You may be eligible for a number of government benefits when you retire, like the Age Pension, to help fund your life in retirement.
Are you eligible for an Age Pension?
The Age Pension pays a regular income to your bank account every fortnight, and also gives you access to discounts and concessions on life and health essentials.
If you’re aged at least 65 years and 6 months^1, are no longer working, or still working but meet eligibility requirements, and are unable to fully fund your retirement through your retirement savings, you may qualify for an Age Pension.
Working out your eligibility for the Age Pension involves meeting residency requirements and two main tests - an income and assets test. The income test looks at any investment income or salary earnings you receive. And the assets test takes into account your lifestyle and financial assets, apart from your home. The test that results in a lower outcome is the one that determines how much Age Pension you receive.
Pensioner Concession Card
If you qualify for the Age Pension, and meet age and work requirements, you’ll also receive a Pension Concession Card. It offers a range of discounts on essentials like medicine, health and other government services. You can also use the card to enjoy reduced rates on gas, water, electricity, car registration and travel concessions.
You may be eligible for several other benefits designed to make life in retirement easier. Rent assistance is available if you receive a Centrelink payment, like the Age Pension, and pay rent. How much assistance you receive depends on how much rent you pay.
If you’re not eligible for the Age Pension and meet the income test requirements, a Commonwealth Seniors Health Card can help you out with certain health and prescription costs.
Find out more about the government benefits you’re entitled to when you retire by downloading The Age Pension and Social Security payments factsheet.
Help with government benefits when you need it
Understanding exactly which benefits you can access and the eligibility tests for each of them can be confusing. Our financial planners^2 are here to help.
Find out more about your advice options, or request an appointment for advice today.
You can also join our free, regular webinars on ‘Transition to Retirement’ and ‘Retirement Planning’, which enable you to learn more about effectively managing your retirement. They’re also a great opportunity to talk to our highly experienced team.
Find more information about the Age Pension or your Centrelink benefits by contacting Centrelink on 132 300, or visit the Services Australia website.
Access free financial education seminars run by Services Australia, designed for retirees who want to understand the pension and other options.