Increasing the age pension age

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The Budget proposal is to ultimately increase the qualifying age for the age pension to be 70. The age 70 qualifying age will apply to anyone born on or after 1 January 1966.

The qualifying age has previously been modified to equalise the female qualifying age to the male qualifying age of 65. Subsequently both qualifying ages were increased from 65 to 67. The Budget proposes to further increase both qualifying ages to 70.

The increase in qualifying age from 67 will affect anyone born after 1 July 1958 and will be completely implemented for anyone born after 1 January 1966.

If implemented, the qualifying age for an individual is set out in the following table. The shaded portion of the table indicates the currently implemented qualifying ages. The white portion specifies the proposed higher qualifying ages.

 

Birth date ranges

 

Males

 

Females

Before 1 July 1936

65 years

60 years

1 July 1936 to 31 December 1936

65 years

60 years 6 months

1 January 1937 to 30 June 1938

65 years

61 years

1 July 1938 to 31 December 1939

65 years

61 years 6 months

1 January 1940 to 30 June 1941

65 years

62 years

1 July 1941 to 31 December 1942

65 years

62 years 6 months

1 January 1943 to 30 June 1944

65 years

63 years

J July 1944 to 31 December 1945

65 years

63 years 6 months

1 January 1946 to 30 June 1947

65 years

64 years

1 July 1947 to 31 December 1948

65 years

64 years 6 months

1 January 1949 to 30 June 1952

65 years

65 years

1 July 1952 to 31 December 1953

65 year 6 months

65 years 6 months

1 January 1954 to 30 June 1955

66 years

66 years

1 July 1955 to 31 December 1956

66 years 6 months

66 years 6 months

1 January 1957 to 30 June 1958

67 years

67 years

1 July 1958 to 31 December 1959

67 years 6 months

67 years 6 months

1 January 1960 to 30 June 1961

68 years

68 years

1 July 1961 to 31 December 1962

68 years 6 months

68 years 6 months

1 January 1963 to 30 June 1964

69 years

69 years

1 July 1964 to 31 December 1965

69 years 6 months

69 years 6 months

1 January 1966 and following

70 years

70 years