Age Pension changes: Are you now eligible?
Last week we reported on the new rates of payment for Age Pension recipients. This week we can confirm that these rates came into effect on 20 March and that all Retirement Essentials calculators, including the Age Pension Eligibility Calculator and the Retirement Forecaster are updated and ready to use.
How might this affect you?
The changes are widespread. In the first instance, there has been an increase in the base rate of the Age Pension. But there have also been significant lifts in both the Income Threshold and the Assets Test limits.
If you are already eligible, you will automatically receive an increased fortnightly payment. For a full Age Pension it will be increased by $1064 for singles and, $802 each for couples). If you receive a part-Age Pension payment, your payment will reflect a ‘pro-rata-ed’ portion of the increase. The increases to supplements $2.80 (single) and $2.10 (each for couples) which will be paid to both full and part Age Pensioners
Not yet eligible?
If you are not yet eligible, things just got interesting!
The thresholds for eligibility have now been increased for both the Income and the Assets Tests. You can check your new status quickly, and free of charge, using the Retirement Essentials Age Pension Eligibility Calculator which incorporates all the latest Age Pension changes.
If you are still unsure as to your status, you can contact our Customer Service Team for further support.
Or if you feel you would benefit from more specific financial advice, a booking for a tailored consultation is also available.
The most important thing, if you are close to eligibility, is to check and apply as soon as possible. Centrelink does not back pay benefits, so you need to have applied before you can enjoy any such support, be it weekly income or the added bonus of the Pension Concession Card.