The Age Pension in Australia 2026: Rates, Eligibility, Income and Asset Limits
For millions of Australians, the Age Pension forms an important part of retirement income. But working out how much you might receive can quickly become confusing.
There are income limits, asset limits, different rates for singles and couples, rules around superannuation and work, and figures that change throughout the year.
This guide brings the important information together in plain English.
The Age Pension increased again on 20 September 2026. The maximum payment is now $1,237.70 per fortnight for a single pensioner and $1,866 per fortnight combined for a couple.
These are maximum rates. How much you actually receive depends on your individual circumstances.
Last updated: 22 September 2026.
Current Age Pension Rates From 20 September 2026
Age Pension rates are generally adjusted on 20 March and 20 September each year.
The current maximum fortnightly rates are:
| Your situation | Maximum payment per fortnight |
|---|---|
| Single | $1,237.70 |
| Couple – each | $933.00 |
| Couple – combined | $1,866.00 |
| Couple separated due to ill health – each | $1,237.70 |
These maximum amounts include the basic pension rate and applicable supplements.
The current rates apply from 20 September 2026 to 19 March 2027.
How Much Did the Age Pension Increase in September 2026?
The September indexation increased the maximum single pension by $36.80 per fortnight.
For a pensioner couple, the combined maximum increased by $55.60 per fortnight.
You don’t need to apply for these regular indexation increases if you already receive an eligible payment. Changes are applied automatically.
How Much Is the Age Pension Per Year?
If the current maximum fortnightly rate remained unchanged for an entire year, it would equal approximately:
Single pensioner: $32,180.20 per year
Couple combined: $48,516 per year
These figures are simply the current fortnightly maximum multiplied by 26.
Actual payments over a full year can differ because pension rates can change in March and September and your individual circumstances can affect your entitlement.
What Is the Age Pension?
The Age Pension is an Australian Government income support payment for eligible older Australians.
It is designed to provide financial support in retirement for people who meet the relevant age, residence, income and asset requirements.
Australia’s retirement system means the Age Pension does not necessarily have to be your only source of retirement income.
Many Australians fund retirement through a combination of the Age Pension, superannuation, savings, investments and, in some cases, continued employment.
You also don’t necessarily need to qualify for the full pension.
Many retirees receive a part Age Pension because their income or assets exceed the thresholds for the full rate but remain below the relevant cut-off points.
What Age Can You Get the Age Pension?
The current Age Pension age in Australia is 67.
Reaching 67 does not automatically mean you will receive the Age Pension.
You must also meet the relevant residence requirements and satisfy the income and assets tests.
Australian Residence Requirements
Age Pension eligibility includes Australian residence rules.
Generally, you need to be an Australian resident when you claim and have been an Australian resident for a required period.
For many applicants, this means having been an Australian resident for at least 10 years, including a period of continuous residence.
There are exceptions, and international social security agreements can affect eligibility for some people who have lived or worked overseas.
If you have spent significant periods living outside Australia, it is worth checking your individual circumstances with Services Australia rather than assuming you are or aren’t eligible.
How Does Centrelink Work Out Your Age Pension?
Two of the biggest factors are the:
Income test
and
Assets test
Services Australia generally applies both tests and the one producing the lower pension entitlement determines how much you receive.
That is why two retirees of the same age can receive very different pension amounts.
One might own significant investments but have relatively little income, while another might have fewer assets but substantial income.
Age Pension Income Test 2026
The income test looks at income received by you and, if applicable, your partner.
Under the standard rules current in September 2026, the income free areas are:
| Your situation | Income before pension starts reducing |
|---|---|
| Single | $226 per fortnight |
| Couple combined | $396 per fortnight |
For a single pensioner, the standard pension generally reduces by 50 cents for each dollar of income above the free area.
For a couple, each person’s pension generally reduces by 25 cents for each dollar of combined income above the free area.
This continues until your payment eventually reaches $0.
Age Pension Income Cut-Offs
The standard income cut-off points current in September 2026 are:
| Your situation | Fortnightly income cut-off |
|---|---|
| Single | $2,701.40 |
| Couple living together | $4,128 combined |
| Couple separated due to ill health | $5,346.80 combined |
These figures should be treated as a guide rather than assuming they are your personal cut-off.
Your cut-off can differ if you receive Rent Assistance, have Work Bonus credits, live outside Australia or have other circumstances that affect your assessment.
