The Australian government offers an Age Pension for older citizens who cannot fully fund their retirement through an allocated pension. This pension is paid through Centrelink. Pension payments are described by the government as an “adequate” income in retirement. However, many seniors would not agree as a single Age Pension entitlement, with all supplements, is currently around $19,400 per annum.
Not every Australian will be eligible for an Age Pension.
There are certain income and asset tests you need to pass and also Age and Residential requirements that need to be met.
This site keeps you up-to-date with pension increases, the disability support pension and changes to Centrelink rulings including whether you can still claim your pension while overseas.