If you’re retired and receiving an income from your super, you might also be able to receive the age pension to help supplement your income.
This is because Australia’s retirement income system operates via three key pillars:
- A means-tested age pension
- Compulsory superannuation savings; and
- Voluntary private savings, both inside and outside the super system
The idea is that, rather than Australians relying solely on the age pension, the three pillars can work together to help people live out a comfortable retirement.
How many Australians receive the age pension?
What’s the eligibility criteria?
There are three main eligibility criteria to access the age pension: