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Changes to the Age Pension

In less than 3 months’ time the Government’s changes to the Age Pension come into effect. Come 1 January 2017, some people will benefit from the changes and others will be worse off. During October, Centrelink will be writing to pensioners who will be affected as at 1 January 2017.

The potential impact of these changes is significant and could see pensioners lose thousands of dollars each year.  For example, a couple who own their own home with assessable assets of:

  •  $500,000 will lose $1,892 pa;
  • $700,000 will lose $9,692 pa; and
  • $900,000 will lose $11,465 pa.

For single clients it is the same story, just with different numbers.

If you haven’t already, now is the time to have a conversation with us to ensure that you understand how the changes will affect you and to discuss possible strategies to help manage the impact.

To start that conversation, and ensure you and you are not caught off guard by the 1 January 2017 changes, please give us a call on 08 9474 9777 or e-mail us at enquiries@visionfinancial.com.au

 

Preston Enterprise (WA) Pty Ltd (ABN 84 021 202 454 ) t/as Vision financial Strategies and Southern Financial Strategies, Authorised representative and credit representative of Charter Financial Planning Limited.

This Electronic News Article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.

Financial Services Guide can be found on http://www.visionfinancial.com.au/compliance/