Australian Seniors React To Upcoming Change: Pension Age and Income Tests Alterations on July 1, 2023

Greetings, members! As always, we strive to provide essential and valuable information to help you live your best life. Today, we're here to discuss upcoming changes to the aged pension rules, which could potentially benefit thousands of senior Australians. We’ll also look at the reactions from Australian seniors.



Starting July 1, 2023, the government will implement new measures affecting pension age, income, and asset tests aimed at encouraging seniors to work longer and alleviate Australia's labour shortages.

‘Age pensioners are struggling to make ends meet,’ says Retirement Essentials Chief Customer Officer James Coyle.

The threshold changes will enable more people to qualify for the age pension. ‘At a time of cost-of-living crisis, they will be very welcomed.’


shutterstock_316065857 (1).jpg
What do the pension changes mean for you? Image Credit: Shutterstock



So, let's dive into the details of how these rule changes could impact you and explore some additional resources and strategies to help you adapt.

Currently, pensioners are tested on their income and assets when they apply for payments. Centrelink uses the test that results in the lowest payment for the applicant, according to Coyle.



Before we begin, here's a brief overview of the current eligibility requirements:

- Singles can earn up to $2,318 per fortnight, while couples living together can earn $3,544 combined.
- Single homeowners can have $634,350 worth of assets besides their home for a pension payment, and couples can have $954,000.
- Single non-homeowners must have less than $859,250 in assets or $1,178,500 for a couple to get approval for a full pension.

However, starting on July 1, 2023, many seniors who were previously ineligible for pensions due to their assets value or income can now claim part payments. Similarly, those receiving part payments may now be eligible for full payments.

However, Australians born on or after January 1, 1957, will need to reach 67 years of age before becoming eligible for the pension under the new rules.



Here are some of the significant July 1, 2023 changes:

- Singles can earn up to $204 per fortnight, and couples can earn $360 before losing their full pension.
- Single homeowners can have about $301,750 worth of assets before their full pension payment is reduced, while single non-homeowners can have $543,000.
- Homeowning couples on a full pension can have $451,500 worth of assets before shifting to a part payment, or $693,500 for non-homeowner couples.

These rule changes may result in new pension payment opportunities for some seniors. Singles will see an income threshold increase to $2,332 per fortnight and couples to $3,568.


Screen Shot 2023-06-20 at 10.32.38 am.png
Age pension base rate as of June 2023. Image Credit: Services Australia





Additionally, single homeowners can have $656,500 of assets, and couples can have $986,500 before being deemed ineligible for payment. For non-homeowners, singles can have $898,500 in assets and couples $1,228,500.

Now, you may remember we wrote about some of these changes recently. You can read more here.

Our beloved SDC members were kind enough to share their thoughts, and we’ve included a few below for your convenience.

Member @helooney3 said: ‘The rich will get richer and the poor will get poorer. I have a $180 fee increase coming up in July and no Pension increase to support it … Definitely not good, especially in light of the huge cost of living increase. Every Pensioner should be getting a substantial increase. Come on, Government, show yourselves strong and give us a $100 per week increase.’

Member @Elyna said: ‘This is so unbalanced. As a single pensioner, I pay the same amount of rates, insurance, etc etc, as a couple… We need a significant rise in the age pension. We worked for this all our lives!!!’

Member @Gsr said: ‘Don’t forget that couples have more everyday costs, medications, food, medical needs, clothes, toiletries. Two people use more electricity and water as well. All this adds up… I would like to see all pensioners receive a substantial rise.’



Considering these changes, let’s explore some additional strategies and resources to help you navigate the upcoming alterations to your pension.

1. Budgeting Tips and Saving Money

One way to stretch your pension payments further is by taking advantage of discounts available through our Seniors Discount Club Discount Directory. Additionally, create a monthly budget that outlines your necessary expenses and track your spending to help you manage your finances better and identify areas where you can cut costs.

2. Personal Finance Success Stories

Many seniors have successfully navigated changes in pension rules in the past. Take inspiration from their experiences, and reach out to friends or local community groups to share advice and practical tips.

3. Hobbies and Side Hustles

If traditional employment is not your cup of tea, consider picking up a hobby or side hustle that can earn extra income. Some popular options include gardening, crafting, pet sitting, or freelance writing. These activities can supplement your pension while keeping you active and engaged.

