Australia Pension Age Calculator

Age Pension eligibility is 67 for everyone born after 1 January 1957. The qualifying age was raised gradually: 65 for those born before July 1952, then up by 6 months per cohort, settling at 67 from July 2023. Your specific eligibility date depends on your date of birth.

There has been ongoing political discussion about further raising the qualifying age to 70 (proposed by Tony Abbott in 2014) but no concrete plan has been adopted. Current policy is 67 for everyone retiring now and into the foreseeable future. The age applies to both Age Pension and Commonwealth Seniors Health Card benefits.

Hitting age 67 doesn't automatically qualify you for the full pension. Income test and assets test apply, with whichever produces the lower payment. 2024 maximum single rate is $1,144/fortnight; couple combined $1,725/fortnight. Income test threshold: $204/fortnight for singles ($360 couples) before reductions begin (50 cents per dollar above threshold).

Assets test (singles homeowner): full pension up to $314,000 of assets, partial up to $686,250, none above. Couples homeowner: full to $470,000, partial to $1,031,000. Family home is exempt. Many retirees structure their finances to maximise pension eligibility - sometimes called 'gaming the system' but legally allowed within ATO rules.

Work Bonus allows pensioners to earn up to $300/fortnight from work without it counting toward the income test. Builds up to $11,800 of unused balance, used as needed. So a pensioner returning to part-time work for a few months a year can earn substantially without losing pension.

The Work Bonus only applies to employment income (or self-employment from active work), not investment income. Investment returns count toward the income test directly. The bonus encourages part-time work in retirement, which the government promotes for both economic and health/social reasons.

Preservation age (when you can access super) is 60 for anyone born after 1 July 1964. So most current workers can access super at 60, then qualify for Age Pension at 67. The 7-year gap means many use super for early retirement (60-67), preserving pension eligibility for later.

Some retirees structure withdrawals during this gap to keep super balance below the assets test threshold by age 67. Strategies include drawing down super for living expenses (preserving other assets), gifting to family within allowed limits ($10,000/year, $30,000/5 years), or paying off mortgage on principal residence (which is asset-test exempt). The [Australia Super Calculator](/australia-super-calculator) handles super-specific math.