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Age Pension and government benefits

Benefits and entitlements for seniors and retirees

Page reading time: 4 minutes

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:

Income and assets tests

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:

See income test for Age Pension on the Services Australia website.

Your assets include things like:

Your 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 maximum Age Pension for:

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:

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.

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 must:

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:

Check eligibility in your state or territory:

Commonwealth Seniors Health Card

Gets you cheaper prescriptions and medical appointments. You must:

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:

Health care benefits

These government benefits can help you save on your health expenses.

Tax offsets

You may be eligible for additional tax offsets, depending on your:

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.

Couple drinking tea and talking.

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 minimum, they will only receive a part pension.