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Retirement Essentials can help you find out how much you are eligible for.
Contact Retirement EssentialsEligibility for the Age Pension
Aged 66 years or older
From 1 July 2023, you’ll need to be aged at least 67 years.
Australian resident
You generally must have been an Australian resident for at least 10 years, with at least five of these years in one period.
Meet the income and assets tests
There are limits on how much your income, investments, super and property can be worth before it affects how much you will receive.
Different limits apply to couples and singles.
Visit Centrelink to learn more about eligibility for the Age Pension.
The Age Pension – the basics
This 2-minute video gives an overview of how to get started and
apply for the pension.
How much you could get
How much Age Pension you get depends on the income test and the assets test. You’ll get paid under the test that produces the lower rate of payment.
Current maximum Age Pension rates
As at September 2023
| Per fortnight | Single | Couple Combined |
|---|---|---|
| Maximum basic rate | $1,002.50 |
$1,511.40 |
| Maximum Pension supplement | $80.10 | $120.80 |
| Energy supplement | $14.10 |
$21.20 |
| Total |
$1096.70 | $1653.40 |
Visit Centrelink to learn more about how much you can get.
About the income test
Income from employment (including salary sacrifice), some pension payments and annuity payments, deemed income from investments and income from outside of Australia are all included in the income test.
For singles
Work Bonus
The Work Bonus provides an incentive for pensioners over Age Pension age to work, should they choose to do so, by allowing them to keep more of their pension when they have income from working.
Under the Work Bonus, the first $300 of fortnightly income from work is not assessed as income under the pension income test. Any unused amount of the fortnightly $300 Work Bonus will accumulate in a Work Bonus income bank, up to a maximum amount of $7,800.
From 1 December 2022 to 31 December 2023, the maximum Work Bonus balance limit increases from $7,800 to $11,800. This will reset to $7,800 on 1 January 2024. You’ll also get a one-off increase of $4,000 to your Work Bonus balance during this period.
Visit Services Australia to learn more about Work Bonus eligibility.
About the assets test
Different asset test limits apply for homeowners and non-homeowners.
Assessable assets over the lower threshold reduces the full Age Pension amount you may receive.
Assets test limits: Homeowner (own or paying off a home)
For homeowners, the house you currently live in is not considered an asset.
| Per fortnight | Full Pension if assets are less than the lower threshold of: | No Pension payable if assets are more than the upper threshold of: |
|---|---|---|
| Single | $301,750 | $667,500 |
| Couple combined | $451,500 | $1,003,000 |
| A couple, separated due to illness, combined | $451,000 | $1,183,000 |
As at September 2023
Visit Services Australia to learn more about how the assets test works
Assets test limits: Non-homeowner (renting or living in rent free accommodation)
Assets test limits – Non-homeowner (renting or living in rent free accommodation)
| Per fortnight | Full Pension if assets are less than the lower threshold of: | No Pension payable if assets are more than the upper threshold of: |
|---|---|---|
| Single | $543,750 | $909,500 |
| Couple combined | $693,500 | $1,245,000 |
| A couple, separated due to illness, combined | $693,500 | $1,425,000 |
As at September 2023
Visit Services Australia to learn more about how the assets test works
Applying for the Age Pension
Get ready to apply
You can apply 13 weeks before you reach your Age Pension age. But it’s a good idea to start early and get your documents ready.
Documents needed may include:
- a form of identification
- your Tax File Number
- your bank account details
- your income and assets information.
How to apply
- Online - through your myGov account
- In person – visit a Centrelink Service Centre
Retirement Essentials
Cbus are proud to partner with Retirement Essentials, Experts in simplifying the Age and Commonwealth Seniors Health Card application process for you.
Get a free eligibility calculation, with a fee payable when you finish your application. You can complete your application online from the security of your own home with back-up telephone support if you need it.
Learn more
Come along to a retirement seminar
Learn more about retirement and super at one of our seminars.
They're relaxed and informal so anyone can join, and they're provided as part of your membership.
Topics covered include retirement planning, the government Age
Pension and transition to retirement.
Meet with a financial planner
As part of your Cbus membership, you have access to our team of financial advisers over the phone who can assist you in planning your retirement.
For more comprehensive personal financial advice, Cbus Advice Services can refer you to an accredited financial planner.
The financial planners offer advice on a fee-for-service basis, with any fees agreed with you in advance. You may be eligible to have the financial planner payment fees deducted directly from your Cbus account.
All financial planners meet strict professional qualification and service criteria set by Cbus and the Financial Advice Association Australia Limited (FAAA).