This Australian Age Pension is an assistance of the government toward pensioners with low to modest earnings. The pension, delivered by Services Australia, is to empower age pensioners to maintain themselves at the most minimal expenses, including utility and health costs. The December 2024 amount for eligible applicants for the age pension is $1116 a fortnight and inflation adjusted living costs.
Eligibility Criteria
To qualify for the Age Pension, one must meet the following conditions:
1. Age: be at least 65 years old or 67 if born after 1957.
2. Residency: Be an Australian citizen or meet modified residency requirements for those from countries with social security agreements with Australia.
3. Income and Asset Tests: Your income and assets must fall within specified limits, though your principal residence is excluded from the asset test.
How to Claim
To apply for the pension:
1. Visit Services Australia’s website.
2. Link your MyGov account with Services Australia.
3. Fill out and submit the Age Pension application form, ensuring all required documents are attached.
4. Wait for a confirmation after your submission is reviewed.
Payout Dates
While specific December 2024 payment dates haven’t been officially announced, pension payments generally follow a bi-weekly schedule. Keep an eye on the official website for updates.
Additional Details
Supplement assistance for energy costs and other needs is also available for eligible pensioners. Couples, collectively get $1,682.80 every two weeks. Any more than $204 every fortnight in income may limit payments for singles.
In Australia, Age Pension accounts for about 70 percent of seniors’ source of livelihood. This ensures a base standard of living for many retiring Australians, keeping them self-sufficient amidst the escalation of costs.
