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In the future, your qualifying age for the Age Pension will depend upon when you were born.
The Government announced in 2009 that the Age Pension age will start increasing from 2017 to reach 67 years of age by 2023.
Five years on in the 2014 Federal Budget, plans were announced to further increase the Age Pension age to 70 years of age from 2035. Though this latest measure to raise the qualifying age to 70 is subject to the passage of legislation.
The lift in pension age will occur in a staggered approach rather than in one swift increase.
Use the following table to work out your qualifying age.
Age Pension age in Australia
|Date of birth between||Eligible at age|
|1 July 1952 to 31 Dec 1953||65.5|
|1 Jan 1954 to 30 June 1955||66|
|1 July 1955 to 31 Dec 1956||66.5|
|From 1 January 1957 onwards||67|
This change is bound to impact the potential retirement age of Australians going forward. For most, the Age Pension remains a key part of any retirement plan, even when you have superannuation and other investments. Regardless if you are only entitled to a few dollars in Age Pension, you still qualify for the extra benefits such as discounts on prescriptions, council rates and some other household bills.
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