It's called the pension and everyone who has paid tax more than ten years and over a certain age (it's migrating over time, basically 65) who is not means teste

It's called the pension and everyone who has paid tax more than ten years and over a certain age (it's migrating over time, basically 65) who is not means tested out on income and assets is eligible. But there is a grey area where you partially qualify, the ideal retirement strategy can be to spend your savings at a rate to allow a comfortable life then at a certain point you drop down into pension eligibility and then you supplement your own savings with the pension. Unfortunately, in the parts of the zone of grey the way it works out is if you earn too much the combined impact of income tax and reduced payments is equivalent to a tax rate of 70 or 80%, so it sort of makes it an incentive not to work in those cases unless you really like it for some reason, but there is every chance you are 75 or 80 by then so I think you've probably done your bit by then and entitled to take it a little easy.