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Age Pension

A Super Guide

The Age Pension is a taxpayer-funded basic retirement income stream for life, for those Australians who meet the eligibility requirements for the Age Pension. The Age Pension rules include reaching a certain age (Age Pension age), meeting residency requirements, and also passing the Age Pension assets test and the Age Pension income test.

The Age Pension rates are indexed twice a year, in March and September. The single rate Age Pension is set to at least 27.7 per cent of Male Total Average Weekly Earnings.

The Age Pension thresholds for the Age Pension income test and assets test are indexed once a year for entitlement to the FULL Age Pension, and three times a year for entitlement to PART Age Pension.

You can find key information about the Age Pension in the articles below, such as:

  • What are the latest Age Pension rates?
  • How do the Age Pension rules work?
  • What is your Age Pension age?
  • Australian Age Pension: 10 important facts you should know
  • Australian Age Pension: Am I eligible and how do I apply?
  • What are the assets thresholds for the Age Pension assets test?
  • What are the income thresholds for the Age Pension income test?
  • Do you understand the Age Pension income test deeming rules for financial investments?

Note: From 1 January 2017, the Age Pension assets test became a lot stricter. For more information, see SuperGuide article Age Pension: 300,000 Australians lost entitlements on 1 January 2017.

Below are some of our key Age Pension articles:

  • Latest Age Pension rates (since September 2018) - Pixmac000010091271 septemberrates 100x75

    Latest Age Pension rates (since September 2018)

  • Age Pension: Assets test thresholds applicable since September 2018 - Pixmac000079866091 assettest 3times crop 1 100x75

    Age Pension: Assets test thresholds applicable since September 2018

  • Age Pension changes: More Australians entitled to payments since September 2018 - Pixmac000050659925 test 100x75

    Age Pension changes: More Australians entitled to payments since September 2018

  • Age Pension: Income test thresholds applicable since September 2018 - Pixmac000081176677 incometest 3times 100x75

    Age Pension: Income test thresholds applicable since September 2018

  • Australian Age Pension: Am I eligible and how do I apply? - Apply 12072765 c 100x75

    Australian Age Pension: Am I eligible and how do I apply?

  • Age Pension age increasing to 67 years (not 70 years) - Pixmac000084378680 takenote 100x75

    Age Pension age increasing to 67 years (not 70 years)

  • Age Pension income test: Deeming rates and deeming thresholds - Pixmac000067195155 rise 100x75

    Age Pension income test: Deeming rates and deeming thresholds

  • Set out below are all SuperGuide articles referring to Age Pension.

    Super tax tables: When OVER 60 years of age

    February 17, 2019 by Trish Power Leave a Comment

    Super tax tables: When OVER 60 years of age - Over 60 111298846 c 100x75

    The summary tables below contain the following information on super taxes for over-60s: Table 1: Contributions taxes Table 2: Earnings taxes (accumulation phase) Table 3: Benefit payment taxes for over-60s (taxed funds). All super funds except certain public sector funds. Table 3 outlines the tax treatment ... Read more

    Tax-free super for over-60s, except for some

    February 17, 2019 by Trish Power 52 Comments

    Tax-free super for over-60s, except for some - tax free super 4926057 cropped 100x75

    If you withdraw your super benefits after you turn 60 years of age, you can expect to pay NO tax on those super benefit payments, unless you are a member of certain types of public sector super funds, or you receive defined benefit pension of more than $100,000 a year. Note: Since 1 July 2017, certain recipients of ... Read more

    Age Pension: Is it alleviating poverty?

    February 16, 2019 by Ben Hall Leave a Comment

    Age Pension: Is it alleviating poverty? - Pension 39782839 c 100x75

    It’s been the foundation of Australia’s retirement system for more than one hundred years, and the Age Pension has undergone major policy reforms over the years to provide an income for retirees. The Age Pension was introduced in Australia in 1909 and it paid $1 per week, equivalent to $65 today, to men over 65 and ... Read more

    The financial and health benefits of working into retirement

    February 16, 2019 by Ben Hall Leave a Comment

    The financial and health benefits of working into retirement - conference call c 100x75

    With each generation, Australians are living longer which is driving a desire, or need, to work for longer to ensure a more comfortable and financially secure retirement. The trend towards semi-retirement has a lot of benefits that extend beyond simply enjoying an ongoing income. While you’re still working, you ... Read more

    Gender inequality in retirement income

    February 15, 2019 by Ben Hall Leave a Comment

    Gender inequality in retirement income - Gender inequality 61384779 ds c 100x75

    Most people will have heard of the term ‘gender pay gap’ and be familiar with what that means but fewer will realise that this is a major cause of what’s known as the ‘gender super gap’. The gender super gap directly affects retirement income and while that gap between men and women is narrowing, policymakers have ... Read more

    What are annuities, and will they work for me?

