Hello, members! We wanted to kindly remind you, on behalf of the Seniors Discount Club team, that as of July 1, 2023, the government will be introducing new measures that will have an impact on pension age, income, and asset tests.

These changes have been designed to encourage seniors to continue working for longer, which in turn aims to address the labour shortages being faced by Australia.

James Coyle, the Chief Customer Officer at Retirement Essentials, states, 'Age pensioners are currently struggling to make ends meet.'

However, with the adjustments to the thresholds, more individuals will now be eligible for the age pension. This change comes at a time when the rising cost of living has become a significant concern, making these adjustments a much-welcomed relief for many.

'They will be very welcome,' he went on to say.

These changes are designed to address Australia's labour shortages and create a more sustainable solution. Credit: Shutterstock.

Pensioners have certain criteria they need to meet in order to qualify for payments. These requirements include reaching a specific age, residing in Australia for a certain duration, and undergoing income and asset assessments during the application process.

The Age Pension age varies depending on the individual's birthdate.

• If you were born between 1 July 1952 and 31 December 1953, the age is set at 65 years and 6 months.
• For those born between 1 January 1954 and 30 June 1955, it is 66 years,
• and for those born between 1 July 1955 and 31 December 1956, it is 66 years and 6 months.

However, starting from 1 July 2023, the Age Pension age will be 67 years for individuals born on or after 1 January 1957.

To be eligible, pensioners must also have been Australian residents for a minimum of 10 years overall. Moreover, their residency should not have had any interruptions for at least 5 of those years.

Centrelink follows a simple rule when determining payment amounts for applicants: they use the test that results in the lowest payment. To give you a better idea of the current eligibility requirements, here's a quick overview:

• For singles, the maximum fortnightly earnings allowed are $2,318. If you're part of a couple living together, your combined earnings can go up to $3,544.
• If you're a single homeowner, you can have assets worth $634,350, excluding your home, and still be eligible for pension payment. For couples, this limit is $954,000.
• Single non-homeowners must have less than $859,250 in assets to receive a full pension. Couples, on the other hand, need to have assets below $1,178,500 to qualify for the full payment.

But here's the exciting news: starting from July 1, 2023, there have been some changes that benefit many seniors who were previously ineligible for pensions due to their assets value or income. These changes also affect those who were receiving part payments, as they may now be eligible for full payments.

Let's take a look at some of the significant changes that came into effect on July 1, 2023:

• Singles can now earn up to $204 per fortnight, and couples can earn up to $360 before their full pension is affected.
• If you're a single homeowner, you can have approximately $301,750 worth of assets before your full pension payment is reduced. For single non-homeowners, the limit is set at $543,000.
• Homeowning couples on a full pension can have assets up to $451,500 before transitioning to a part payment. For couples who don't own a home, the threshold is slightly higher at $693,500.

So, if you've been hesitant about applying for a pension due to your assets or income, it's worth revisiting your eligibility now that these new rules are in place.

For more information on these changes, feel free to visit one of our previous articles.

Many seniors who were previously unable to receive pensions due to their assets' value or income can now claim partial payments. Credit: Shutterstock.

In the upcoming budget, there are several exciting changes in store for Centrelink payments, set to kick in this September.

According to Services Australia General Manager Hank Jongen, Youth Allowance and Jobseeker payments will receive a boost, while rent assistance will increase across the board. Additionally, single parents receiving a parenting payment will also experience some changes.

He emphasised that these changes will bring about 'greater flexibility' and extend the entitlement period for those claiming these payments.

'If you're on a full pension, you won't see a change,' Jongen said.

'If you're on a part pension, you may see an increase because of those increases and a small number of people that are close to that new threshold that didn't qualify in the past may now qualify. If you're on a pension now and it's a part pension, you're entitled to an increase. It happens automatically.'

If you have reached the Age Pension age but don't meet all the requirements to qualify for the Age Pension, you may still be able to obtain a Commonwealth Seniors Health Card. This card offers benefits such as reduced costs for medicines and other potential concessions. Please visit this attached link to determine your eligibility for this card.

