The Centrelink Age Pension remains a vital source of financial support for many older Australians. In February 2025, eligible single recipients can receive up to $1,047.10 per fortnight, ensuring financial stability in retirement. Couples also benefit from tailored payments that consider their shared living expenses.
This guide explains who qualifies for the Age Pension, how much you can receive, and how to apply. Plus, we’ll share practical tips to help you maximize your benefits.
Payment
The Age Pension payment is adjusted regularly to keep up with inflation and the cost of living. As of February 2025, the maximum pension rates are:
| Category | Maximum Fortnightly Payment |
|---|---|
| Singles | $1,047.10 |
| Couples (each) | $789.40 |
| Couples (combined) | $1,579.40 |
Additional payments such as the Pension Supplement and Energy Supplement may also be available to help cover everyday expenses.
Eligibility
Before applying, it’s important to understand whether you meet the eligibility criteria.
Age Requirement
To qualify for the Age Pension, you must be at least 67 years old.
Residency Rules
Applicants must:
- Be an Australian resident.
- Have lived in Australia for at least 10 years, including five consecutive years.
There are exceptions for those from countries with social security agreements with Australia.
Income Test
The income test assesses how much you earn to determine your pension amount.
| Income Level | Pension Eligibility |
|---|---|
| Below $204/fortnight (single) | Full pension |
| Up to $2,332.40/fortnight (single) | Part pension (tapered) |
Assessable income includes:
- Wages from employment
- Rental income
- Superannuation payments
Assets Test
The assets test considers the value of your property, savings, and investments.
| Homeowner | Full Pension Limit | Part Pension Cut-Off |
|---|---|---|
| Single | $301,750 | $695,500 |
| Couple (combined) | $451,500 | $1,003,000 |
Non-homeowners have higher limits due to rental costs.
Extra Payments
If you qualify for the Age Pension, you may receive extra payments, including:
- Pension Supplement: Helps cover everyday expenses.
- Energy Supplement: Provides financial relief for rising energy costs.
These supplements are automatically included in your pension payments.
Applying for the Age Pension
Applying for the Age Pension is a straightforward process, but it’s important to have the right documents ready.
Steps to Apply
- Check Eligibility: Use the Centrelink Payment and Service Finder to confirm if you qualify.
- Create a myGov Account: If you don’t have one, register and link it to Centrelink.
- Gather Documentation: You’ll need:
- Proof of identity (passport, birth certificate, etc.).
- Financial statements.
- Residency history.
- Submit an Online Application: Apply through myGov and upload your documents.
- Respond to Requests: If Centrelink asks for more information, respond quickly to avoid delays.
Common Mistakes to Avoid
- Incorrect Income Reporting: All income sources must be declared to avoid overpayment issues.
- Missed Deadlines: Failing to apply on time could result in delayed or reduced payments.
- Outdated Asset Information: Keep Centrelink updated about changes in your financial situation.
Pension for Couples
For couples, combined income and assets are assessed. In February 2025:
- A couple living together can receive up to $1,579.40 per fortnight combined.
- Higher income and asset thresholds apply, providing more flexibility.
Real-Life Pension Examples
- Age: 67
- Income: $180/fortnight from part-time work
- Assets: $150,000 (homeowner)
- Result: Full pension of $1,047.10/fortnight
Part Pension
- Age: 72
- Income: $1,000/fortnight from superannuation
- Assets: $500,000 in shares (homeowner)
- Result: Reduced pension of approximately $300/fortnight
Cost of Living Adjustments
The Age Pension is adjusted twice a year, in March and September, to keep up with inflation. The February 2025 rate reflects the latest adjustment from September 2024.
Useful Resources
- myGov: Apply and manage your account online.
- Centrelink Payment and Service Finder: Check eligibility and payment rates.
- Financial Information Service: Free financial advice from Services Australia.
The $1,047.10 Centrelink Age Pension remains a crucial financial support for retirees in 2025. By understanding the eligibility rules, income and assets tests, and extra supplements, you can make the most of your pension. Use resources like myGov and Centrelink’s Payment Finder to stay informed and ensure a smooth application process.
FAQs
What is the maximum Age Pension for singles?
As of February 2025, it’s $1,047.10 per fortnight.
How do I apply for the Age Pension?
Apply online through myGov or contact Services Australia.
What is the assets limit for a full pension?
Single homeowners must have assets below $301,750.
Are there extra payments with the pension?
Yes, including the Pension Supplement and Energy Supplement.
When is the pension adjusted for inflation?
Twice a year, in March and September.
