Who Is Eligible for the Age Pension in Australia?

The Age Pension Qualifying Age

The Age Pension qualifying age is 67 for both men and women born on or after 1 January 1957.

Residency Requirements

To qualify you must:

• Be an Australian resident at the time you apply
• Have lived in Australia as a resident for at least 10 years total, including at least 5 years continuously

Some international social security agreements count overseas residence periods.

Income Test

The Age Pension reduces once your income exceeds the free area:

Situation	Income free area (fortnightly)
Single	$204
Couple (combined)	$360

The pension reduces by 50 cents for every dollar above the free area. Once income exceeds the cut-off, payment stops entirely.

The Work Bonus

The first $300 per fortnight of employment income is not counted in the income test. Unused amounts accumulate in a balance (up to $11,800) that offsets future employment income.

Assets Test

Assets above the lower threshold reduce the pension by $3 per fortnight per $1,000 of assets. The full pension is paid below the lower threshold:

Situation	Lower threshold (full pension)
Single homeowner	~$301,750
Single non-homeowner	~$543,750
Couple homeowner (combined)	~$451,500
Couple non-homeowner (combined)	~$693,500

(Thresholds are indexed — verify current figures at servicesaustralia.gov.au)

Deeming Rules

Financial assets are deemed to earn a standard income regardless of actual earnings:

• First portion (single: ~$62,600): 0.25% per year
• Above that: 2.25% per year

Additional Supplements

Age Pensioners may also receive: Pension Supplement, Energy Supplement, Rent Assistance (if renting), and Pharmaceutical Allowance.

Key Points

• Qualifying age: 67 for both men and women
• 10 years' Australian residence required (5 continuous)
• Both income and assets tests apply
• The Work Bonus allows pensioners to earn from work without full pension reduction
• Financial assets are deemed to earn income regardless of actual returns