There’s a lot of discussion about interest rates – both here and overseas – at the moment. For some retirees higher rates are good news, while for others they can be extremely stressful. The key question is not what is happening in the short term, but how your decades of retirement may be affected.
last week saw indexed increases to the base rate of the Age Pension. Hidden in the coverage were more significant changes; these were increases in the income test threshold and the assets test threshold. Both have been increased and this means either that many Australians will have an increase in their fortnightly income or others will now be eligible for the first time.
No one wants to be a mortgage slave, particularly when you hit retirement. So what options do you have? When you reach Preservation Age a myriad of choices opens up. You can now access your super savings (subject to the rules, of course) without penalty. For...