The Age Pension in Australia for 2024 is $1,028.90 per fortnight for singles and $1,543.30 per fortnight for couples.
Understanding the Age Pension
The Age Pension is a government payment for Australians aged 66 years and older who meet certain eligibility criteria. The amount you receive depends on:
- Your age: The pension amount increases as you age.
- Your income and assets: The pension is means-tested, meaning your income and assets are assessed to determine your eligibility and payment amount.
- Your partner's income and assets: If you are in a couple, your partner's income and assets are also considered.
Key Points
- Full Pension: To receive the full Age Pension, you must meet the income and asset tests.
- Part Pension: If your income and assets exceed the thresholds, you may still be eligible for a part pension.
- Income Test: The income test considers your income from all sources, including employment, investments, and pensions.
- Asset Test: The asset test considers the value of your assets, including your home, savings, and investments.
Finding More Information
For more detailed information about the Age Pension, including eligibility criteria, income and asset thresholds, and how to apply, visit the Services Australia website: https://www.servicesaustralia.gov.au/age-pension.
