When you retire, you may be eligible for government benefits such as the Age Pension or a concession card.
The kind of pension and benefits you’re entitled to generally depends on your age, assets and income.
Age Pension
Generally, to be eligible for the Age Pension, you must:
- be age 67 or over
- be an Australian resident and have lived in Australia for at least 10 years, and at least 5 of these years without a break in residence
- meet the income and asset tests
Use the super and pension age calculator
Work out at what age you're eligible to get your super and apply for the Age Pension.
Income and assets test
These tests measure your income (how much money you get) and the value of your assets (what you own, for example, any investment properties).
If your income or assets are above certain limits, your pension payment will be reduced, or you may not be eligible at all.
Your income includes money from:
- employment
- income streams
- annuities
- investments
- earnings outside Australia
- salary packaging
See income test for Age Pension on the Services Australia website.
Your assets can include things like:
- investment properties
- caravans, cars and boats
- financial investments
- business assets
Your main family home, if you live in it, isn't counted as an asset. However, if you decide to sell, it could affect your pension.
If you have any assets overseas, their value will be converted into the equivalent Australian dollar amount.
See asset types on the Services Australia website.
To talk to someone about the Age Pension income and assets tests, contact the Services Australia Financial Information Service.
How much the Age Pension pays
How much you get depends on your income and assets tests, and whether you're single or in a couple.
The current maximum Age Pension for:
- singles is $1,051.30 a fortnight or $27,333 a year
- couples is $1,585.00 a fortnight or $41,210 a year
These amounts do not include any supplements.
See Age Pension on the Services Australia website for more information.
Age Pension benefits
If you get the Age Pension, you may be eligible for other related benefits:
- Centrepay — a free direct bill paying service available as a regular deduction from your Centrelink payments.
- Work Bonus — a scheme that helps you earn more without reducing your pension.
- Pensioner Concession Card — see Concession cards, below.
Other types of pensions
For information about veterans pensions, see income support on the Department of Veterans' Affairs (DVA) website.
For other types of payments, including carers allowance, use Centrelink's Payment finder.
If you get the Age Pension and your circumstances change, you need to tell Centrelink. This can include selling the family home or other changes to your assets and income.
Concession cards
The following cards provide seniors, retirees and pensioners with discounts on things like health care, transport and utilities.
Pensioner Concession Card
Gives you access to cheaper utility and medical bills, and discounts on public transport in some states. You can get the Pensioner Concession Card if you get the Age Pension or other payments from Centrelink.
See Pensioner Concession Card on the Services Australia website.
Seniors cards
Offers a discount on public transport and some goods and services. Generally, you must:
- be aged 60 to 65 years, and
- work part time – generally up to 20-35 hours per week
Check eligibility in your state or territory:
- Australian Capital Territory
- New South Wales
- Northern Territory
- Queensland
- South Australia
- Tasmania
- Victoria
- Western Australia
Commonwealth Seniors Health Card
Gets you cheaper prescriptions and medical appointments. You must:
- be of Age Pension age,
- meet an income test, and
- not receive Centrelink payments (including the Age Pension)
See Commonwealth Seniors Health Card on the Services Australia website.
Government loans
If you're on or qualify for the Age Pension, you may be eligible for Services Australia loans:
- Home Equity Access Scheme (formerly Pension Loan Scheme) — use real estate as security for a fortnightly loan to top up your retirement income.
- Advance payment — get part of your pension payment in advance to help cover immediate expenses.
Health care benefits
To help save on health costs, there are government benefits and other ways to help you manage. For more information, see manage health costs in retirement.
Tax offsets
You may be eligible for additional tax offsets, depending on your:
- age
- income, and
- eligibility for government pensions
See seniors and pensioners tax offset on the Australian Taxation Office (ATO) website.
Low cost banking
If you have a Pensioner Concession Card or Commonwealth Seniors Health Card, you may be eligible for a low cost, basic bank account. Check with your bank.
Lorenzo and Sophia apply for the Age Pension
Lorenzo and Sophia have both reached retirement age. They provide their tax returns and bank and financial statements to Centrelink for assessment. Their combined assets are worth $200,000 and their joint income is $45,000 a year. Their assets are modest, so they don't affect their pension. However, as their joint income exceeds the age pension income limit, they will only receive a part pension.