If you do qualify for the Age Pension, you may also qualify for various other payments, concessions, and assistance programs. These include the:

• Carer Allowance,
• Essential Medical Equipment Payment,
• Energy Supplement,
• Home Equity Access Scheme,
• Pension Supplement,
• Remote Area Allowance,
• Rent Assistance,
• and the Pensioner Concession Card—which provides access to reduced-cost healthcare, discounted medication, and other valuable discounts within your local community. Read more about it here.

Key Takeaways

• Starting July 1, 2023, the government will implement new measures affecting pension age, income, and asset tests to encourage seniors to work longer and alleviate Australia's labour shortages.
• Many seniors who were previously ineligible for pensions due to their assets value or income may now claim part payments. Those receiving part payments may now be eligible for full payments.
• Australians born on or after January 1, 1957, will need to reach 67 years of age before becoming eligible for the pension.

We hope this reminder provides the necessary information and encourages you to stay updated on these new developments. As always, our team is here to assist you with any questions or concerns you may have.

What are your thoughts on these changes, members? Let us know in the comments below!

 

[Squizzy1]

It appears the French along with other less resource rich countries are smarter than us, why even the Kiwis don't radically differentiate when it comes to how wealthy you might be to access an age pension. Why is that, are they smarter, or less apathetic.

 

[kathy lchapman]

Hello, members! We wanted to kindly remind you, on behalf of the Seniors Discount Club team, that as of July 1, 2023, the government will be introducing new measures that will have an impact on pension age, income, and asset tests.

These changes have been designed to encourage seniors to continue working for longer, which in turn aims to address the labour shortages being faced by Australia.

James Coyle, the Chief Customer Officer at Retirement Essentials, states, 'Age pensioners are currently struggling to make ends meet.'

However, with the adjustments to the thresholds, more individuals will now be eligible for the age pension. This change comes at a time when the rising cost of living has become a significant concern, making these adjustments a much-welcomed relief for many.

'They will be very welcome,' he went on to say.

View attachment 23735

These changes are designed to address Australia's labour shortages and create a more sustainable solution. Credit: Shutterstock.

Pensioners have certain criteria they need to meet in order to qualify for payments. These requirements include reaching a specific age, residing in Australia for a certain duration, and undergoing income and asset assessments during the application process.

The Age Pension age varies depending on the individual's birthdate.

• If you were born between 1 July 1952 and 31 December 1953, the age is set at 65 years and 6 months.
• For those born between 1 January 1954 and 30 June 1955, it is 66 years,
• and for those born between 1 July 1955 and 31 December 1956, it is 66 years and 6 months.

However, starting from 1 July 2023, the Age Pension age will be 67 years for individuals born on or after 1 January 1957.

To be eligible, pensioners must also have been Australian residents for a minimum of 10 years overall. Moreover, their residency should not have had any interruptions for at least 5 of those years.

Centrelink follows a simple rule when determining payment amounts for applicants: they use the test that results in the lowest payment. To give you a better idea of the current eligibility requirements, here's a quick overview:

• For singles, the maximum fortnightly earnings allowed are $2,318. If you're part of a couple living together, your combined earnings can go up to $3,544.
• If you're a single homeowner, you can have assets worth $634,350, excluding your home, and still be eligible for pension payment. For couples, this limit is $954,000.
• Single non-homeowners must have less than $859,250 in assets to receive a full pension. Couples, on the other hand, need to have assets below $1,178,500 to qualify for the full payment.

But here's the exciting news: starting from July 1, 2023, there have been some changes that benefit many seniors who were previously ineligible for pensions due to their assets value or income. These changes also affect those who were receiving part payments, as they may now be eligible for full payments.

Let's take a look at some of the significant changes that came into effect on July 1, 2023:

• Singles can now earn up to $204 per fortnight, and couples can earn up to $360 before their full pension is affected.
• If you're a single homeowner, you can have approximately $301,750 worth of assets before your full pension payment is reduced. For single non-homeowners, the limit is set at $543,000.
• Homeowning couples on a full pension can have assets up to $451,500 before transitioning to a part payment. For couples who don't own a home, the threshold is slightly higher at $693,500.

