Retirement
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according to Aware Super's General Manager – Advice, Peter Hogg.
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according to Aware Super's General Manager – Advice, Peter Hogg.
As a result of indexation, the maximum Age Pension (including supplements) is rising by $19.60 per fortnight for singles, to $1,116.30, and $29.40 combined for couples, to $1,682.80. Indexation to the Age Pension takes place twice every year, in March and September.
While the latest rise is timely, Hogg noted that it would provide only modest relief to those who receive an Age Pension, given the elevated inflation environment over the past three years. He encouraged Age Pension recipients to seize on this change as a trigger for a quick appraisal of their broader finances.
"Many people make the mistake of thinking that because they've retired, they only have a few levers to pull to increase their income and improve their financial wellbeing, but this is a myth," Hogg said.
He outlined several key options available to Age Pension recipients to improve their income and financial health, including updating their details via MyGov, investing surplus cash in a diversified portfolio, considering part-time work under the Government's Work Bonus scheme, gifting family members, purchasing funeral bonds, and bringing forward expenses such as home repairs.
Hogg noted that various limits and other rules need to be taken into account for these strategies, and the best course of action often varies from person to person. He urged Age Pension recipients not to be overwhelmed and to seek guidance and advice if needed.
"Even if you take just one of these steps, it could make a very real difference to your disposable income and in turn, your lifestyle, so don't kick the can down the road," Hogg said.
Superannuation funds such as Aware Super provide advice to members on their super for no extra cost, and more complex advice for a fee, so Hogg encouraged members to call their fund to see what help they can offer.
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