4. Stay Informed with Helpful Resources

Stay updated on future pension changes and get further help managing your retirement finances by visiting reputable sources, such as the Australian Government's Department of Social Services website or the official Centrelink website.



Key Takeaways

  • Thousands of senior Australians are set to benefit from changes to the aged pension on July 1, 2023, with adjustments to the pension age, income, and asset test thresholds.
  • The government aims to encourage more seniors to continue working and ease Australia's labour shortage amid a cost-of-living crisis.
  • The new rules increase the income and asset thresholds to qualify for pension payments, enabling more people to receive either full or part payment for the aged pension.
  • Financial experts advise seniors to prepare for pension changes five years before they are eligible and seek professional advice to maximise their potential benefit.

Financial adviser Noel Whittaker recommends that seniors prepare for five years before becoming pension eligible and to seek professional advice to maximise potential payments.

So, dear members, now is the time to get informed and prepare for these upcoming changes. By understanding how they impact your situation, you can plan and make the necessary adjustments for a more comfortable and fulfilling retirement. We're here to support you every step of the way!
 
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And they try to blame us for not contributing enough to super, etc Been pretty hard for people to contribute to super on low wages all their life (& wages now being stagnant for so long now to "curb inflation"- seriously?) & trying to raise a family on stuff all etc! Well bad enough for most of us here at SDC, cant bare to imagine how hard it is for younger generations trying to survive with pretty much all living costs skyrocketing & being forced to seek 2nd or 3rd (& even 4th) jobs, side hustles etc to only keep heads above water (no getting ahead in these times as there's always something else to knock the wind out of your sails)
Who's gonna pay for all the mental health issues, burn out & work related stress, etc that is already impacting so many people & will become even worse in future years? And how are these people meant to be saving for retirement (it's constantly rammed down everyone's throat to contribute more to super/retirement, but limited salary sacrifice rules anyway). Perhaps super should be more readily available to access when needed instead of being so rigid with rules that we can't touch it or its so difficult to access even when you reach bloody preservation age!)
Sick of being forced to follow so many rules (& being robbed legally by shoddy governments, etc) that make affordable living for everyone pretty near impossible!
Especially when they brought superannuation into being half way thru our working life.
 
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Reactions: Liz
Just like you bought into the bs that the government wrote about it, you are the most gullible person in history, you believe what the government TELLS you to believe. They are still charging 8% to this day. Pull your head in.
So challenged you resort to insults. If you disagree fine but being rude reflects on you and does not change the veracity of the history of the age pension.
 
Greetings, members! As always, we strive to provide essential and valuable information to help you live your best life. Today, we're here to discuss upcoming changes to the aged pension rules, which could potentially benefit thousands of senior Australians. We’ll also look at the reactions from Australian seniors.



Starting July 1, 2023, the government will implement new measures affecting pension age, income, and asset tests aimed at encouraging seniors to work longer and alleviate Australia's labour shortages.

‘Age pensioners are struggling to make ends meet,’ says Retirement Essentials Chief Customer Officer James Coyle.

The threshold changes will enable more people to qualify for the age pension. ‘At a time of cost-of-living crisis, they will be very welcomed.’


View attachment 22794
What do the pension changes mean for you? Image Credit: Shutterstock



So, let's dive into the details of how these rule changes could impact you and explore some additional resources and strategies to help you adapt.

Currently, pensioners are tested on their income and assets when they apply for payments. Centrelink uses the test that results in the lowest payment for the applicant, according to Coyle.



Before we begin, here's a brief overview of the current eligibility requirements:

- Singles can earn up to $2,318 per fortnight, while couples living together can earn $3,544 combined.
- Single homeowners can have $634,350 worth of assets besides their home for a pension payment, and couples can have $954,000.
- Single non-homeowners must have less than $859,250 in assets or $1,178,500 for a couple to get approval for a full pension.

However, starting on July 1, 2023, many seniors who were previously ineligible for pensions due to their assets value or income can now claim part payments. Similarly, those receiving part payments may now be eligible for full payments.

However, Australians born on or after January 1, 1957, will need to reach 67 years of age before becoming eligible for the pension under the new rules.



Here are some of the significant July 1, 2023 changes:

- Singles can earn up to $204 per fortnight, and couples can earn $360 before losing their full pension.
- Single homeowners can have about $301,750 worth of assets before their full pension payment is reduced, while single non-homeowners can have $543,000.
- Homeowning couples on a full pension can have $451,500 worth of assets before shifting to a part payment, or $693,500 for non-homeowner couples.