    February 1, 2019 by Ben Hall Leave a Comment

    What are annuities, and will they work for me? - Pixmac000084791600 peaceofmind 100x75

    Annuities are relatively simple and secure financial products that provide a guaranteed pay cheque in retirement in return for investing a lump sum for the rest of your life, or for a specified period. Unlike account-based pensions, the returns from annuities are not reliant on movements in investment markets. ... Read more

    Retirement: What types of superannuation pensions are available?

    December 16, 2018 by Trish Power Leave a Comment

    Retirement: What types of superannuation pensions are available? - superannuation pensions colorful markers 2 100x75

    The most popular type of superannuation pension is an account-based pension, which is also the main type of super pension available to retirees. The technical term for a superannuation pension is a ‘complying pension’ (that is complying with the superannuation rules). ... Read more

    Turning 65 and super: A Super Guide

    December 11, 2018 by Trish Power Leave a Comment

    Turning 65 and super: A Super Guide - turning 65 13706473 xl 2015 c 100x75

    Anyone aged 65 or over can access super benefits without retiring or satisfying any other special condition of release. Turning 65 is a condition of release. Unless you’re in a public sector fund, such super benefits will be tax-free when paid on or after the age of 60. For a general summary of the super and ... Read more

    Renters Beware: How the pension and super could leave you behind

    November 5, 2018 by The Conversation Leave a Comment

    Renters Beware: How the pension and super could leave you behind - Rental 3834437 c 100x75

    By Rafal Chomik, UNSW How we fund retirement in an ageing century ought to worry all of us. But one group of us should be much more worried than the rest. In a new set of research briefs published by the Centre of Excellence of Population Ageing Research, we report that most people do well out of our ... Read more

    Retirement income: Come on, how much super do I really need?

    October 16, 2018 by Trish Power 4 Comments

    Retirement income: Come on, how much super do I really need? - Pixmac000078323335 movingtargets 100x75

    You’re thinking about your retirement and worried about whether you’ll have enough money to live the life you want, or perhaps you’re more worried about not having enough money to even live the life you don’t want! Uncertainty can create a lot of stress, and doing some research (see SuperGuide article Financial ... Read more

    Retirement income: Today’s dollars, and why $1 million can’t last forever

    October 16, 2018 by Trish Power 18 Comments

    Retirement income: Today's dollars, and why $1 million can't last forever - Pixmac000012139373 diamond forever 100x75

    Note: This article is a supporting article to the three-part series, ‘Crunching the numbers: a $1 million retirement (7% and 5% returns)’, ‘Low yields: A $1 million retirement on 3% or 2% returns, and ‘Crunching the numbers: a $1.6 million retirement’ (links for these articles are set out at the end of the ... Read more

    Crunching the numbers: a $1 million retirement (7% and 5% returns)

    October 16, 2018 by Trish Power 28 Comments

    Crunching the numbers: a $1 million retirement (7% and 5% returns) - million dollar retirements.001 100x75

    Note: This article is updated every 6 months or so with new figures, covering retirement incomes when retiring at age 58, age 60, age 66, age 67 and age 70. The article allows readers to compare what a $1 million retirement can deliver if retirement savings are invested with returns of 7% each year, or if invested on ... Read more

    Low yields: A $1 million retirement on 3% or 2% returns

    October 16, 2018 by Trish Power 2 Comments

    Low yields: A $1 million retirement on 3% or 2% returns - Low yield 3480340 c 100x75

    Note: This article lists expected annual retirement incomes for a $1 million starting retirement balance, when savings are invested during retirement delivering returns of 3% or 2% each year. If you opt for a 3% investment return, rather than, say, 5% or 7% return, during retirement, then you will need to accept a much ... Read more

    Crunching the numbers: a $1.6 million retirement

    October 16, 2018 by Trish Power 5 Comments

    Crunching the numbers: a $1.6 million retirement - million dollar retirements.002 100x75

    Note: A $1.6 million cap now applies on the amount of superannuation savings you can transfer into retirement phase. Since 1 July 2017, you cannot transfer more than $1.6 million (general transfer balance cap), per individual, into retirement phase. As a couple, it is possible to have 2 separate pension accounts of up ... Read more

