Postcode by postcode: a clever way to include homes in the age pension assets test

Written by Anthony Asher, UNSW. Here’s the boldest idea the government’s inquiry into retirement incomes should consider but might not: no longer exempting all of the value of each retiree’s home from the pension assets test. The test would merely exempt part of the value of retirees’ homes. The change would free-up funds to support… Continue reading Postcode by postcode: a clever way to include homes in the age pension assets test

Call to end age pension ‘taper trap’, lower $3 taper rate

National Seniors Australia has called for an end to the “ludicrous” age pension ‘taper trap’, where saving more can mean up to $1,000 less in income a month. National Seniors – which calls itself the peak advocacy organisation for older Australians – is calling on the Government to lower the age pension taper rate. The… Continue reading Call to end age pension ‘taper trap’, lower $3 taper rate

Over 90,000 retirees to benefit from changes introduced to Parliament

The Government says that over 90,000 older Australians will benefit from changes it recently introduced to Parliament. The Government has introduced the Social Services and Other Legislation Amendment (Supporting Retirement Incomes) Bill 2018 to the House of Representatives. The measures it contains were announced in the 2018/19 Budget as the ‘More Choices for a Longer… Continue reading Over 90,000 retirees to benefit from changes introduced to Parliament

Seniors call for $250k pension means test exemption for home sales

Advocacy group National Seniors is calling for a $250,000 exemption from the Age Pension means test to encourage older people to downsize. The group is urging all political parties to adopt the policy position, ahead of the upcoming Federal Election National Seniors Chief Advocate Ian Henschke said the exemption would encourage downsizing to more age-suitable… Continue reading Seniors call for $250k pension means test exemption for home sales

Superannuation and age pension reforms are working, says ASFA

The Government’s changes to superannuation and the age pension are working, but what the system needs now is stability, says the Association of Superannuation Funds of Australia (ASFA). According to ASFA data shows that super and pension changes have had a “substantial and positive impact” by reducing government expenditure and increasing tax revenue. “The Age… Continue reading Superannuation and age pension reforms are working, says ASFA

Age pension asset test taper change discouraging saving for retirement

Changes to the age pension asset test rules, in place for over a year now, are actively discouraging middle-income wage earnings from saving for retirement, according to the SMSF Association. SMSF Association CEO John Maroney said the changes to the age pension means test taper rate and threshold – which started on 1 January 2017… Continue reading Age pension asset test taper change discouraging saving for retirement

Pensioners in for a shock when “harsh” pension cuts take effect: ISA

Around 325,000 pensioners are in for a shock when “harsh” pension cuts take effect on 1 January 2017, says Industry Super Australia. The changes, which were announced in the 2015 Budget, passed the Parliament in June 2015 after a deal between the Government and the Greens. “The cuts will see the Age Pension taper rate… Continue reading Pensioners in for a shock when “harsh” pension cuts take effect: ISA

Age pension 2nd on election priorities list for older Australians

Adequate age pensions ranks second on a list of top priorities for older Australians in the upcoming federal election. “Thirty per cent of voters this election will be over 60 years of age, and half of those are over 70, which makes us an increasingly powerful voice politically,” said COTA CEO Ian Yates. A survey by… Continue reading Age pension 2nd on election priorities list for older Australians

Changes to super needed to reduce cost of Age Pension: CIS

Changes are needed to reduce the cost of the Age Pension, says the Centre for Independent Studies (CIS), including to superannuation. The CIS says there has been a “marked growth in pension cost and cohort”, releasing the report the myths of the generational bargain. According to the CIS, this growth has been driven by increasing… Continue reading Changes to super needed to reduce cost of Age Pension: CIS