These rule changes may result in new pension payment opportunities for some seniors. Singles will see an income threshold increase to $2,332 per fortnight and couples to $3,568.


View attachment 22793
Age pension base rate as of June 2023. Image Credit: Services Australia





Additionally, single homeowners can have $656,500 of assets, and couples can have $986,500 before being deemed ineligible for payment. For non-homeowners, singles can have $898,500 in assets and couples $1,228,500.

Now, you may remember we wrote about some of these changes recently. You can read more here.

Our beloved SDC members were kind enough to share their thoughts, and we’ve included a few below for your convenience.

Member @helooney3 said: ‘The rich will get richer and the poor will get poorer. I have a $180 fee increase coming up in July and no Pension increase to support it … Definitely not good, especially in light of the huge cost of living increase. Every Pensioner should be getting a substantial increase. Come on, Government, show yourselves strong and give us a $100 per week increase.’

Member @Elyna said: ‘This is so unbalanced. As a single pensioner, I pay the same amount of rates, insurance, etc etc, as a couple… We need a significant rise in the age pension. We worked for this all our lives!!!’

Member @Gsr said: ‘Don’t forget that couples have more everyday costs, medications, food, medical needs, clothes, toiletries. Two people use more electricity and water as well. All this adds up… I would like to see all pensioners receive a substantial rise.’



Considering these changes, let’s explore some additional strategies and resources to help you navigate the upcoming alterations to your pension.

1. Budgeting Tips and Saving Money

One way to stretch your pension payments further is by taking advantage of discounts available through our Seniors Discount Club Discount Directory. Additionally, create a monthly budget that outlines your necessary expenses and track your spending to help you manage your finances better and identify areas where you can cut costs.

2. Personal Finance Success Stories

Many seniors have successfully navigated changes in pension rules in the past. Take inspiration from their experiences, and reach out to friends or local community groups to share advice and practical tips.

3. Hobbies and Side Hustles

If traditional employment is not your cup of tea, consider picking up a hobby or side hustle that can earn extra income. Some popular options include gardening, crafting, pet sitting, or freelance writing. These activities can supplement your pension while keeping you active and engaged.

4. Stay Informed with Helpful Resources

Stay updated on future pension changes and get further help managing your retirement finances by visiting reputable sources, such as the Australian Government's Department of Social Services website or the official Centrelink website.



Key Takeaways

  • Thousands of senior Australians are set to benefit from changes to the aged pension on July 1, 2023, with adjustments to the pension age, income, and asset test thresholds.
  • The government aims to encourage more seniors to continue working and ease Australia's labour shortage amid a cost-of-living crisis.
  • The new rules increase the income and asset thresholds to qualify for pension payments, enabling more people to receive either full or part payment for the aged pension.
  • Financial experts advise seniors to prepare for pension changes five years before they are eligible and seek professional advice to maximise their potential benefit.

Financial adviser Noel Whittaker recommends that seniors prepare for five years before becoming pension eligible and to seek professional advice to maximise potential payments.

So, dear members, now is the time to get informed and prepare for these upcoming changes. By understanding how they impact your situation, you can plan and make the necessary adjustments for a more comfortable and fulfilling retirement. We're here to support you every step of the way!
What about the Disability Support Pension?
 
Such GENEROSITY from the whoever sets pension rates. Such MAGNIFICENT MUNIFICENCE. Such KINDNESS.

The poverty line is what, $56 000 per year? Of course our elderly do not deserve to live in poverty. So a couple gets gets just over $41 000 per year and a sick couple living apart each get $27000 per? However, income tax rates are being cut to 33c in the dollar. Australia is such a GENEROUS country.

But we can all watch 8 footie matches being played at that new taxpayer funded $750 000 000 AFL stadium proposed Hobart. And did not Dan Andrews get a $16000 pay rise very recently?
 
