The Old Age Pension is a crucial support for many Australians, helping them manage their daily living expenses. If you’re wondering, “When will the Old Age Pension stop in Australia in 2024?” you’re in the right place. In this discussion, we’ll provide important details about the Old Age Pension, its significance, and when it might cease. This information will help you understand how the pension works and what to expect regarding its continuation.
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When Will The Old Age Pension Stop in Australia 2024
Australians nearing retirement should be aware that they need to submit their pension application at least 13 weeks in advance. Starting March 2024, there will be an increase in the pension amounts. However, those who are single and have a disability might face challenges. Both the Age Pension and the Disability Support Pension will be particularly beneficial for these individuals.
According to Services Australia guidelines, citizens aged 66 and over are eligible to receive the Age Pension, based on their contributions. This pension provides annual financial support. If the beneficiary passes away, the pension payments will cease. Nevertheless, if the beneficiary has made a will, their law partner or legal beneficiary may be able to continue receiving the pension.
What is the Cost of Living Expenses in the Country?
The high cost of living in the country has led the Government to establish a pension system. This support allows older citizens to manage their expenses without facing financial strain. For single individuals, the cost of living is $1,126.40 per month, while couples face a monthly expense of $4,118. As a result, seniors are encouraged to apply for pensions to help cover these costs.
Citizens with valid proof of residency are eligible. They must pass a means, income, and asset test. Following these assessments, verification will be conducted to confirm the authenticity of the beneficiary.
Pensionable Amount
The table below shows the amount of benefits that the eligible retiree will receive:
| Particulars | Current Amount | Increased Amount |
| Maximum Base Rate | $1002 | $31.00 |
| Maximum Pension Rate | $80.70 | $1.40 |
| Energy Supplement | $14.10 | – |
| Total (per fortnight) | $1096.70 | $32.70 |
| Total Annually | $28514 | $850 |
The following table shows the additional amount of funds that will be allocated to individuals.
| Particulars | Current Amount (individually) | Current Amount (Combined) | Increased Amount (individually) | Increased Amount (Combined) |
| Maximum Base Rate | $755.60 | $23.40 | $1511.40 | $46.80 |
| Maximum Pension rate | $60.40 | $1.40 | $120.80 | $2.60 |
| Energy Supplement | $10.60 | – | $21.20 | – |
| Total (per fortnight) | $826.70 | $23.70 | $1653.40 | $49.20 |
| Total Annually | $21494 | $642.20 | $42988 | $1284.20 |
The expected pension date is at the end of March, based on the schedule established by the Australian Government.
What Every Australian Should Know
- The expected rise in pensions for older individuals is 4.3%. The increase will be phased, with 1.6% effective in June, 0.5% in July, and the remaining adjustment in December. Single recipients will see an increase of $32.74, while couples will receive an additional $24.70.
- A living will is a voluntary document in which terms are outlined, typically by two parties. It specifies the division of property and income among the person’s children or relatives. The purpose of a living will is to ensure that beneficiaries are not disadvantaged, especially in cases involving a law partner, as payments will continue according to the agreement.
- The reliance on children or elder care services will be reduced. Older individuals will be able to manage their own finances without needing to ask for financial support from others.
- To receive the pension, retirees must ensure their myGov Account is properly linked with Centrelink. This department administers payments for benefits such as the Age Pension.
- The benefits are available not only to older citizens but to all eligible individuals in the country. They need to complete the necessary form to finalize the process.
- For the latest information, log in to or contact the Department of Social Services. You can also visit the Services Australia website, where the Government regularly updates information for the convenience of citizens.