So, if you've been hesitant about applying for a pension due to your assets or income, it's worth revisiting your eligibility now that these new rules are in place.

For more information on these changes, feel free to visit one of our previous articles.

View attachment 23734

Many seniors who were previously unable to receive pensions due to their assets' value or income can now claim partial payments. Credit: Shutterstock.

In the upcoming budget, there are several exciting changes in store for Centrelink payments, set to kick in this September.

According to Services Australia General Manager Hank Jongen, Youth Allowance and Jobseeker payments will receive a boost, while rent assistance will increase across the board. Additionally, single parents receiving a parenting payment will also experience some changes.

He emphasised that these changes will bring about 'greater flexibility' and extend the entitlement period for those claiming these payments.

'If you're on a full pension, you won't see a change,' Jongen said.

'If you're on a part pension, you may see an increase because of those increases and a small number of people that are close to that new threshold that didn't qualify in the past may now qualify. If you're on a pension now and it's a part pension, you're entitled to an increase. It happens automatically.'

If you have reached the Age Pension age but don't meet all the requirements to qualify for the Age Pension, you may still be able to obtain a Commonwealth Seniors Health Card. This card offers benefits such as reduced costs for medicines and other potential concessions. Please visit this attached link to determine your eligibility for this card.

If you do qualify for the Age Pension, you may also qualify for various other payments, concessions, and assistance programs. These include the:

• Carer Allowance,
• Essential Medical Equipment Payment,
• Energy Supplement,
• Home Equity Access Scheme,
• Pension Supplement,
• Remote Area Allowance,
• Rent Assistance,
• and the Pensioner Concession Card—which provides access to reduced-cost healthcare, discounted medication, and other valuable discounts within your local community. Read more about it here.

Key Takeaways

• Starting July 1, 2023, the government will implement new measures affecting pension age, income, and asset tests to encourage seniors to work longer and alleviate Australia's labour shortages.
• Many seniors who were previously ineligible for pensions due to their assets value or income may now claim part payments. Those receiving part payments may now be eligible for full payments.
• Australians born on or after January 1, 1957, will need to reach 67 years of age before becoming eligible for the pension.

We hope this reminder provides the necessary information and encourages you to stay updated on these new developments. As always, our team is here to assist you with any questions or concerns you may have.

What are your thoughts on these changes, members? Let us know in the comments below!

What about the

Hello, members! We wanted to kindly remind you, on behalf of the Seniors Discount Club team, that as of July 1, 2023, the government will be introducing new measures that will have an impact on pension age, income, and asset tests.

These changes have been designed to encourage seniors to continue working for longer, which in turn aims to address the labour shortages being faced by Australia.

James Coyle, the Chief Customer Officer at Retirement Essentials, states, 'Age pensioners are currently struggling to make ends meet.'

However, with the adjustments to the thresholds, more individuals will now be eligible for the age pension. This change comes at a time when the rising cost of living has become a significant concern, making these adjustments a much-welcomed relief for many.

'They will be very welcome,' he went on to say.

View attachment 23735

These changes are designed to address Australia's labour shortages and create a more sustainable solution. Credit: Shutterstock.

Pensioners have certain criteria they need to meet in order to qualify for payments. These requirements include reaching a specific age, residing in Australia for a certain duration, and undergoing income and asset assessments during the application process.

The Age Pension age varies depending on the individual's birthdate.

• If you were born between 1 July 1952 and 31 December 1953, the age is set at 65 years and 6 months.
• For those born between 1 January 1954 and 30 June 1955, it is 66 years,
• and for those born between 1 July 1955 and 31 December 1956, it is 66 years and 6 months.

However, starting from 1 July 2023, the Age Pension age will be 67 years for individuals born on or after 1 January 1957.

To be eligible, pensioners must also have been Australian residents for a minimum of 10 years overall. Moreover, their residency should not have had any interruptions for at least 5 of those years.

