In this guide
Key points about Age Pension
- Rates from 20 September 2026: The full rate of Age Pension is $1,237.70 per fortnight for a single person and $933.00 per fortnight (each) for a couple, including the pension and energy supplements.
- Eligibility: To receive Age Pension you must be aged 67 or over, meet the residence requirements, and be entitled to a payment higher than zero under both the income and assets tests.
- Thresholds for a full Age Pension: A single person can have assets up to $333,000 (or $600,000 if they don’t own a home) and income up to $226 a fortnight before the Age Pension begins to reduce. A couple living together can have combined assets up to $499,000 (or $766,000 if they don’t own a home) and combined income up to $396 a fortnight. These limits change on 1 July each year, not in September.
- Thresholds for a partial Age Pension from 20 September 2026: A single person can have assets up to $745,750 (or $1,012,750 if they don’t own a home) and income up to $2,701.40 a fortnight before the Age Pension reduces to zero. A couple living together can have combined assets up to $1,121,000 (or $1,388,000 if they don’t own a home) and combined income up to $4,128.00 a fortnight.
- Tax treatment: The Age Pension is a taxable payment but if it’s your only taxable income and no tax has been withheld, you don’t generally need to submit a tax return.
The Age Pension is one of the ‘three pillars of retirement income’ in Australia – along with superannuation and private savings. It plays a critical role in retirement income for many, including retirees who are substantially self-funded.
Around two thirds of Australians aged 67 and over receive a pension or income support payment, and 61% receive the Age Pension itself. About 37.5% are on the full rate and 28.5% on a part rate, according to Treasury’s 2026 Intergenerational Report.
Your eligibility for the Australian Age Pension depends on your age, residency and whether you pass means tests based on your assets and income.
Age rules
The first requirement that you must satisfy to be eligible for the Age Pension is reaching the minimum age, which increased to 67 years from 1 July 2023.
What is your Age Pension (and preservation) age?
The tool below can help you calculate your Age Pension age. All you need to do is enter your date of birth.
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