The Age Pension provides income support for older Australians who meet age, residency, income, and assets criteria. This guide covers the 2026 rates, how the means tests work, and the Work Bonus scheme for pensioners who keep working.
Age Pension Age
| Date of Birth | Pension Age |
|---|---|
| Before 1 July 1952 | 65 years |
| 1 July 1952 – 31 December 1953 | 65 years 6 months |
| 1 January 1954 – 30 June 1955 | 66 years |
| 1 July 1955 – 31 December 1956 | 66 years 6 months |
| From 1 January 1957 | 67 years |
Current Age Pension Rates (2026)
Fortnightly rates are indexed twice yearly (March and September):
| Situation | Maximum Fortnightly Rate | Max Annual (approx) |
|---|---|---|
| Single | $1,143.80 | $29,739 |
| Couple (each person) | $865.60 | $22,506 |
| Couple (combined) | $1,731.20 | $45,011 |
| Couple separated due to illness (each) | $1,143.80 | $29,739 |
Residency Requirements
- You must be an Australian resident on the day you claim
- You must have lived in Australia for at least 10 years in total (with at least 5 consecutive years during this time)
- Some exemptions apply for refugees and those who spent time in certain countries
Income Test
The income test assesses how much you can earn before your Age Pension reduces:
- Single: can earn up to $212 per fortnight before reduction (reduces by 50 cents per dollar over the threshold)
- Couple combined: can earn up to $380 per fortnight before reduction (reduces by 50 cents per dollar)
- Couple separated by illness: each can earn up to $380 per fortnight
Note: The Work Bonus means the first $406 of employment income per fortnight is not assessed under the income test for Age Pensioners of Age Pension age.
Assets Test
| Situation | Homeowner Asset Limit | Non-Homeowner Asset Limit |
|---|---|---|
| Single | $314,000 | $566,000 |
| Couple combined | $469,000 | $721,000 |
| Couple separated by illness | $469,000 | $721,000 |
Your pension reduces by $3 per fortnight for every $1,000 of assets over the limit.
Work Bonus Scheme
The Work Bonus is designed to encourage Age Pensioners to engage in paid work without it reducing their pension:
- The first $406 of employment income per fortnight is not counted in the income test
- Any unused Work Bonus amount accumulates in a Work Bonus balance (up to a maximum of $7,308)
- Accumulated amounts can be used to offset future employment income above the fortnightly threshold
- Work Bonus applies only to employment income, not investment or superannuation income
How to Claim Age Pension
- Create or log in to your myGov account and link Centrelink
- Select "Make a claim" then "Age Pension"
- Complete the online questionnaire providing details about your income, assets, and living situation
- Upload supporting documents (proof of identity, bank statements, superannuation statements, property valuations)
- Submit the claim and track progress in your Centrelink online account
- Processing typically takes 2–6 weeks
Common Age Pension Supplements
- Pension Supplement: included in the base rate (higher for singles)
- Energy Supplement: additional amount to help with energy costs
- Rent Assistance: if you rent privately (no maximum rate for Age Pensioners)
- Pensioner Concession Card: cheaper medicines, bulk billing, and other discounts
- Commonwealth Seniors Health Card: if you don't qualify for Age Pension but meet income limits
Pension Loans Scheme
If you don't qualify for a full Age Pension due to assets (like your home), the Pension Loans Scheme allows you to receive a loan from the Government secured against your property, providing additional income in retirement.
This guide is updated for 2026. Check Services Australia website for latest rates.