Superannuation savings will help you enjoy a more comfortable retirement than that provided by the Age Pension alone.
To be eligible for the Age Pension you must be aged 65 years and 6 months. This age increases by 6 months every 2 years from 1 July 2017, reaching 67 years by 1 July 2023.
If you have reached age pension age, the Age Pension may help to support you. To qualify, you must first satisfy age and residence requirements. How much you can get depends on your income, assets and other circumstances.
It is important to remember that the Age Pension is designed to provide a ‘safety net’ for those who do not have enough superannuation or other financial resources to provide an adequate retirement income. So the Age Pension works in conjunction with superannuation.