Age eligibility

2024 is actually a momentous year in relation to age pension eligibility. For a number of years there has been a graduated system of eligibility based on age.

Way back in 2009 it was decided to increase the age of eligibility from 65 to 67, in order to ease pressure on future budgets. However, this was done incrementally over a number of years. For example, someone born in 1953 became eligible an age 65.5 and someone born in 1956 was eligible at 66. There were also different rules for females, so it could be confusing at times.

As of 1 January 2024, everyone is now eligible at age 67, (still subject to the various Means Tests).

Current limits

It is worth noting that under the Centrelink assets test, a homeowner couple can have up to $1,012,500 in financial assets plus a home and still receive a part age pension.

More detailed information on Centrelink rates is available here.