Face it people we as the older generation and being pensioners the Government considers us to be a pain in the but to them yes we worked our ass's off to get ahead and have our homes payed off, but now with all of this increase in cost of living making ends meet is getting very difficult and then they say I can earn up to $90.00 a week working after 12 back operations a right total knee replacement and have almost perment sciatic pain in lower back to both legs I'd love to be able to go back to work to get $90.00 a week extra but as a motor mechanic who is a registered VACC by trade and a truck driver well I qualified for a job in neither as I can not bend, lift sit for to long and would have a problem trying to get in and out of the cab of a truck
But to our Government I am a pain in the ass I think they wish people like me and there is quite a lot out there around my age like me they most likely would be glad when we pass on
I live country Vic and there is not much chance of getting a job here as there is not much around me and no I donot live on a large property just on a semi rural block in a small town
 
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Greetings, members! As always, we strive to provide essential and valuable information to help you live your best life. Today, we're here to discuss upcoming changes to the aged pension rules, which could potentially benefit thousands of senior Australians. We’ll also look at the reactions from Australian seniors.



Starting July 1, 2023, the government will implement new measures affecting pension age, income, and asset tests aimed at encouraging seniors to work longer and alleviate Australia's labour shortages.

‘Age pensioners are struggling to make ends meet,’ says Retirement Essentials Chief Customer Officer James Coyle.

The threshold changes will enable more people to qualify for the age pension. ‘At a time of cost-of-living crisis, they will be very welcomed.’


View attachment 22794
What do the pension changes mean for you? Image Credit: Shutterstock



So, let's dive into the details of how these rule changes could impact you and explore some additional resources and strategies to help you adapt.

Currently, pensioners are tested on their income and assets when they apply for payments. Centrelink uses the test that results in the lowest payment for the applicant, according to Coyle.



Before we begin, here's a brief overview of the current eligibility requirements:

- Singles can earn up to $2,318 per fortnight, while couples living together can earn $3,544 combined.
- Single homeowners can have $634,350 worth of assets besides their home for a pension payment, and couples can have $954,000.
- Single non-homeowners must have less than $859,250 in assets or $1,178,500 for a couple to get approval for a full pension.

However, starting on July 1, 2023, many seniors who were previously ineligible for pensions due to their assets value or income can now claim part payments. Similarly, those receiving part payments may now be eligible for full payments.

However, Australians born on or after January 1, 1957, will need to reach 67 years of age before becoming eligible for the pension under the new rules.



Here are some of the significant July 1, 2023 changes:

- Singles can earn up to $204 per fortnight, and couples can earn $360 before losing their full pension.
- Single homeowners can have about $301,750 worth of assets before their full pension payment is reduced, while single non-homeowners can have $543,000.
- Homeowning couples on a full pension can have $451,500 worth of assets before shifting to a part payment, or $693,500 for non-homeowner couples.

These rule changes may result in new pension payment opportunities for some seniors. Singles will see an income threshold increase to $2,332 per fortnight and couples to $3,568.


View attachment 22793
Age pension base rate as of June 2023. Image Credit: Services Australia





Additionally, single homeowners can have $656,500 of assets, and couples can have $986,500 before being deemed ineligible for payment. For non-homeowners, singles can have $898,500 in assets and couples $1,228,500.

Now, you may remember we wrote about some of these changes recently. You can read more here.

Our beloved SDC members were kind enough to share their thoughts, and we’ve included a few below for your convenience.

Member @helooney3 said: ‘The rich will get richer and the poor will get poorer. I have a $180 fee increase coming up in July and no Pension increase to support it … Definitely not good, especially in light of the huge cost of living increase. Every Pensioner should be getting a substantial increase. Come on, Government, show yourselves strong and give us a $100 per week increase.’

Member @Elyna said: ‘This is so unbalanced. As a single pensioner, I pay the same amount of rates, insurance, etc etc, as a couple… We need a significant rise in the age pension. We worked for this all our lives!!!’

Member @Gsr said: ‘Don’t forget that couples have more everyday costs, medications, food, medical needs, clothes, toiletries. Two people use more electricity and water as well. All this adds up… I would like to see all pensioners receive a substantial rise.’



Considering these changes, let’s explore some additional strategies and resources to help you navigate the upcoming alterations to your pension.

1. Budgeting Tips and Saving Money

One way to stretch your pension payments further is by taking advantage of discounts available through our Seniors Discount Club Discount Directory. Additionally, create a monthly budget that outlines your necessary expenses and track your spending to help you manage your finances better and identify areas where you can cut costs.

2. Personal Finance Success Stories

Many seniors have successfully navigated changes in pension rules in the past. Take inspiration from their experiences, and reach out to friends or local community groups to share advice and practical tips.

3. Hobbies and Side Hustles

If traditional employment is not your cup of tea, consider picking up a hobby or side hustle that can earn extra income. Some popular options include gardening, crafting, pet sitting, or freelance writing. These activities can supplement your pension while keeping you active and engaged.

