Age Pension: Who Qualifies and What You Get
Learn how the Age Pension provides fortnightly financial support for Australians aged 67 and older to help with living costs.
The Age Pension is a fortnightly payment designed to help you manage your daily living costs once you reach a certain age.
Who it's for
This scheme is for Australian citizens aged 67 or older. To qualify, you must also meet specific rules regarding your total income and the value of your assets.
What you get
You will receive a regular payment every fortnight to assist with your living expenses. The amount you receive is adjusted twice a year to keep up with changing costs.
What it costs you
There is no fee to apply, but you must provide detailed information about your finances. The application process typically takes between 4 and 6 weeks to process.
The catch to know
Many people find that the rules regarding what you own (the assets test) can be more strict than the rules regarding what you earn (the income test), particularly if you own a home.
How to apply
- Gather all your financial documents and details about your assets.
- Prepare to disclose your income and property information.
- Submit your application through the official government portal.