What are the pension changes 2017? If you are currently receiving a part pension, this may well change on 1st January 2017.
Under the current asset thresholds for recipients, the maximum amount of assessable assets is $1,163,000 for couples and $783,500 for singles.
When assets determine the amount of age pension entitlements, the assessable assets below these thresholds determine the amount of age pension payments.
Legislation has passed Federal Parliament which will reduce the above thresholds to $823,000 for couples and $547,000 for singles.
For Couples
Do you have assessable assets of $824,000?
You currently receive about $6630 each/ per annum.
From 1st January next year, your age pension entitlements will be zero
For Singles
Do you have assessable assets of $548,000?
You currently receive about $9,223 per annum.
From 1st January 2017, your age pension will be zero.
If your assessable assets are currently greater than $483,000 as a couple, or $310,000 as a single, you will notice a decrease in your entitlements.
Now is the time to act
Now is the time to contact our experienced reverse mortgage specialists and discuss how a regular income from your home equity can fill the void and have no further effect on age pension entitlements.