4. Stay Informed with Helpful Resources

Stay updated on future pension changes and get further help managing your retirement finances by visiting reputable sources, such as the Australian Government's Department of Social Services website or the official Centrelink website.



Key Takeaways

  • Thousands of senior Australians are set to benefit from changes to the aged pension on July 1, 2023, with adjustments to the pension age, income, and asset test thresholds.
  • The government aims to encourage more seniors to continue working and ease Australia's labour shortage amid a cost-of-living crisis.
  • The new rules increase the income and asset thresholds to qualify for pension payments, enabling more people to receive either full or part payment for the aged pension.
  • Financial experts advise seniors to prepare for pension changes five years before they are eligible and seek professional advice to maximise their potential benefit.

Financial adviser Noel Whittaker recommends that seniors prepare for five years before becoming pension eligible and to seek professional advice to maximise potential payments.

So, dear members, now is the time to get informed and prepare for these upcoming changes. By understanding how they impact your situation, you can plan and make the necessary adjustments for a more comfortable and fulfilling retirement. We're here to support you every step of the way!
I worked 3 jobs to get where I'm now and now the Govt want me to work till I'm 67yrs, get the dole bludgers off there ass espectialy these long term ones. I live in reginal NSW, why dosn't Centerlink hire a bus for the long term bludgers and take them fruit picking etc.
 
And where, may I ask, are these jobs that seniors can be accepted for to earn extra money, apart from turning some hobby into a money-making venture? This looks nice on paper, but in reality how many businesses/companies/organisations are going to rush to get us ol' farts with decades of experience?
I'm turning 70 next month & I work as a residential dementia carer. Just recently,I applied for another carer job(just to see if there's an age discrimination) I got the job. They don't need certificates, just customer service life experience.
 
Greetings, members! As always, we strive to provide essential and valuable information to help you live your best life. Today, we're here to discuss upcoming changes to the aged pension rules, which could potentially benefit thousands of senior Australians. We’ll also look at the reactions from Australian seniors.



Starting July 1, 2023, the government will implement new measures affecting pension age, income, and asset tests aimed at encouraging seniors to work longer and alleviate Australia's labour shortages.

‘Age pensioners are struggling to make ends meet,’ says Retirement Essentials Chief Customer Officer James Coyle.

The threshold changes will enable more people to qualify for the age pension. ‘At a time of cost-of-living crisis, they will be very welcomed.’


View attachment 22794
What do the pension changes mean for you? Image Credit: Shutterstock



So, let's dive into the details of how these rule changes could impact you and explore some additional resources and strategies to help you adapt.

Currently, pensioners are tested on their income and assets when they apply for payments. Centrelink uses the test that results in the lowest payment for the applicant, according to Coyle.



Before we begin, here's a brief overview of the current eligibility requirements:

- Singles can earn up to $2,318 per fortnight, while couples living together can earn $3,544 combined.
- Single homeowners can have $634,350 worth of assets besides their home for a pension payment, and couples can have $954,000.
- Single non-homeowners must have less than $859,250 in assets or $1,178,500 for a couple to get approval for a full pension.

However, starting on July 1, 2023, many seniors who were previously ineligible for pensions due to their assets value or income can now claim part payments. Similarly, those receiving part payments may now be eligible for full payments.

However, Australians born on or after January 1, 1957, will need to reach 67 years of age before becoming eligible for the pension under the new rules.



Here are some of the significant July 1, 2023 changes:

- Singles can earn up to $204 per fortnight, and couples can earn $360 before losing their full pension.
- Single homeowners can have about $301,750 worth of assets before their full pension payment is reduced, while single non-homeowners can have $543,000.
- Homeowning couples on a full pension can have $451,500 worth of assets before shifting to a part payment, or $693,500 for non-homeowner couples.

These rule changes may result in new pension payment opportunities for some seniors. Singles will see an income threshold increase to $2,332 per fortnight and couples to $3,568.


View attachment 22793
Age pension base rate as of June 2023. Image Credit: Services Australia





Additionally, single homeowners can have $656,500 of assets, and couples can have $986,500 before being deemed ineligible for payment. For non-homeowners, singles can have $898,500 in assets and couples $1,228,500.

Now, you may remember we wrote about some of these changes recently. You can read more here.

Our beloved SDC members were kind enough to share their thoughts, and we’ve included a few below for your convenience.

