Age Pension Application & Eligibility

Age Pension Application & Eligibility



Age Pension Eligibility

To qualify for the Centrelink Age Pension you must pass both the Income and Assets test and meet the minimum age and residency requirements.



Age is the first requirement. You must be at least 67 to be eligible for the Age Pension however, you may apply up to 13 weeks earlier.



Residency – You don’t have to be an Australian citizen to qualify for the Centrelink Age Pension. But you must have been a Permanent Resident for at least 10 years AND have lived in Australia for at least 5 years of those 10 uninterrupted (excluding short holidays).



Income Test Your assessable income must be less than $65,020 if you’re a single person, or $99,382 if you’re a couple.



Asset Test – If you’re a home owner, singles can have up to $695,500 and couples $1,045,500. If you’re not a home owner, singles can have up to $947,500 and couples $1,297,500

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https://retirementessentials.com.au/age-pension/rates/

Australian Age Pension Rates (September 2024 to March 2025)

The Australian Age Pension is one of the more complex and more generous pension systems in the world. Consequently, it can be hard to understand.  But we are here to help guide you along your retirement journey and put you in control.

The minimum age for both men and women to qualify for the Age Pension is 67. No further age increases are currently legislated.

Because the Age Pension provides core funding for about seven out of ten Australian retirees and at least some income to eight in every ten people over the age of 65 it is relevant and important to all of us.

Even if you aren’t eligible today, it’s highly likely that you will become eligible for at least some pension payment at some point during your retirement.

Age Pension Rates

From 20 September 2024, the Age Pension in Australia has increased. The information detailed below shows the increases including supplements for singles and couples.

Single: $1,144.40 per fortnight ($29,754 per year)

Couple (each): $862.60 per fortnight ($22,427 per year)

Couple (combined): $1,725.20 per fortnight ($44,855 per year)

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