Age Pension Assets Test 2026
Services Australia also considers the value of assets owned by you and your partner.
The assets test can include things such as:
- money in bank accounts
- shares and investments
- investment properties
- vehicles
- caravans and boats
- household contents and personal assets
- superannuation in circumstances where it is assessable
- assets held outside Australia.
One particularly important exception is your home.
Does Your Home Count Towards the Age Pension Assets Test?
Your principal home is generally exempt from the Age Pension assets test.
However, whether you are classified as a homeowner still matters because homeowners and non-homeowners have different asset thresholds.
Non-homeowners are allowed higher levels of assessable assets before their pension begins reducing.
Asset Limits for a Full Age Pension
The current standard asset thresholds are:
| Your situation | Homeowner | Non-homeowner |
|---|---|---|
| Single | $333,000 | $600,000 |
| Couple combined | $499,000 | $766,000 |
| Couple separated due to illness – combined | $499,000 | $766,000 |
Having assets above these figures does not necessarily mean you lose the Age Pension.
It generally means your payment begins reducing and you may receive a part pension instead.
Asset Limits for a Part Age Pension
From 20 September 2026, the standard asset cut-off points are:
| Your situation | Homeowner | Non-homeowner |
|---|---|---|
| Single | $745,750 | $1,012,750 |
| Couple combined | $1,121,000 | $1,388,000 |
| Couple separated due to illness – combined | $1,324,500 | $1,591,500 |
Once assessable assets exceed the applicable cut-off, you generally won’t receive the Age Pension under the standard assets test.
People receiving Rent Assistance can have higher cut-off points.
How Quickly Does the Pension Reduce Under the Assets Test?
Once your assets exceed the full-pension asset threshold, your pension gradually reduces.
Under the standard assets test, the pension generally reduces by $3 per fortnight for every $1,000 of assets above the relevant threshold for a single person.
For couples, the reduction is generally $1.50 each per fortnight for every $1,000 of combined assets above the threshold.
This is why exceeding the full-pension threshold does not suddenly eliminate your payment.
There can be a substantial range between qualifying for the full pension and losing eligibility altogether.
Does Superannuation Count Towards the Age Pension?
Superannuation can affect your Age Pension entitlement.
Once you reach Age Pension age, superannuation will generally become relevant to the means tests.
Exactly how your super is assessed can depend on how it is held and whether you are receiving an income stream.
Having superannuation does not automatically prevent you from receiving the Age Pension.
Many Australian retirees receive a part Age Pension while also drawing money from their super.
What Are Deeming Rates?
Centrelink doesn’t simply look at the actual interest received from every financial investment.
For many financial assets, Services Australia uses deeming.
Deeming assumes your financial investments earn a certain rate of income regardless of the amount they actually earn.
Financial investments that may be affected include savings accounts, term deposits, shares and managed investments.
From 20 September 2026, the deeming rates increased to 1.75% and 3.75%.
This matters because deemed income is included when Services Australia applies the pension income test.
Can You Work While Receiving the Age Pension?
Yes.
You don’t have to stop working simply because you have reached Age Pension age.
Employment income can affect your pension under the income test, but the Work Bonus can help eligible pensioners keep more of their payment while earning income from work.
The Work Bonus allows some eligible employment or self-employment income to be excluded from the pension income test.
This can make continuing with part-time, casual or occasional work more attractive for some older Australians.
You still need to report employment income to Services Australia when required.
Can You Receive a Part Age Pension?
Yes, and this is important because some retirees assume they won’t qualify simply because they have savings or investments.
You can earn too much or own too many assessable assets to receive the full Age Pension while still remaining eligible for a part pension.
Even a relatively small Age Pension payment can be valuable because pension eligibility may also provide access to additional concessions.
It can therefore be worth checking rather than assuming your assets automatically rule you out.
Pensioner Concession Card
People receiving the Age Pension generally receive a Pensioner Concession Card.
The card can provide access to cheaper medicines and various other concessions.
Exactly what is available can depend on where you live, because state, territory and local governments may provide additional concessions.
For some retirees, these additional benefits make qualifying for even a part Age Pension particularly valuable.
What If You Don’t Qualify for the Age Pension?
Not qualifying for the Age Pension doesn’t necessarily mean you aren’t eligible for any government assistance.
One important alternative is the Commonwealth Seniors Health Card.