Centrelink follows a simple rule when determining payment amounts for applicants: they use the test that results in the lowest payment. To give you a better idea of the current eligibility requirements, here's a quick overview:

• For singles, the maximum fortnightly earnings allowed are $2,318. If you're part of a couple living together, your combined earnings can go up to $3,544.
• If you're a single homeowner, you can have assets worth $634,350, excluding your home, and still be eligible for pension payment. For couples, this limit is $954,000.
• Single non-homeowners must have less than $859,250 in assets to receive a full pension. Couples, on the other hand, need to have assets below $1,178,500 to qualify for the full payment.

But here's the exciting news: starting from July 1, 2023, there have been some changes that benefit many seniors who were previously ineligible for pensions due to their assets value or income. These changes also affect those who were receiving part payments, as they may now be eligible for full payments.

Let's take a look at some of the significant changes that came into effect on July 1, 2023:

• Singles can now earn up to $204 per fortnight, and couples can earn up to $360 before their full pension is affected.
• If you're a single homeowner, you can have approximately $301,750 worth of assets before your full pension payment is reduced. For single non-homeowners, the limit is set at $543,000.
• Homeowning couples on a full pension can have assets up to $451,500 before transitioning to a part payment. For couples who don't own a home, the threshold is slightly higher at $693,500.

So, if you've been hesitant about applying for a pension due to your assets or income, it's worth revisiting your eligibility now that these new rules are in place.

For more information on these changes, feel free to visit one of our previous articles.

View attachment 23734

Many seniors who were previously unable to receive pensions due to their assets' value or income can now claim partial payments. Credit: Shutterstock.

In the upcoming budget, there are several exciting changes in store for Centrelink payments, set to kick in this September.

According to Services Australia General Manager Hank Jongen, Youth Allowance and Jobseeker payments will receive a boost, while rent assistance will increase across the board. Additionally, single parents receiving a parenting payment will also experience some changes.

He emphasised that these changes will bring about 'greater flexibility' and extend the entitlement period for those claiming these payments.

'If you're on a full pension, you won't see a change,' Jongen said.

'If you're on a part pension, you may see an increase because of those increases and a small number of people that are close to that new threshold that didn't qualify in the past may now qualify. If you're on a pension now and it's a part pension, you're entitled to an increase. It happens automatically.'

If you have reached the Age Pension age but don't meet all the requirements to qualify for the Age Pension, you may still be able to obtain a Commonwealth Seniors Health Card. This card offers benefits such as reduced costs for medicines and other potential concessions. Please visit this attached link to determine your eligibility for this card.

If you do qualify for the Age Pension, you may also qualify for various other payments, concessions, and assistance programs. These include the:

• Carer Allowance,
• Essential Medical Equipment Payment,
• Energy Supplement,
• Home Equity Access Scheme,
• Pension Supplement,
• Remote Area Allowance,
• Rent Assistance,
• and the Pensioner Concession Card—which provides access to reduced-cost healthcare, discounted medication, and other valuable discounts within your local community. Read more about it here.

Key Takeaways

• Starting July 1, 2023, the government will implement new measures affecting pension age, income, and asset tests to encourage seniors to work longer and alleviate Australia's labour shortages.
• Many seniors who were previously ineligible for pensions due to their assets value or income may now claim part payments. Those receiving part payments may now be eligible for full payments.
• Australians born on or after January 1, 1957, will need to reach 67 years of age before becoming eligible for the pension.

We hope this reminder provides the necessary information and encourages you to stay updated on these new developments. As always, our team is here to assist you with any questions or concerns you may have.

What are your thoughts on these changes, members? Let us know in the comments below!

What about the situation between combined couples where the husband is an Australian citizen by birth and is eligible and qualifies for the full pension but because his wife only has Permanent residency at this stage, they only receive half of the combined couples pension.

 

[Singomate]

Hello, members! We wanted to kindly remind you, on behalf of the Seniors Discount Club team, that as of July 1, 2023, the government will be introducing new measures that will have an impact on pension age, income, and asset tests.

These changes have been designed to encourage seniors to continue working for longer, which in turn aims to address the labour shortages being faced by Australia.

James Coyle, the Chief Customer Officer at Retirement Essentials, states, 'Age pensioners are currently struggling to make ends meet.'

However, with the adjustments to the thresholds, more individuals will now be eligible for the age pension. This change comes at a time when the rising cost of living has become a significant concern, making these adjustments a much-welcomed relief for many.

