As of January 2017, all asset thresholds have been substantially increased to offset a sharper taper rate in pension reduction.

The new Pension Asset Test for retirees come 1st January, 2017 is:

Retirees below the threshold are entitled to a full age pension.

The new rules may result in a large number of retirees no longer satisfying the assets test to remain pensioners.  This group will be come self-funded retirees but remain entitled to a Commonwealth Seniors Healthcare Card to offset these changes. Access to the Commonwealth Seniors Healthcare Card will remain indefinitely for the affected retirees.  Self-fund retirees reaching their Age Pension age after January 1st, 2017 may be eligible for the Commonwealth Seniors Healthcare Card if they meet certain criteria.

If you think you will be affected by the new changes, it’s time to have a discussion with your Financial Planner.

To make an appointment with Apt Wealth Partners please contact us or speak to us about this at our next meeting.