Member @helooney3 said: ‘The rich will get richer and the poor will get poorer. I have a $180 fee increase coming up in July and no Pension increase to support it … Definitely not good, especially in light of the huge cost of living increase. Every Pensioner should be getting a substantial increase. Come on, Government, show yourselves strong and give us a $100 per week increase.’

Member @Elyna said: ‘This is so unbalanced. As a single pensioner, I pay the same amount of rates, insurance, etc etc, as a couple… We need a significant rise in the age pension. We worked for this all our lives!!!’

Member @Gsr said: ‘Don’t forget that couples have more everyday costs, medications, food, medical needs, clothes, toiletries. Two people use more electricity and water as well. All this adds up… I would like to see all pensioners receive a substantial rise.’



Considering these changes, let’s explore some additional strategies and resources to help you navigate the upcoming alterations to your pension.

1. Budgeting Tips and Saving Money

One way to stretch your pension payments further is by taking advantage of discounts available through our Seniors Discount Club Discount Directory. Additionally, create a monthly budget that outlines your necessary expenses and track your spending to help you manage your finances better and identify areas where you can cut costs.

2. Personal Finance Success Stories

Many seniors have successfully navigated changes in pension rules in the past. Take inspiration from their experiences, and reach out to friends or local community groups to share advice and practical tips.

3. Hobbies and Side Hustles

If traditional employment is not your cup of tea, consider picking up a hobby or side hustle that can earn extra income. Some popular options include gardening, crafting, pet sitting, or freelance writing. These activities can supplement your pension while keeping you active and engaged.

4. Stay Informed with Helpful Resources

Stay updated on future pension changes and get further help managing your retirement finances by visiting reputable sources, such as the Australian Government's Department of Social Services website or the official Centrelink website.



Key Takeaways

  • Thousands of senior Australians are set to benefit from changes to the aged pension on July 1, 2023, with adjustments to the pension age, income, and asset test thresholds.
  • The government aims to encourage more seniors to continue working and ease Australia's labour shortage amid a cost-of-living crisis.
  • The new rules increase the income and asset thresholds to qualify for pension payments, enabling more people to receive either full or part payment for the aged pension.
  • Financial experts advise seniors to prepare for pension changes five years before they are eligible and seek professional advice to maximise their potential benefit.

Financial adviser Noel Whittaker recommends that seniors prepare for five years before becoming pension eligible and to seek professional advice to maximise potential payments.

So, dear members, now is the time to get informed and prepare for these upcoming changes. By understanding how they impact your situation, you can plan and make the necessary adjustments for a more comfortable and fulfilling retirement. We're here to support you every step of the way!
Pensioners should be exempt from the GST.... not that I pay any as I scour my dockets for GST.
 
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Reactions: Ezzy
And where, may I ask, are these jobs that seniors can be accepted for to earn extra money, apart from turning some hobby into a money-making venture? This looks nice on paper, but in reality how many businesses/companies/organisations are going to rush to get us ol' farts with decades of experience?
Bunnings, perhaps? Seen plenty of us oldies at my local store in W.A. who have been there for many years to date.
 
Greetings, members! As always, we strive to provide essential and valuable information to help you live your best life. Today, we're here to discuss upcoming changes to the aged pension rules, which could potentially benefit thousands of senior Australians. We’ll also look at the reactions from Australian seniors.



Starting July 1, 2023, the government will implement new measures affecting pension age, income, and asset tests aimed at encouraging seniors to work longer and alleviate Australia's labour shortages.

‘Age pensioners are struggling to make ends meet,’ says Retirement Essentials Chief Customer Officer James Coyle.

The threshold changes will enable more people to qualify for the age pension. ‘At a time of cost-of-living crisis, they will be very welcomed.’


View attachment 22794
What do the pension changes mean for you? Image Credit: Shutterstock



So, let's dive into the details of how these rule changes could impact you and explore some additional resources and strategies to help you adapt.

Currently, pensioners are tested on their income and assets when they apply for payments. Centrelink uses the test that results in the lowest payment for the applicant, according to Coyle.



Before we begin, here's a brief overview of the current eligibility requirements:

- Singles can earn up to $2,318 per fortnight, while couples living together can earn $3,544 combined.
- Single homeowners can have $634,350 worth of assets besides their home for a pension payment, and couples can have $954,000.
- Single non-homeowners must have less than $859,250 in assets or $1,178,500 for a couple to get approval for a full pension.

