The Government announced measures in the Federal Budget that are aimed at assisting age pension recipients to increase their fortnightly income without affecting their pensions and to encourage retirees to consider the use of lifetime retirement income products.
1. Age Pension & Retiree Measures
- Those on the age pension will now be able to earn up to $300 per fortnight (up from $250 per fortnight) without affecting their pension entitlements.
- Pensions means test rules will be changed to encourage the development and take up of lifetime retirement income products that can assist retirees managing the risk of outliving their savings.
- Expansion of the Pension Loan Scheme to everyone over aged pension age and to increase the maximum fortnightly income stream to 150% of the Age Pension rate. This measure is to enable retirees to use their homes to increase their income.
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