Australia’s Age Pension is a vital financial support system for eligible retirees, helping them maintain a decent standard of living.
In February 2025, pensioners will receive up to $1,116, based on their qualification under the income and assets test.
Below, we break down the eligibility requirements, payment dates, and essential details about the Australian Age Pension.
Eligibility Criteria for the $1,116 Age Pension
To qualify for the Age Pension in February 2025, you must meet specific residency, age, and financial requirements:
1. Age Requirement
- The minimum age for eligibility is 67 years for both men and women as of February 2025.
2. Residency Requirement
- You must be an Australian resident and have resided in Australia for at least 10 years, including a continuous period of at least five years.
3. Income Test
The government evaluates your income to determine pension eligibility. Below are the thresholds:
| Category | Maximum Income Per Fortnight | Pension Impact |
|---|---|---|
| Single | $204 | Full Pension |
| Couple (Combined) | $360 | Full Pension |
| Single | Over $2,332 | No Pension |
| Couple (Combined) | Over $3,568 | No Pension |
4. Assets Test
Your assets, such as properties, vehicles, and savings, influence your pension payment:
| Category | Homeowner Max Assets | Non-Homeowner Max Assets |
| Single | $301,750 | $543,750 |
| Couple (Combined) | $451,500 | $693,500 |
If your assets exceed these limits, your Age Pension amount will decrease or become ineligible.
Age Pension Payment Amounts in February 2025
The base pension rate varies based on your relationship status:
| Recipient Type | Maximum Payment (Fortnightly) |
| Single | $1,116 |
| Couple (Each) | $841 |
| Couple (Combined) | $1,682 |
Additional supplements such as Pension Supplement and Energy Supplement may apply, boosting payments further.
Payment Dates for the $1,116 Age Pension in February 2025
The Age Pension is paid fortnightly. In February 2025, the expected pension payment dates are:
- February 5, 2025
- February 19, 2025
Payments are automatically transferred to the recipient’s bank account by Services Australia.
How to Apply for the Age Pension?
To receive the $1,116 Age Pension, follow these steps:
- Check Eligibility: Use the Services Australia Pension Calculator.
- Gather Documents: Include proof of identity, income, and assets.
- Apply Online: Submit an application through myGov or visit Centrelink.
- Await Approval: The processing time can take several weeks.
The $1,116 Australia Age Pension in February 2025 will provide financial assistance to eligible seniors, helping them manage living costs.
Understanding the eligibility criteria, income and assets test, and payment schedules ensures you receive the maximum benefits. If you believe you qualify, apply through Services Australia to secure your pension payments on time.
FAQs
Who is eligible for the full $1,116 Age Pension?
Pensioners who meet the income and assets test criteria and are aged 67 or older can receive the full amount.
Will the Age Pension increase in 2025?
The Age Pension is adjusted biannually (March and September), so an increase is possible in March 2025.
What happens if my income or assets exceed the threshold?
If your income or assets surpass the set limits, your pension payment is reduced or cut off entirely.