When you retire, you might be eligible for government benefits like the Age Pension or a concession card. This will depend on your age, your residency status, and your financial situation.
As of 1 July 2023, the maximum age pension is:
- $ $1,096.70 per fortnight for singles ($28,514.20 a year)
- $826.70 per fortnight for couples combined $21,494.20 a year)
If you’re eligible for the Age Pension, you may also be able to access additional government payments, such as:
- Carer allowance: If you provide daily care to an elderly person or someone with a disability, or a serious illness.
- Rent assistance: To help cover your rent if you’re renting privately.
If you’re receiving the Age Pension, the government will automatically send you a Pensioner Concession Card. Even if you’re not eligible for the Pensioner Concession Card, you might still be able to get a Commonwealth Seniors Health Card, subject to being eligible.
Either of these cards will allow you to access:
- cheaper medicines on the Pharmaceutical Benefits Scheme (PBS)
- bulk billing for doctor’s appointments
- reduced out-of-hospital expenses through Medicare.
Note that there may be additional concessions from state or territory governments, or from local councils and businesses.
To learn more about the Age Pension and your retirement benefits, see our Age Pension guide.