Age Pension

We understand that the age pension is the cornerstone of retirement income for many Australians and for around 65% of retirees, it is their main source of personal income.

You’ve worked hard, paid your taxes and so it’s important that you receive your maximum pension entitlements.

Working out whether or not you are receiving the right amount of pension is part of our service to you. We’ll do all the calculations and provide you with the right advice on what you should do if you aren’t getting your full and proper entitlements.

We’ll look at your age pension and combine this with other income you receive such as your account-based pension, share dividends etc and any drawings you plan to make from a reverse mortgage, as part of your complete long-term retirement income strategy.

Our aim is to always make sure that your pension entitlements are maximised in the context of your overall retirement income goals through the advice and recommendations we provide to you.

Types of pensions

There are several different types of pensions you can receive in retirement including:

  • Age pensions
  • Disability support
  • Sickness and mobility allowances
  • Bereavement allowances
  • Wife pensions
  • Widow B pensions
  • Carer payments and allowances

Eligibility

The qualifying age for age pension is increasing. From 1 July 2019 age pension age will be 66 years. After that, age pension age will go up 6 months every two years until 1 July 2023.

You must be an Australian resident and in Australia on the day you apply for the Age Pension. Generally, you need to have lived in Australia for over 10 years.

Your income and assets are also taken in account when determining your eligibility for age pension, noting that your family home, if you live in it, is not currently counted as an asset.

Current rates

As at March 2019, the maximum rates for the age pension were:

  • Single – approximately $24,081 per year
  • Couple – approximately $36,301 per year

These figures include the pension and energy supplements. The age pension rates will next increase on 20 September 2019.

For more information, go to the Australian Department of Human Service website.

© Smooth Retirement Pty Ltd
AFSL and Australian Credit Licence # 510015
ABN 46 619 010 445
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