'They will be very welcome,' he went on to say.

View attachment 23735

These changes are designed to address Australia's labour shortages and create a more sustainable solution. Credit: Shutterstock.

Pensioners have certain criteria they need to meet in order to qualify for payments. These requirements include reaching a specific age, residing in Australia for a certain duration, and undergoing income and asset assessments during the application process.

The Age Pension age varies depending on the individual's birthdate.

• If you were born between 1 July 1952 and 31 December 1953, the age is set at 65 years and 6 months.
• For those born between 1 January 1954 and 30 June 1955, it is 66 years,
• and for those born between 1 July 1955 and 31 December 1956, it is 66 years and 6 months.

However, starting from 1 July 2023, the Age Pension age will be 67 years for individuals born on or after 1 January 1957.

To be eligible, pensioners must also have been Australian residents for a minimum of 10 years overall. Moreover, their residency should not have had any interruptions for at least 5 of those years.

Centrelink follows a simple rule when determining payment amounts for applicants: they use the test that results in the lowest payment. To give you a better idea of the current eligibility requirements, here's a quick overview:

• For singles, the maximum fortnightly earnings allowed are $2,318. If you're part of a couple living together, your combined earnings can go up to $3,544.
• If you're a single homeowner, you can have assets worth $634,350, excluding your home, and still be eligible for pension payment. For couples, this limit is $954,000.
• Single non-homeowners must have less than $859,250 in assets to receive a full pension. Couples, on the other hand, need to have assets below $1,178,500 to qualify for the full payment.

But here's the exciting news: starting from July 1, 2023, there have been some changes that benefit many seniors who were previously ineligible for pensions due to their assets value or income. These changes also affect those who were receiving part payments, as they may now be eligible for full payments.

Let's take a look at some of the significant changes that came into effect on July 1, 2023:

• Singles can now earn up to $204 per fortnight, and couples can earn up to $360 before their full pension is affected.
• If you're a single homeowner, you can have approximately $301,750 worth of assets before your full pension payment is reduced. For single non-homeowners, the limit is set at $543,000.
• Homeowning couples on a full pension can have assets up to $451,500 before transitioning to a part payment. For couples who don't own a home, the threshold is slightly higher at $693,500.

So, if you've been hesitant about applying for a pension due to your assets or income, it's worth revisiting your eligibility now that these new rules are in place.

For more information on these changes, feel free to visit one of our previous articles.

View attachment 23734

Many seniors who were previously unable to receive pensions due to their assets' value or income can now claim partial payments. Credit: Shutterstock.

In the upcoming budget, there are several exciting changes in store for Centrelink payments, set to kick in this September.

According to Services Australia General Manager Hank Jongen, Youth Allowance and Jobseeker payments will receive a boost, while rent assistance will increase across the board. Additionally, single parents receiving a parenting payment will also experience some changes.

He emphasised that these changes will bring about 'greater flexibility' and extend the entitlement period for those claiming these payments.

'If you're on a full pension, you won't see a change,' Jongen said.

'If you're on a part pension, you may see an increase because of those increases and a small number of people that are close to that new threshold that didn't qualify in the past may now qualify. If you're on a pension now and it's a part pension, you're entitled to an increase. It happens automatically.'

If you have reached the Age Pension age but don't meet all the requirements to qualify for the Age Pension, you may still be able to obtain a Commonwealth Seniors Health Card. This card offers benefits such as reduced costs for medicines and other potential concessions. Please visit this attached link to determine your eligibility for this card.

If you do qualify for the Age Pension, you may also qualify for various other payments, concessions, and assistance programs. These include the:

• Carer Allowance,
• Essential Medical Equipment Payment,
• Energy Supplement,
• Home Equity Access Scheme,
• Pension Supplement,
• Remote Area Allowance,
• Rent Assistance,
• and the Pensioner Concession Card—which provides access to reduced-cost healthcare, discounted medication, and other valuable discounts within your local community. Read more about it here.

