Federal Budget- Older Australians

The Federal Budget has allowed for a Pension increase of $32.49 per week for singles and $10.14 per week combined for couples on the full rate, this is good news to many locals. But the big question is will $10 a week make a big difference to you?

Other big news for older Australians is future retirees will have to work longer before they can receive the pension. There will be an increase in the aged pension from starting from 2017, to 67 in 2023.

Changes to the Age Pension age

So for those of you that were counting down the years to when you hitch that caravan to the back of the 4wd and travel around Australia, you may have to hold off for a little while yet, as mentioned previously this gives you more time to save for retirement but do you really want to be working until you are 67 years of age? Again, it’s a good time to be seeking some assistance in reviewing your retirement plans, and we’d be more than happy to help where we can.

May 26th, 2009 | Leave a Comment »