The Australian Government has confirmed that big changes will be made to the Age Pension in the weeks to come. These changes hope to better reflect the increasing cost of living and adjust pension rates in keeping with inflation and the economy. Many retirees and soon-to-be-pensioners are eager to know how these changes may impact their benefits and eligibility.
What Is The Age Pension Being Changed?
The changes to the Age Pension are specifically the adjustments to payment rates and also to income threshold and assets tests. These changes are part of the regular review of pensions by the Government, thereby determining the degree of assistance given to the recipients as per the modern economic conditions.
It is expected that there will also be increases in base rates and supplements, which would mean increased amounts for fortnightly payments for the Australians that will qualify.
Who Will Be Affected by The Changes?
These changes will affect various recipients, including single pensioners, couples, and part-pensioners. Those in a different income or asset cut-off, who were so before near that threshold, might be newly considered eligible or entitled to a higher amount under the new criteria. But these may affect only a select few who experience any small dealings in their level of financial strength that cause cut-downs in payment or change their status from eligible to ineligible, even if it was because income or assets have since altered after the most recent review.
Eligibility Check Under New Rules
Getting the changes to affect you, should therefore lead to reviewing your current financial information in the light of the amended eligibility once made available. Services Australia shall be announcing the new limits together with income and assets which are going to change and which can be viewed from the official Centrelink website or from your MyGov account.
What Next for Pensioners?
To avoid any hassles resulting from the adjustment to payments such as higher or lower payments, all pensioners should ensure they keep every single file relating to their private life and their finances up to date.
Any changes concerning their housing circumstances or income and assets should be notified as soon as possible. For any situation that is considered ambiguous, Pensioners are advised to contact Centrelink or find assistance with a financial counselor to determine how these updates apply to their situation.
Conclusion
The Age Pension amendments proposed for Australia are aimed primarily at providing seniors with more balanced support against the backdrop of a changing and evolving economy. While quite a number of people may benefit from higher payments, it is imperative to always be informed and to act. Knowing how these changes will affect you will guarantee you receive the correct amount of pension from herein.