Key Takeaways

• Starting July 1, 2023, the government will implement new measures affecting pension age, income, and asset tests to encourage seniors to work longer and alleviate Australia's labour shortages.
• Many seniors who were previously ineligible for pensions due to their assets value or income may now claim part payments. Those receiving part payments may now be eligible for full payments.
• Australians born on or after January 1, 1957, will need to reach 67 years of age before becoming eligible for the pension.

We hope this reminder provides the necessary information and encourages you to stay updated on these new developments. As always, our team is here to assist you with any questions or concerns you may have.

What are your thoughts on these changes, members? Let us know in the comments below!

As everyone is saying any increase is welcome, I still think the rent allowance is pretty low most people are paying $1,000 a fortnight

 

[willywop]

PEOPLE KEEP WHINGING ABOUT RENT ASSITANCE BUT WHAT ABOUT PEOPLE HOW WORKED UP TO THREE JOBS DID NOT PEE ALL THEIR MONEY ON BEER AND CIGS WORKED TILL 72 OWN THEIR OWN HOUSE AND HAVE TO PAY RATES AND TAXES PLEASE EXCUSE ME FOR BEING IRATE

 

[Roger Cutler]

• Homeowning couples on a full pension can have assets up to $451,500 before transitioning to a part payment. For couples who don't own a home, the threshold is slightly higher at $693,500.

SLIGHTLY higher!!!!! $242.000 difference!! Disgraceful.
People who have worked hard and bought their own home have to have $242.000 less in assets otherwise they get penalised.

 

[hsavage7]

Hello, members! We wanted to kindly remind you, on behalf of the Seniors Discount Club team, that as of July 1, 2023, the government will be introducing new measures that will have an impact on pension age, income, and asset tests.

These changes have been designed to encourage seniors to continue working for longer, which in turn aims to address the labour shortages being faced by Australia.

James Coyle, the Chief Customer Officer at Retirement Essentials, states, 'Age pensioners are currently struggling to make ends meet.'

However, with the adjustments to the thresholds, more individuals will now be eligible for the age pension. This change comes at a time when the rising cost of living has become a significant concern, making these adjustments a much-welcomed relief for many.

'They will be very welcome,' he went on to say.

View attachment 23735

These changes are designed to address Australia's labour shortages and create a more sustainable solution. Credit: Shutterstock.

Pensioners have certain criteria they need to meet in order to qualify for payments. These requirements include reaching a specific age, residing in Australia for a certain duration, and undergoing income and asset assessments during the application process.

The Age Pension age varies depending on the individual's birthdate.

• If you were born between 1 July 1952 and 31 December 1953, the age is set at 65 years and 6 months.
• For those born between 1 January 1954 and 30 June 1955, it is 66 years,
• and for those born between 1 July 1955 and 31 December 1956, it is 66 years and 6 months.

However, starting from 1 July 2023, the Age Pension age will be 67 years for individuals born on or after 1 January 1957.

To be eligible, pensioners must also have been Australian residents for a minimum of 10 years overall. Moreover, their residency should not have had any interruptions for at least 5 of those years.

Centrelink follows a simple rule when determining payment amounts for applicants: they use the test that results in the lowest payment. To give you a better idea of the current eligibility requirements, here's a quick overview:

• For singles, the maximum fortnightly earnings allowed are $2,318. If you're part of a couple living together, your combined earnings can go up to $3,544.
• If you're a single homeowner, you can have assets worth $634,350, excluding your home, and still be eligible for pension payment. For couples, this limit is $954,000.
• Single non-homeowners must have less than $859,250 in assets to receive a full pension. Couples, on the other hand, need to have assets below $1,178,500 to qualify for the full payment.

But here's the exciting news: starting from July 1, 2023, there have been some changes that benefit many seniors who were previously ineligible for pensions due to their assets value or income. These changes also affect those who were receiving part payments, as they may now be eligible for full payments.

Let's take a look at some of the significant changes that came into effect on July 1, 2023:

• Singles can now earn up to $204 per fortnight, and couples can earn up to $360 before their full pension is affected.
• If you're a single homeowner, you can have approximately $301,750 worth of assets before your full pension payment is reduced. For single non-homeowners, the limit is set at $543,000.
• Homeowning couples on a full pension can have assets up to $451,500 before transitioning to a part payment. For couples who don't own a home, the threshold is slightly higher at $693,500.

