The Age Pension is a fortnightly payment from the Australian Government for older people. It is the backbone of most retirement plans — even fairly comfortable retirees usually receive a part pension, and it becomes more important the longer you live and the more you draw your own savings down.
When it starts
You can claim from Age Pension age, which is 67 for anyone born on or after 1 January 1957. This is different from your super preservation age (60), which is when you can access super. Because super unlocks at 60 but the pension starts at 67, many people fund a bridge from their own savings in between.
Reaching 67 doesn't guarantee a payment. You also need to meet residency rules (generally 10+ years as an Australian resident) and pass the means tests.
How much it pays
The maximum, including the pension and energy supplements, is currently around $31,200 a year for a single and about $47,000 combined for a couple. Rates are set by the government and indexed twice a year (March and September), so they rise over time.
What you actually receive is reduced by an income test and an assets test — you're paid the lower of the two. See how means testing is calculated for the exact working.