Centrelink Age Pension Changes
Will you be one of the 88,000 people expected to lose their Age Pension?
Under new Federal Government legislation from 1 January 2017 Centrelink rules under the "Asset Test" will change. If you are currently receiving an Age Pension or about to apply, the following chart will provide you with a guide on how the changes may affect you.
The good news is that if your Assets (excluding your family home) fall within the Green coloured area you may well see an increase in your fortnightly payment from January 2017.
If your Assets (excluding your family home) fall within the Tan coloured area you may find that your fortnightly payment will reduce.
If your Assets (excluding your family home) fall within the Red coloured area, you will no longer be eligible to receive an Age Pension. The Red coloured area indicates the change in the upper limit of the Assets Test from January 2017 subject to owning your home as a single or a couple.
Our Senior Financial Advisers may be able to provide you with the steps needed to reduce the financial impact on your lifestyle.
For a no obligation discussion on your retirement income please call us on Ph: 07 3262 4000 or submit the form below.