greater financial flexibility.
These options are designed to complement the Age Pension, giving you more control over your finances and helping you manage the costs of retirement. For more information about these programs and other financial assistance for retirees, visit the Services Australia website.
Planning for retirement involves more than just understanding the Age Pension. Take advantage of our tools and guides to help you:
Explore resources like our:
All these resources, along with spending planners and more, can be found on our Tools and Calculators page, your one-stop hub for retirement planning tools.
Want to learn more about retirement planning? Check out our Learn section for articles, tips, videos and insights to help you make informed decisions about your financial future.
For more information about the Age Pension, visit the Services Australia website.
An annuity is a financial product that can be used to provide you with guaranteed regular income, which can make it a valuable part of your retirement portfolio.
Our Guide to a confident retirement has been designed to equip you with the tools and knowledge to help you retire with confidence.
Getting quality financial advice is essential to building confidence in retirement. A financial adviser can help you create a successful retirement strategy to achieve your goals.
