Usually, a pension goes to an individual who can no longer work and has no other income source. In case that individual is no longer alive, the money is then transferred to their spouse. 

A retirement plan is an arrangement that allows an employee to get paid when they are no longer capable of working. Generally, both the employer and the employee set up a fund that collects money during the employment period. After retiring, the employee gets a fixed amount of money from that fund every month.  

Several states also provide a social pension to older people regardless of employment history. Disability pension is granted to those who cannot work or those who have lost their livelihood due to recent accidents.  

Age Pension Application Has Some Similar Requirements In Most Countries: 

Age Pension Application

• There is a minimum age requirement. 
• A person must hold citizenship for the given country. They cannot reside outside the country.
• For company pension, employees working for that particular company only get the benefit.
• If the pension holder passes away, their spouse is eligible to claim the pension. Children do not have any claim on their parent's pension. 

Age Pension Application Requirements For Australia: 

• The minimum age required is 66 years and six months. This age applies to both men and women.
• The applicant needs to be an Australian resident for around ten years or at least five consecutive years.
• Asset and income checks need to be approved after the age pension application is filed. The market value of all the assets owned by you and your partner is estimated. The amount of pension payable depends on it.  

Indian Old Age Pension Applications: 

• Under the Indira Gandhi National Old Age Pension Scheme by the Government of India, people over 60 years old and living below the poverty line can apply. 
• National Pension Scheme offers government employees to save up for their retirement by making monthly contributions. After retirement, 60% of the money can be withdrawn at a time. This scheme is exclusive to government employees. Also, applicants must make contributions until they turn 60.  

The Old-Age Pension Application Process In The United States Of America: 

Age Pension Application

• The retirement age differs for people born in different years. The Normal Retirement Age (NRA) is around 66 years for people born before 1960 and 67 years for those born after 1960.
• For different states, the money offered as pension differs. Some states pay $15 a month, whereas other states pay over $40 a month. 

In no way is the pension system perfect. With the recent increase in life expectancy, the number of people dependent on pensions has expanded. The low births have further reduced the number of working citizens available at a particular time. Some improvements are always welcome. But, it is imperative to remember that the governments of the respective countries are trying their best to launch and fund schemes that benefit their citizens. 

Under dire circumstances where one is not qualified for any old-age pension application, use the following tips: 

• Start saving money at an early age. It does not matter if the amount is not huge. A monthly contribution to a personal retirement plan should come in handy later on. 
• Having health insurance will save up a lot on hospital bills. With ageing, pain and illness are sure to follow. As a person grows old, health issues start to appear that are impossible to ignore. 
• A frugal lifestyle will keep the monthly bills low. When the steady income stops coming, every bit of money needs to be saved. 

Conclusion 

It can be challenging to live without a pension when there are no earnings. But, it is not impossible if you start preparing early.