3 Aug 2016
Social Security: 1 January 2017
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
From 1 January 2017 the asset test free areas and the taper rate will increase.
Everyone on the Age Pension will be subject to a new taper rate of $3 for every $1,000 (currently the taper rate is $1.50 for every $1,000) above the new asset test free area which in some cases will rapidly reduce/disqualify them from Age Pension payments.
For example, click to view impact on Age Pension recipients who own their home.
The message from the Australian Federal Government is to start putting away and investing more of your own money for your retirement years.
At Newealth we are always looking to support and promote our clients wherever possible and if you have any ideas or comments, please feel free to email me or to call me on +61 2 9267 2322.