So, if you've been hesitant about applying for a pension due to your assets or income, it's worth revisiting your eligibility now that these new rules are in place.

For more information on these changes, feel free to visit one of our previous articles.

View attachment 23734

Many seniors who were previously unable to receive pensions due to their assets' value or income can now claim partial payments. Credit: Shutterstock.

In the upcoming budget, there are several exciting changes in store for Centrelink payments, set to kick in this September.

According to Services Australia General Manager Hank Jongen, Youth Allowance and Jobseeker payments will receive a boost, while rent assistance will increase across the board. Additionally, single parents receiving a parenting payment will also experience some changes.

He emphasised that these changes will bring about 'greater flexibility' and extend the entitlement period for those claiming these payments.

'If you're on a full pension, you won't see a change,' Jongen said.

'If you're on a part pension, you may see an increase because of those increases and a small number of people that are close to that new threshold that didn't qualify in the past may now qualify. If you're on a pension now and it's a part pension, you're entitled to an increase. It happens automatically.'

If you have reached the Age Pension age but don't meet all the requirements to qualify for the Age Pension, you may still be able to obtain a Commonwealth Seniors Health Card. This card offers benefits such as reduced costs for medicines and other potential concessions. Please visit this attached link to determine your eligibility for this card.

If you do qualify for the Age Pension, you may also qualify for various other payments, concessions, and assistance programs. These include the:

• Carer Allowance,
• Essential Medical Equipment Payment,
• Energy Supplement,
• Home Equity Access Scheme,
• Pension Supplement,
• Remote Area Allowance,
• Rent Assistance,
• and the Pensioner Concession Card—which provides access to reduced-cost healthcare, discounted medication, and other valuable discounts within your local community. Read more about it here.

Key Takeaways

• Starting July 1, 2023, the government will implement new measures affecting pension age, income, and asset tests to encourage seniors to work longer and alleviate Australia's labour shortages.
• Many seniors who were previously ineligible for pensions due to their assets value or income may now claim part payments. Those receiving part payments may now be eligible for full payments.
• Australians born on or after January 1, 1957, will need to reach 67 years of age before becoming eligible for the pension.

We hope this reminder provides the necessary information and encourages you to stay updated on these new developments. As always, our team is here to assist you with any questions or concerns you may have.

What are your thoughts on these changes, members? Let us know in the comments below!

Are superannuation payments considered income for the income test? Is the lump sum value of your superannuation pension counted as an asset?

 

[Tipsy]

Hello, members! We wanted to kindly remind you, on behalf of the Seniors Discount Club team, that as of July 1, 2023, the government will be introducing new measures that will have an impact on pension age, income, and asset tests.

These changes have been designed to encourage seniors to continue working for longer, which in turn aims to address the labour shortages being faced by Australia.

James Coyle, the Chief Customer Officer at Retirement Essentials, states, 'Age pensioners are currently struggling to make ends meet.'

However, with the adjustments to the thresholds, more individuals will now be eligible for the age pension. This change comes at a time when the rising cost of living has become a significant concern, making these adjustments a much-welcomed relief for many.

'They will be very welcome,' he went on to say.

View attachment 23735

These changes are designed to address Australia's labour shortages and create a more sustainable solution. Credit: Shutterstock.

Pensioners have certain criteria they need to meet in order to qualify for payments. These requirements include reaching a specific age, residing in Australia for a certain duration, and undergoing income and asset assessments during the application process.

The Age Pension age varies depending on the individual's birthdate.

• If you were born between 1 July 1952 and 31 December 1953, the age is set at 65 years and 6 months.
• For those born between 1 January 1954 and 30 June 1955, it is 66 years,
• and for those born between 1 July 1955 and 31 December 1956, it is 66 years and 6 months.

However, starting from 1 July 2023, the Age Pension age will be 67 years for individuals born on or after 1 January 1957.

To be eligible, pensioners must also have been Australian residents for a minimum of 10 years overall. Moreover, their residency should not have had any interruptions for at least 5 of those years.