However, starting on July 1, 2023, many seniors who were previously ineligible for pensions due to their assets value or income can now claim part payments. Similarly, those receiving part payments may now be eligible for full payments.

However, Australians born on or after January 1, 1957, will need to reach 67 years of age before becoming eligible for the pension under the new rules.



Here are some of the significant July 1, 2023 changes:

- Singles can earn up to $204 per fortnight, and couples can earn $360 before losing their full pension.
- Single homeowners can have about $301,750 worth of assets before their full pension payment is reduced, while single non-homeowners can have $543,000.
- Homeowning couples on a full pension can have $451,500 worth of assets before shifting to a part payment, or $693,500 for non-homeowner couples.

These rule changes may result in new pension payment opportunities for some seniors. Singles will see an income threshold increase to $2,332 per fortnight and couples to $3,568.


View attachment 22793
Age pension base rate as of June 2023. Image Credit: Services Australia





Additionally, single homeowners can have $656,500 of assets, and couples can have $986,500 before being deemed ineligible for payment. For non-homeowners, singles can have $898,500 in assets and couples $1,228,500.

Now, you may remember we wrote about some of these changes recently. You can read more here.

Our beloved SDC members were kind enough to share their thoughts, and we’ve included a few below for your convenience.

Member @helooney3 said: ‘The rich will get richer and the poor will get poorer. I have a $180 fee increase coming up in July and no Pension increase to support it … Definitely not good, especially in light of the huge cost of living increase. Every Pensioner should be getting a substantial increase. Come on, Government, show yourselves strong and give us a $100 per week increase.’

Member @Elyna said: ‘This is so unbalanced. As a single pensioner, I pay the same amount of rates, insurance, etc etc, as a couple… We need a significant rise in the age pension. We worked for this all our lives!!!’

Member @Gsr said: ‘Don’t forget that couples have more everyday costs, medications, food, medical needs, clothes, toiletries. Two people use more electricity and water as well. All this adds up… I would like to see all pensioners receive a substantial rise.’



Considering these changes, let’s explore some additional strategies and resources to help you navigate the upcoming alterations to your pension.

1. Budgeting Tips and Saving Money

One way to stretch your pension payments further is by taking advantage of discounts available through our Seniors Discount Club Discount Directory. Additionally, create a monthly budget that outlines your necessary expenses and track your spending to help you manage your finances better and identify areas where you can cut costs.

2. Personal Finance Success Stories

Many seniors have successfully navigated changes in pension rules in the past. Take inspiration from their experiences, and reach out to friends or local community groups to share advice and practical tips.

3. Hobbies and Side Hustles

If traditional employment is not your cup of tea, consider picking up a hobby or side hustle that can earn extra income. Some popular options include gardening, crafting, pet sitting, or freelance writing. These activities can supplement your pension while keeping you active and engaged.

4. Stay Informed with Helpful Resources

Stay updated on future pension changes and get further help managing your retirement finances by visiting reputable sources, such as the Australian Government's Department of Social Services website or the official Centrelink website.



Key Takeaways

  • Thousands of senior Australians are set to benefit from changes to the aged pension on July 1, 2023, with adjustments to the pension age, income, and asset test thresholds.
  • The government aims to encourage more seniors to continue working and ease Australia's labour shortage amid a cost-of-living crisis.
  • The new rules increase the income and asset thresholds to qualify for pension payments, enabling more people to receive either full or part payment for the aged pension.
  • Financial experts advise seniors to prepare for pension changes five years before they are eligible and seek professional advice to maximise their potential benefit.

Financial adviser Noel Whittaker recommends that seniors prepare for five years before becoming pension eligible and to seek professional advice to maximise potential payments.

So, dear members, now is the time to get informed and prepare for these upcoming changes. By understanding how they impact your situation, you can plan and make the necessary adjustments for a more comfortable and fulfilling retirement. We're here to support you every step of the way!
They say that older people could work to supplement the pension and companies are creaming out for them to work for them. Well I am with a disability employment service and they can't find me anything. I ended up asking them to call a place I was volunteering and I will be going with that company. So disappointed in this non help from the government that said we can get work no worries... well don't worry about me, I found my own job placing. Just have to get car ready.
 
The Disability Pensioner is principally unable to pursue employment in old age. So shouldn't the Government step up to the mark and provide a disability pensioner benefit beyond merely the Old Age Pension.
 

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