Australian Aged Pension Rates March 2020.
An Australian Citizen or Permanent Resident may be eligible for the Welfare Based Aged Pension if they are an Australian resident, and have been for at least 10 years; and are at least 66 years old; and are under the income and assets test limits.
How Much Australian Aged Pension can I get?
The new, fortnightly, rates from March 2020 are:
Single Person Aged Pension MARCH 2020
$860.60 increased from $843.60 Single Base pension
$69.60 increased from $68.50 Pension Supplement
$14.10 no change from $ 14.10 Energy Supplement
$944.30 increased from $926.20 Total Pension
Married Person Aged Pension MARCH 2020
$648.70 increased from $635.90 Married Base Pension
$52.50 increased from $ 51.60 Pension Supplement
$10.60 no change from 10.60 Energy Supplement
$711.80 increased from $698.10 Total Pension
Australian Aged Pension Income Test
A single pensioner can have other Fortnightly income of up to $174 before the aged pension is reduced.
A couple combined can have other Fortnightly income of up to $308 before the aged pension is reduced.
The reduction is based on 50 cents for each dollar ‘other income’ over the income threshold.
When are you eligible for the Australian Aged Pension?
The entitlement age for the Australian Aged Pension is gradually increasing from age 65 to age 67.
From the 1st July 2019, an applicant for the Aged Pension had to be 66 years old.
From the 1st July 2021, an applicant for the Aged Pension must be 66 years and 6 months old.
From the 1st July 2023, an applicant for the Aged Pension must be 67 years old.
- If your birthdate is before 1 July 1952 you’ll be old enough at 65 years
- If your birthdate is 1 July 1952 to 31 December 1953 you’ll be old enough at 65 years and 6 months
- If your birthdate is 1 January 1954 to 30 June 1955 you’ll be old enough at 66 years
- If your birthdate is 1 July 1955 to 31 December 1956 you’ll be old enough at 66 years and 6 months
- If your birthdate is on or after 1 January 1957 you’ll be old enough at 67 years