Am I Eligible for the Age Pension?
The Australian Age Pension is available to people who've reached pension age (currently 67) and meet both the income test and the assets test. The lower of the two tests determines whether you get the full pension, a part pension, or nothing. Here's how it works.
The Income Test
You can earn a certain amount of income per fortnight before your pension starts reducing. For singles, the income free area is $204 per fortnight. For couples (combined), it's $360 per fortnight. Over that threshold, your pension reduces by 50 cents per dollar for singles and 25 cents per dollar for couples.
"Income" includes employment income, deemed income from your financial investments (regardless of what they actually earn), superannuation income streams, and foreign pensions. It does NOT include the pension itself.
The Assets Test
Your assets (excluding your home if you're a homeowner) are assessed against thresholds that vary based on whether you're single or partnered, and whether you own your home.
Full pension asset limits (approximate 2025): Single homeowner: $314,000 · Single non-homeowner: $566,000 · Couple homeowner: $470,000 · Couple non-homeowner: $722,000.
Part pension cut-offs: Single homeowner: $686,250 · Single non-homeowner: $938,250 · Couple homeowner: $1,031,000 · Couple non-homeowner: $1,283,000.
Assets over the full pension threshold reduce your payment by $3 per fortnight for every $1,000 over the threshold. Once you hit the cut-off, you get nothing.
How Much Is the Full Pension?
The maximum single rate is approximately $1,116.30 per fortnight ($29,024/year). For couples, it's approximately $841.40 each per fortnight. These rates are indexed twice a year (March and September).
Estimate Your Age Pension →Common Strategies
Many Australians approaching retirement restructure their finances to maximise their pension entitlement. This might include paying down the mortgage (your home is exempt from the assets test), gifting rules permitting, or adjusting investment structures. Always get professional financial advice before making significant changes — the rules around deprivation (giving away assets to qualify) are strict and the penalties last for years.