This article provides a simple run down of Australian’s Aged Pension entitlements and how they sit alongside superannuation benefits. It provides insights into eligibility criteria, income and asset tests, and strategies for maximising retirement income through private pensions.

The Australian Aged Pension scheme provides a wonderful safety net for those with limited assets in retirement, although many remain confused by how their age pension entitlements differ from so called superannuation income streams. 

The Federal Government provides an income for all Australians who reach pension paying age, currently set at age 67, who can prove they are an Australian resident and can also pass the income and asset tests or means test.

One in six people will be over 65 years old by 2050. With the world's population ageing quickly, it is natural to think about how pension systems around the world will cope, particularly in Australia. Fortunately, Australia's three-component retirement income system means our age pension system is well-equipped to support older Australians now and well into the future. In this article, we look at Australia's age pension system and how it compares to other countries around the world.

One in six people will be over 65 years old by 2050. With the world's population ageing quickly, it is natural to think about how pension systems around the world will cope, particularly in Australia. Fortunately, Australia's three-component retirement income system means our age pension system is well-equipped to support older Australians now and well into the future.

Is Australia's age pension adequate for retirement?
Comparisons of age pensions around the world are generally made based on three key factors — adequacy, sustainability and integrity. The balancing act is tough, but essential for countries to get right. It is no use having an overly generous age pension if the current funding measures (typically tax revenue) aren't adequate to maintain the system long-term.