Unlike superannuation, which you build up through compulsory contributions, the Age Pension is a means-tested safety net paid by the government once you reach a set age — and whether you get it, and how much, depends on your assets and income at the time you claim, not on how much you contributed over your working life.
You need to be 67 (for everyone born on or after 1 January 1957) and have at least 10 years of Australian residency, with at least 5 of those years continuous, before you can claim the Age Pension at all. Meeting the age and residency requirements doesn't guarantee a payment, though — that's decided separately by the assets and income tests.
Your principal home isn't counted as an asset, but everything else — savings, investments, superannuation balances, and other property — is assessed against a threshold that's lower for homeowners than for non-homeowners (who are assumed to need more savings to cover housing costs). Above the threshold, your payment reduces gradually; above a higher cutoff, it drops to zero entirely. An income test applies as well, and whichever test produces the lower payment is the one that determines your actual entitlement.
Because the assets test has real thresholds rather than a single cutoff, many retirees with moderate superannuation balances still receive a partial Age Pension on top of their super — the two aren't mutually exclusive. Use the Age Pension Calculator on this site to get a rough estimate of your fortnightly payment based on your age, residency, homeownership status, and assets.
Informational content, not financial, tax, or legal advice. Verify amounts, limits, and current conditions directly with official sources (ATO, ASIC, APRA) before making a decision.
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