What do I ACTUALLY need to know about the age pension?
In this episode, I'm joined by Justin Bott from Services Australia, who breaks down the nuts and bolts of Age Pension eligibility and the application process.
This week on Prime Time, we’re talking about the Age Pension and how it works. The Age Pension in Australia is an important safety net in retirement, but for so many people, working out if you’re eligible, when you become eligible, and how to actually apply can feel like a minefield.
So today, I’ve brought in the expert: Justin Bott, from Services Australia. Justin has spent decades helping people navigate the pension system and in this episode, he breaks it down in plain English. We talk eligibility rules, assets tests, income cut-offs, common traps, and why the pension isn’t just for people who never built up wealth — it’s something many Australians end up relying on at some point in their retirement.
He also shares why it’s a good idea to lodge your application early (you can apply up to 13 weeks before you qualify), how the online system works, and the three key dates to remember each year in case you suddenly tip into eligibility.
If you’ve ever looked at the pension and thought “I don’t get it” — this episode is for you.
LISTEN TO THIS EPISODE OF THE PODCAST HERE:
Highlights of the conversation:
What Age Pension age actually is — and why it’s not the same as retirement age: Justin explains why many Australians confuse retiring from work with being eligible for the pension, and walks through the current age threshold and residency requirements.
Why eligibility matters, even if you’re years away: Understanding the pension rules early gives you more planning options — especially if you’ll be relying on a combination of super and government support in retirement.
What counts in the assets test: We unpack the difference between assets and income, what gets counted (and what doesn’t), and how things like your home, car and superannuation are treated under the test.
How the pension adjusts — and the three dates to watch: Justin shares the exact dates every year when the income and asset thresholds change and why checking them could unlock eligibility you didn’t know you had.
Why 13 weeks matters when applying: You can apply for the Age Pension up to 13 weeks before you’re eligible — and doing so can fast-track your payments. Justin explains how to lodge early, especially if you’re planning to stop work soon.
Tips for applying online: We walk through the benefits of applying through MyGov and how to avoid the most common paperwork and processing delays.
Why your best retirement will look different to your neighbour’s: Justin shares why everyone’s financial puzzle is unique and why listening to advice from others might not be your best strategy.
From Bec’s Desk
What a rapid-fire and detailed episode on the pension, huh!
Stuff so many people really need to listen in on, I think. Even if you’re not planning to rely on it, or you don’t expect to get a cent until your 70s or 80s, it’s still smart to understand how it all works — and to get a gentle feel for how the system fits into your future options.
Now, Prime Timers — I’ve got a question for you today.
How often do you actually think about what your income will look like later on?
Not in a “how much super do I have?” kind of way — but more like, where will the money come from each month once you’re not working full tilt? And how much will come from each source?
Most people in their late 40s and 50s, and even their early 60s are still in build mode — working, saving, juggling mortgages, helping kids — but it’s around this stage that your future income mix starts quietly taking shape. Whether that’s super, investments, rental income, or even part-time work doing something you love — you’re building the foundations now. And it’s smart to start thinking about it long before you need it.
So today’s thought is this: how clear are you on what makes up your future income mix? Which parts feel like they’re in good shape, and which might need a bit more attention? Because understanding how those pieces work together is one of the biggest mindset shifts that turns your prime time and your epic retirement opportunities ‘on’ so you can embrace this stage of life more fully.
And if you’re not counting down yet—here’s your friendly reminder. Just 56 days until Christmas, and 63 days until 2026.
The new, updated edition of How to Have an Epic Retirement is out on 25 November, and it’s the perfect gift to set up your next chapter. And while you’re at it, grab a copy of Prime Time: 27 Lessons for the New Midlife (if you don’t have it already)—because midlife is where the magic (and the good bits) begins.
Two books. One mission. Helping you live longer, better quality lives.
Happy Thursday listening.
Bec Xx
