Super & the Age Pension

Top up your super income with government benefits

Learn how super and the Age Pension can work together

When thinking about life after work and how you will fund your retirement lifestyle, you may have only considered your super balance. But many Australians aged 65 and older also qualify for some level of government Age Pension payment. It's worth considering how your super and Age Pension can work together to improve your position and help you meet the cost of living in retirement.

What's the difference between an Age Pension and a super pension?

The Age Pension is a regular fortnightly income funded by the government and is subject to eligibility criteria. It's designed as a ‘safety net’ to give people a sufficient standard of living in retirement. 

A super pension is an income stream drawn from the accumulated savings in your super fund.

If eligible for the Age Pension, this may be combined with any personal savings and investments you have, to supplement the income you receive from a super pension.

Am I eligible for the Age Pension?

The Age Pension is one of the main income support payments for people who have reached retirement age. In general, eligibility requires that you are:

Need more details about the Age Pension?

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How does your super affect the Age Pension?

Understanding how super and the Age Pension work together is important if the goal is to achieve your best possible retirement lifestyle.

With three potential sources of income - super, investments and personal savings, as well as the Age Pension - different combinations and eligibility requirements can impact the amount of money you receive.

On top of that, how you access your super in retirement can also affect your Age Pension rate. When calculating your payment, Centrelink uses an income and assets test. This means your super balance will be taken into account and if you choose to withdraw a lump sum there could be tax implications. The way these tests are applied to super can be complex and we suggest getting advice from an expert.

Find out when you can access the Age Pension and your super.

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Should I apply for an Age Pension?

The rules can be quite complicated. Speaking to a financial adviser  will give you greater confidence before making any decisions.

A good place to start is by booking an appointment with the VISSF advice team.

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Make your super savings last

Examine your numbers and play out different scenarios with our helpful retirement calculator.

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