Social Security Age Pension Age Increases
To qualify for the Australian Age Pension applicants must have attained their Age Pension Age. The Age Pension Age for men has been age 65 years since the Age Pension started early last century.
The Age Pension Age for women has now increased to be the same as the Age Pension Age for men
Age Pension Age for women
When the Age Pension was introduced women qualified for the Age Pension at age 60 years. Since then the general health of women has improved and no longer are women considered incapable of working after age 60 years.
Society no longer assumes that every man has a wife who is slightly younger than himself and incapable of earning enough to support herself. We accept that a man might reach his Age Pension Age before his partner is old enough for an Age Pension.
Therefore, the Age Pension Age for women began increasing gradually over the last 20 years.
The latest increase in the Age Pension Age for women means that women born in 1949 or later, have the same Age Pension Age as men.
Coming soon, the Age Pension Age increases for both men and women
As the general health and well being of the community has been improving, further increases in the Age Pension Age have been announced. Men and women born after June 1952 will have to wait a little longer to qualify for Age Pension.
The Age Pension Age increases to 67 years for men and women born in 1957 or later.
Check your Age Pension Age and see when you will be old enough for a Age Pension in the table
Date of birth Age Pension Age When eligible
January 1949 to June 1952 65 years January 2014 to June 2017
July 1952 to December 1953 65 years 6 months January 2018 to June 2019
January 1954 to June 1955 66 years January 2020 to June 2021
July 1955 to December 1956 66 years 6 months January 2022 to June 2023
On or after January 1957 67 years From January 2024
Commonwealth Seniors Health Care Card from Age Pension Age
Self funded retirees who have attained their Age Pension Age but ineligible for any Age Pension because of the means tests, may apply for the Commonwealth Seniors Health Care Card.
The increases in the Age Pension Age will force self funded retirees to also wait a little longer before being eligible for the Commonwealth Seniors Health Care Card. For more information about the Commonwealth Seniors Health Care Card read http://www.financialcareservices.com.au/christine-hopper-insights/self-funded-retirees-still-want-pensioner-concession-cards/
Am I now eligible for a part Age Pension?
Financial Care Services offers Short Consultations to help you see if you could get some Age Pension and to estimate how much Pension you could expect to receive.
If you think that you might be eligible for a part Age Pension you can contact Financial Care Services to arrange a Short Consultation, 45 minutes in person or by email to illustrate your position under the current Age Pension means tests.
To make an appointment for confidential, independent and professional advice about DSP, Age Pension, lifestyle or financial issues please contact Christine at Financial Care Services.
Financial Care Services is an independent financial advisory service specialising in retirees of modest means and aged care entrants. Our core values of working with clients in their lifetime financial planning supports claiming DVA and Social Security entitlements. Financial Care Services charges fees based on the work involved in advising you about pensions and aged care financial solutions and arranging your investments.
Christine at Financial Care Services understands both the DSP, Age and DVA Pensions systems and the Commonwealth aged care fee arrangements.
Financial Care Services is licensed to offer investment strategy advice and to assist you to invest. Financial Care Services does not base fees on the value of your assets nor do we accept any commissions or payments from other service providers.
Disclaimer: The information contained in this website is of a general nature only and does not constitute “financial advice”. You should obtain your own personal financial advice before investing any money or moving in to any retirement village, lifestyle community or aged care facility. Financial Care Services is licensed to provide financial advice to individual clients based on their personal situations. © 2013 Financial Care Services Pty Ltd. All rights reserved.
To make an appointment for professional advice, call Financial Care Services
(03) 9808 0338