If You Or Someone You Know Has Recently Lost An Entitlement To The Age Pension: Continue Reading!!

The rules for Age Pension entitlements change on 1 January 2017. For a large number of retirees being assessed under the Assets Test, this has meant they have lost their entitlement to a Part Age Pension.  It is estimated that approximately 326,000 people will be adversely affected by these changes.

A summary of the old Age Pension Assets Test rules versus the new Age Pension Assets Test rules are as follows:

Disqualifying limits for the Full Age Pension*

  2016 Rules 2017 Rules
Single homeowners full pension assets must be less than $209,000 $250,000
Single non homeowners full pension assets must be less than $360,500 $450,000
Couple homeowners full pension assets must be less than $296,500 $375,000
Couple non homeowners full pension assets must be less than $448,000 $575,000

 

Disqualifying limits for the Part Age Pension*

  2016 Rules 2017 Rules
Single homeowners part pension assets must be less than $793,750 $542,500
Single non homeowners part pension assets must be less than $945,250 $742,500
Couple homeowners part pension assets must be less than $1,178,500 $816,000
Couple non homeowners part pension assets must be less than $1,330,000 $1,016,000

*as at September 2016 and some figures may be subject to indexation in the future.

Source https://www.humanservices.gov.au/customer/enablers/assets#assetstestlimits

If you have most of your retirement savings in a superannuation pension account and have lost your entitlement to a Part Age Pension due to changes in the Assets Test, you should consider contacting us.

We regularly find retirees are paying excessive superannuation fees that can usually be dramatically reduced. If we can reduce your fees and investment performance is not compromised, is it likely you will then have more money to spend in retirement?

HOT TIP: The need for honest, transparent and practical financial planning advice has never been greater, so contact The Financial Advice Shop without delay. New client places are strictly limited but to get things started, we can offer a very cost effective Financial Advice Health Check discussion to ensure you can access our experience to understand all of your fees and future superannuation investment strategy options.

We have never had anyone say that our Financial Advice Health Check wasn’t value for money! If you are referred by someone we know, you will even get a discount!

www.financialadviceshop.com.au

#agepension #partagepension #agepensionchanges #agepensionchanges2017 #retirementplanningcanberra

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The Effects Of The New Superannuation Rules Are Complex And Should Not Be Underestimated!!

On 23 November, the Australian Parliament passed the Super measures announced in the 2016 Federal Budget.

There are a number of significant changes being made to superannuation and a summary of some of the major changes is available via the following link:

http://nebula.wsimg.com/59c0a5c4ac67ea27de95cd90d4c2e40e?AccessKeyId=255E926C354D54DF0D43&disposition=0&alloworigin=1

The effects of the new superannuation rules are complex and should not be underestimated, but fortunately there are things you can do to minimise the effects. It is important that you take the time to understand the new rules and immediately make appropriate changes where required. It could be that urgent action is required before 30 June 2017 to ensure you are not disadvantaged.

If you are starting to think about your superannuation and retirement, or know you should be planning for your retirement, it is time to start taking action with a trusted financial planning advice discussion to “see what’s possible”. Perhaps you also know someone else who should be talking to us?

HOT TIP: The need for honest, transparent and practical financial planning advice has never been greater, so contact The Financial Advice Shop  without delay. To get things started, we offer a very cost effective Financial Advice Health Check discussion to ensure you can access our experience to understand all of your fees and future superannuation investment strategy options.

We have never had anyone say that our Financial Advice Health Check wasn’t value for money! If you are referred by someone we know, you will even get a discount!

http://www.financialadviceshop.com.au

#1.6mcap #1.6milliondollarcap #superannuationcaps #superannuationchanges #retirementplanningcanberra