From 1 January 2017, some people will benefit and others will be worse off.
Around 50,000 Aussies are expected to be better off under the government’s changes and receive the full pension. Approximately 120,000 part-pensioners are likely to add around $30 per fortnight to their wallet.
But from 1 January 2017, around 91,000 part-pensioners will lose their Age Pension and about 235,000 part-pensioners’ payments will be reduced.
Depending on how these changes impact you or your parents, there could be a number of things for you to consider and maximise your Age Pension Benefit.