Key takeaways

• If you’re an Australian resident and able to access the full Age Pension, you can receive up to $1,064.00 per fortnight for singles and $1,604.00 for couples (each)

• If you are working, you can earn up to $204 per fortnight for a single pensioner or $360 for a couple, and still receive the full Age Pension

• The Age Pension rates will potentially change on 20 September 2023.

When you retire, you may be able to access government benefits like the Age Pension. This essentially provides you with back-up income if you don’t have enough retirement savings in your super or other investments.

The kind of pension and benefits you’re entitled to generally depends on your age, assets and income.

In this article, we look at what the current Age Pension rates are, how much extra income you could earn without losing these benefits, and how often it’s paid.

What makes you eligible for the Age Pension?

Generally, to be eligible for the Age Pension, you must be 67 or older—depending on when you were born—be an Australian resident and have lived in Australia for at least 10 years as well as meet the income and assets tests.

We explain these in more detail below.

The super transfer limit has increased

Until 1 July this year, the maximum amount you could move from super into tax-free retirement super income streams, such as Account-Based-Pensions and Annuities, was $1.7 million (called the ‘transfer balance cap’). Because of indexation, that has now been increased to $1.9 million.

If you had a tax-free retirement pension before 1 July 2023, your cap may only be partially increased and the ATO will calculate your personal transfer balance cap. If you think you may be impacted, speak with the ATO or your accountant. You can also check your personal transfer balance cap via your myGov account.

Age Requirements for Age Pension

From 1 July 2023, the qualifying age for Age Pension is 67. This applies to those born on or after 1 January 1957. If you were born prior to this date, you have already reached your age pension age as it was less than 67.

Residence requirements

To qualify for the Age Pension, you must be an Australian resident (that is, living in Australia on a permanent basis) and have lived in the country for at least 10 years.

You must also have lived in Australia for at least 5 years consecutively, and you’ll need to be in the country on the day you apply for the pension.

If you’re not an Australian resident, there are some circumstances in which you could be eligible for the Age Pension.

Special rules apply to residences in countries with which Australia has an International Social Security Agreement. Residence in these countries may count towards the minimum 10-year residence requirement.