Centrelink follows a simple rule when determining payment amounts for applicants: they use the test that results in the lowest payment. To give you a better idea of the current eligibility requirements, here's a quick overview:

• For singles, the maximum fortnightly earnings allowed are $2,318. If you're part of a couple living together, your combined earnings can go up to $3,544.
• If you're a single homeowner, you can have assets worth $634,350, excluding your home, and still be eligible for pension payment. For couples, this limit is $954,000.
• Single non-homeowners must have less than $859,250 in assets to receive a full pension. Couples, on the other hand, need to have assets below $1,178,500 to qualify for the full payment.

But here's the exciting news: starting from July 1, 2023, there have been some changes that benefit many seniors who were previously ineligible for pensions due to their assets value or income. These changes also affect those who were receiving part payments, as they may now be eligible for full payments.

Let's take a look at some of the significant changes that came into effect on July 1, 2023:

• Singles can now earn up to $204 per fortnight, and couples can earn up to $360 before their full pension is affected.
• If you're a single homeowner, you can have approximately $301,750 worth of assets before your full pension payment is reduced. For single non-homeowners, the limit is set at $543,000.
• Homeowning couples on a full pension can have assets up to $451,500 before transitioning to a part payment. For couples who don't own a home, the threshold is slightly higher at $693,500.

So, if you've been hesitant about applying for a pension due to your assets or income, it's worth revisiting your eligibility now that these new rules are in place.

For more information on these changes, feel free to visit one of our previous articles.

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Many seniors who were previously unable to receive pensions due to their assets' value or income can now claim partial payments. Credit: Shutterstock.

In the upcoming budget, there are several exciting changes in store for Centrelink payments, set to kick in this September.

According to Services Australia General Manager Hank Jongen, Youth Allowance and Jobseeker payments will receive a boost, while rent assistance will increase across the board. Additionally, single parents receiving a parenting payment will also experience some changes.

He emphasised that these changes will bring about 'greater flexibility' and extend the entitlement period for those claiming these payments.

'If you're on a full pension, you won't see a change,' Jongen said.

'If you're on a part pension, you may see an increase because of those increases and a small number of people that are close to that new threshold that didn't qualify in the past may now qualify. If you're on a pension now and it's a part pension, you're entitled to an increase. It happens automatically.'

If you have reached the Age Pension age but don't meet all the requirements to qualify for the Age Pension, you may still be able to obtain a Commonwealth Seniors Health Card. This card offers benefits such as reduced costs for medicines and other potential concessions. Please visit this attached link to determine your eligibility for this card.

If you do qualify for the Age Pension, you may also qualify for various other payments, concessions, and assistance programs. These include the:

• Carer Allowance,
• Essential Medical Equipment Payment,
• Energy Supplement,
• Home Equity Access Scheme,
• Pension Supplement,
• Remote Area Allowance,
• Rent Assistance,
• and the Pensioner Concession Card—which provides access to reduced-cost healthcare, discounted medication, and other valuable discounts within your local community. Read more about it here.

Key Takeaways

• Starting July 1, 2023, the government will implement new measures affecting pension age, income, and asset tests to encourage seniors to work longer and alleviate Australia's labour shortages.
• Many seniors who were previously ineligible for pensions due to their assets value or income may now claim part payments. Those receiving part payments may now be eligible for full payments.
• Australians born on or after January 1, 1957, will need to reach 67 years of age before becoming eligible for the pension.

We hope this reminder provides the necessary information and encourages you to stay updated on these new developments. As always, our team is here to assist you with any questions or concerns you may have.

What are your thoughts on these changes, members? Let us know in the comments below!

you state that before today a single pensioner could earn 2318 and a couple could earn 3544 per fortnight But as of today a single can only earn 204 and a couple now can only earn 360 per fortnight..... WTF.... thats a LOSS OF 2114 and 3184 so are we going backwards or has someone made a printing mistake or are we being stabbed in the back again

 

[Leeta069]

Just for aged pensioners.......what about disabiity pensioners we struggle too!

 

[Singomate]

I got $1.23 increase next that will by 14 Ihope