Age Pension and planning your retirement

Whether you are an older Australian planning for retirement or continuing to work past age pension age, we have payments and services to help with living costs.

Planning for retirement

Retiring from paid work is a major life change.

It’s a good idea to attend a free Financial Information Service (FIS) seminar to help with your retirement planning. FIS seminars provide information about preparing for retirement, understanding your pension and living in retirement.

Talk to a FIS officer

Call 132 300 to speak to a FIS officer. If possible, your questions will be answered over the phone. If there are complex issues to be discussed, the FIS officer may offer to arrange an appointment for you.

Income support for older Australians

If you have reached age pension age, Age Pension may help to support you. To qualify, you must first satisfy age and residence requirements. How much you can get depends on your income, assets and other circumstances.

If you are a self-funded retiree or still working, you may be able to get a part pension.

If you have lived or worked outside Australia and are claiming or receiving Age Pension here, we may contact you and your partner. Even if your partner is not claiming a payment from us, we may ask you both to apply for a pension from that country and let us know the outcome.

If you are legally blind, and you are not claiming Rent Assistance you may get Age Pension without being assessed against the income and assets tests.

There are other payments and supplements available as well. For instance, the Pension Loans Scheme can help you if your capital is tied up in assets and you need additional income to live on.

Our online estimator lets you estimate the amount of Age Pension you may be able to get, and compare other payments you may be eligible for.

Working past age pension age

You may want to continue to work past age pension age.

The Work Bonus is an incentive for pensioners to remain in the workforce past age pension age by increasing the amount you can earn before your pension is reduced. You do not need to apply for the Work Bonus. If you receive eligible employment income, we will automatically apply the Work Bonus to your income test.

The Pension Bonus Scheme provides a lump sum incentive for older Australians to remain in the workforce and defer claiming Age Pension. To be eligible for a bonus, you must have registered for the scheme before 1 July 2014 and meet the other eligibility requirements. The scheme is now closed to new registrations.

Pensioner Concession Card

If you receive Age Pension you will be able to get a Pensioner Concession Card. This gives you access to Australian Government health concessions and helps with the cost of living by reducing the cost of certain goods and services.

You may also get a Pensioner Concession Card if you are over 60 years of age and have been receiving certain other income support payments for 9 months or more.

Updating your child support arrangements

If you pay or receive child support and your circumstances change you should update your child support arrangements by:

Changes to your circumstances may affect the amount of child support you pay or receive. Read more about changes that affect your child support.

Other government and community support services

There are a range of other organisations that provide support services and useful information you may find helpful. You can use Payment and Service Finder to locate assistance in your local area.

Be Connected is an Australian Government program improving the digital literacy of older Australians. You can access online learning and a network of partners in your area.

moneysmart logoMoneySmart has information to help you make the most of your money. Read the Retirement income planning section on the MoneySmart website.

myagedcare has information on a range of community, aged care and support services. You can find advice about what help is available, assistance at home, aged care homes, and caring for someone.

If you are feeling depressed, anxious or stressed, you may find it helpful to talk to somebody about your mental health.

Page last updated: 10 August 2018