The old pension provides income support and access to a number of concessions for eligible senior Australians. If you meet the age and residency necessities, we'll calculate the quantity of the age pension you'll be able to get, reckoning on your financial gain, property, and different circumstances.

When you receive an old pension, you may also be eligible for assistance in housing and housekeeping expenses. If you are still working at the age of the pension's past age, you can get a partial age pension payment. Read more about the old pension and plan your retirement.

If you have lived or worked outside Australia and you claim or charge a pension, we can also ask you to apply for a pension from other countries where you have lived or worked. If you are legally blind and do not claim rent help, you can get an old pension without being assessed against income and asset testing.

Financial assistance to senior Australians

There are other payments and supplements available. The pension loan plan can help you if your capital is asset-related and you need more income to live. Self-financed retirees may be eligible for a Commonwealth health card seniors and related payments and services.

How much pension will I receive?

Be sure to check the eligibility requirements for the pension, which have changed several times over the years. Consider combining your pension with your Super to maximize your retirement income. This combined approach can make the modest amounts of Super last much longer than you might think.

How it works

The old pension is a government indemnity paid to eligible Australians who have reached retirement age. It is administered by Centrelink, a division of the Department of Human Services of the Commonwealth government and is commonly referred to as the old age pension. The old pension is the income and the assets tested, which means that the amount you are entitled to receive will depend on any other income you receive (Super, placements and paid work) and the assets you own.

Assets and income tests

All government pensions are income and assets tested, which means

• How much you earn from other sources of income-the entry criterion and
• The value of your assets-the asset test

The criterion that results in the lower pension rate will be the one that applies.

Proof of income

Income includes money from:

• Employment
• Pensions and/or annuities
• Investments

It also includes money from outside Australia.

Checking assets

Centrelink will make an assessment of your Australian and foreign assets to determine the amount of the age pension rates you may receive. The information is here. As with the proof of income, if your assets exceed a certain threshold, the amount of the pension you qualify for will decrease – potentially to zero.