If you have reached Age Pension age you may be eligible for the Age Pension and other benefits.

You could also be entitled to other payments and benefits, including the Pensioner Concession CardPension Supplement and Rent Assistance.

Maximum Age Pension rates as at 20 March 2019 are as follows: 

  Fortnightly Annual
Single
$926.20 $24,081.20
Couple combined
$1,396.20 $36,301.20
Includes Pension Supplement and Energy Supplement. These supplements help you to meet the costs of your daily household and living expenses including energy costs.

To qualify for the Age Pension, you must first satisfy the age and residency requirements. Visit the Department of Human Services website for full details.

Means testing

Your rate of Age Pension is calculated under both an assets test and an income Test. The test resulting in the lowest rate will apply.

Assets test

The level of assets you own are assessed against the assets test thresholds which vary depending on your home ownership and relationship status. For every $1,000 of assets in excess of the lower threshold, your rate of Age Pension reduces by $3.00 per fortnight, reducing to zero once your assets reach the upper threshold.

Effective 20 March 2019, the assets thresholds are as follows: 

  Lower threshold Upper threshold
Homeowners

 
Single $258,500 $567,250
Couple combined $387,500 $853,000
Non-homeowners    
Single $465,500 $774,250
Couple combined
$594,500 $1,060,000

Income test

Income from various sources are assessed against the income test thresholds, which vary depending on relationship status. The way income is determined for this test depends on the nature of the income or investment.

For every dollar of income in excess of the lower threshold, your rate of Age Pension reduces by $0.50 per fortnight, reducing to zero once your income reaches the upper threshold.

Effective 20 March 2019, the income thresholds are as follows:

  Lower threshold
  Upper threshold
 

Fortnightly Annual Fortnightly Annual
Single
$172
$4,472 $2,024.40 $52,634.40
Couple combined
$304 $7,904
$3,096.40 
$80,506.40

Determining whether and how much you are entitled to can be complicated. A financial adviser can help you determine your Centrelink entitlements.