It has different eligibility requirements and may be available to some Australians who have reached Age Pension age but don’t qualify for an Age Pension.
The card can provide access to cheaper medicines and other benefits.
This is another area where it is worth checking your eligibility rather than assuming you earn or own too much.
What Is the Home Equity Access Scheme?
Eligible older Australians who own Australian real estate may also want to understand the government’s Home Equity Access Scheme.
This was previously known as the Pension Loans Scheme.
It allows eligible older Australians to voluntarily access some of the equity in Australian real estate through a government loan.
It can potentially supplement retirement income, but it is still a loan secured against property and interest applies.
Using home equity can have significant long-term financial and estate-planning consequences, so this is something to understand carefully before making a decision.
Can You Receive the Age Pension While Overseas?
It is possible to receive the Age Pension while travelling or living overseas, but different rules can apply.
How long you are overseas, your Australian residence history and the country you’re visiting or living in can affect your payment.
Some supplements may also change after you have been outside Australia for a certain period.
If you are planning an extended overseas trip or permanent move, check your individual circumstances with Services Australia before leaving.
How Do You Apply for the Age Pension?
You can claim the Age Pension through Services Australia.
For many Australians, the simplest method is through a Centrelink online account linked to myGov.
The application may require information about areas such as:
- your identity
- relationship status
- residence history
- bank accounts
- superannuation
- investments
- property
- income
- other assets.
Collecting this information before starting can make the process easier.
You don’t necessarily have to wait until your 67th birthday to begin preparing your claim.
What If Your Financial Situation Is Complicated?
Retirement finances can become complicated quickly.
You might have superannuation, investments, an investment property, employment income, a partner with different circumstances or significant time spent overseas.
Services Australia operates a Financial Information Service that can provide information about financial issues relating to government payments.
For personal financial advice, consider speaking with an appropriately qualified financial adviser.
How Often Do Age Pension Rates Change?
The main pension payment rates are generally adjusted on 20 March and 20 September each year.
That means an Age Pension article can become outdated surprisingly quickly.
Asset and income thresholds can also change.
If you’re checking your entitlement months after this article was updated, always confirm the latest figures with Services Australia.
The Good Years Club will continue updating this guide when the major Age Pension figures change.
Age Pension Frequently Asked Questions
What is the maximum Age Pension for a single person in 2026?
From 20 September 2026, the maximum standard Age Pension for a single person is $1,237.70 per fortnight.
What is the Age Pension for a couple in 2026?
From 20 September 2026, the maximum standard rate is $933 per person per fortnight, or $1,866 combined for a couple.
What age can you get the Age Pension?
The current Age Pension age is 67.
You must also meet residence requirements and the relevant income and assets tests.
Can I get the Age Pension if I own my home?
Yes.
Your principal home is generally exempt from the assets test.
However, different asset thresholds apply to homeowners and non-homeowners.
Can I get the Age Pension if I have super?
Potentially, yes.
Having superannuation does not automatically make you ineligible. Your super can form part of the financial assessment used to determine whether you qualify and how much pension you receive.
Can I work while receiving the Age Pension?
Yes.
Employment income can reduce your payment, but the Work Bonus may allow eligible pensioners to earn some employment or self-employment income without it immediately affecting their pension under the income test.
Can I receive a part Age Pension?
Yes.
Many Australians who don’t qualify for the full pension still receive a part pension because their income and assets remain below the relevant cut-off points.
How often does the Age Pension increase?
The main pension rates are generally reviewed and adjusted twice each year, on 20 March and 20 September.
The Bottom Line
The Age Pension can look complicated because there isn’t one simple number that applies to every Australian retiree.
As of 20 September 2026, the maximum payment is $1,237.70 per fortnight for a single pensioner and $1,866 combined for a couple.
But your actual entitlement depends on much more than your age.
Your income, assets, homeownership, relationship status, superannuation and other circumstances can all affect how much you receive.
The most important thing is not to assume you won’t qualify.
You may be eligible for a full pension, a part pension or another concession such as the Commonwealth Seniors Health Card.
If you’re approaching 67 or your financial circumstances have changed, checking your current eligibility with Services Australia is worthwhile.
The Good Years Club will keep this guide updated as Age Pension rates and major thresholds change.
This article provides general information only and does not constitute financial advice. Age Pension rules and individual entitlements can change. Always confirm current information with Services Australia or seek appropriate professional advice before making financial decisions.