    Retirement income: Living on more than $60,000 a year

    October 12, 2018 by Trish Power 36 Comments

    Retirement income: Living on more than $60,000 a year - Pixmac000012471537 target 100x75

    Note: This article is updated every 6 months with the latest lifestyle/income data. The most recent data was released in August 2018 (for lifestyle costs up to June 2018) and includes Age Pension rates (applicable from 20 September 2018). The tables in this article list lump sums needed to finance a retirement of 25 ... Read more

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        • SMSFs and accountants
        • SMSF audits
        • SMSF administrative penalties
      • SMSF investment
        • Super investing for beginners
        • Drafting your SMSF investment strategy
        • SMSF asset allocation
        • Superannuation investment strategies
        • Types of super investments
        • Investment returns for 13 asset classes
        • Special SMSF investment rules
        • Franked dividends
        • SMSF borrowing
      • SMSF pensions
        • Retirement phase (formerly pension phase)
        • Types of super benefits
        • Starting an SMSF pension
        • Minimum super pension payments
        • Transition-to-retirement pensions
        • $1.6 million transfer balance cap
        • Actuarial certificates
      • SMSF borrowing
      • SMSF Q & As
    • Planning for retirement
      • Planning for retirement: A Super Guide
      • Retirement planning for beginners
        • How to plan for your retirement
        • When can you retire?
        • How long will you live?
        • How much super is enough?
        • 8 steps to super success
        • Superannuation investing for beginners
        • What is retirement phase?
        • Aspiring to a $1 million retirement
        • Retirement Calculators and Reckoners
      • What age can I retire?
      • Age-based Super Guide
      • How long will I live?
      • How much super do I need?
        • How much for a comfortable retirement?
        • Living on more than $60,000 a year
        • Living on more than $100,000 a year
        • Retirement Calculators and Reckoners
        • $1 million retirement (7% or 5% returns)
        • $1 million retirement (2% or 3% returns)
        • $1.6 million retirement
      • $1.6 million transfer balance cap
      • Types of super benefits
        • Taking a lump sum
        • Taking a super pension
        • SMSF pensions
        • Superannuation benefit payments tax
      • Will I get the Age Pension?
      • Obtaining financial advice
      • Retirement Calculators and Reckoners
        • How Much Super Is Enough Reckoner
        • Retirement Income Reckoner
        • Retirement Age Reckoner
        • Age Pension calculator
        • Annual Minimum Pension Payment Calculator
    • Accessing super
      • Accessing super: A Super Guide
      • 14 legal ways to withdraw your super
      • Definition of retirement
      • Reaching preservation age
      • Turning 65 and super
      • Types of super benefits
        • Taking a super lump sum
        • Taking a super pension
        • SMSF pensions
        • Superannuation benefit payments tax
      • Accessing super early
        • 14 legal ways to withdraw your super
        • Preservation age
        • Severe financial hardship
        • Compassionate grounds
        • Terminal illness
        • Permanent disability or permanent incapacity
        • Claiming insurance from super
        • Death
      • Divorce and super
      • Insurance and super
      • Leaving, living or working outside Australia
    • In retirement
      • In retirement: A Super Guide
      • Retirement Calculators and Reckoners
        • How Much Super Is Enough Reckoner
        • Retirement Income Reckoner
        • Retirement Age Reckoner
        • Age Pension calculator
        • Annual Minimum Pension Payment Calculator
      • Retirement phase (formerly called Pension phase)
        • Super tax rules
        • Types of super benefits
        • Transfer balance cap
        • Exempt current pension income
        • Franked dividends
        • Non-arm’s length income
        • Superannuation benefit payments tax
        • SMSF pensions
        • Transition-to-retirement pensions
      • Taking a super lump sum
      • Taking a super pension
        • Retirement phase
        • Types of super pensions
        • SMSF pensions
        • Transfer balance cap
        • Minimum super pension payments
        • Transition-to-retirement pensions
        • Defined benefit funds
        • Annuities
      • Working in retirement
        • Turning 65 and super
        • Over-65s work test
        • Transition-to-retirement pensions
        • Age-based Super Guide
        • Age pension age
      • Commonwealth Seniors Health Card
      • Age Pension rules
        • Latest Age Pension rates
        • How do the Age Pension rules work?
        • Age Pension age
        • 10 important facts about the Age Pension
        • How do I apply for the Age Pension?
        • Age Pension assets test
        • Age Pension income test
        • Age Pension deeming rules
      • Obtaining financial advice
      • Life expectancy and super
      • Superannuation death benefits
    • Saved articles

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