For some people the Age Pension will make up most of their retirement income. For others it works out to be a handy bonus. Some do not receive it at all. So, understanding your eligibility is a crucial part of retirement planning. Presently both males and females must be age 65 to apply for the pension. The required age increases by 6 months every 2 years from 1 July 2017 until the qualifying age reaches age 67 on 1 July 2023. The required age pension age for both males and females born on or after 1 July 1952 is as follows:
Born Between | Age Pension at |
1 July 1952 to December 1953 | 65 ½ |
1 January 1954 to 30 June 1955 | 66 |
1 July 1955 to 31 December 1956 | 66 ½ |
1 January 1957 and later | 67 |