Has your Age Pension been affected by the new asset test?

26 Jan 2017 By Media Super Team

The government’s asset test changes for the Age Pension came into effect 1 January this year. With the first payments under the new assets test now due this month, you might find yourself caught by surprise by the changes to your benefit.

The part Age Pension assets test threshold decreased from $793,750 to $542,500 for homeowning singles and from about $1.178 million to $816,000 for homeowning couples.

For those eligible for the full Age Pension, the assets test threshold has increased from $202,000 to $250,500 for homeowning singles and from $286,500 to $375,000 for homeowning couples.

If you’ve been affected and you’re not sure how this will impact upon your day-to-day living and your retirement goals, get some advice.

At Media Super we have Financial Planners* available to help you understand the asset test changes and how they may have impacted you. In addition to any Centrelink considerations, a Media Super Financial Planner* can provide you with more complex advice about retirement planning and your broader financial situation.

If you haven’t already met with one of our planners, your first one-hour consultation is at no cost and you’ll be provided with a quote based on an hourly charge if you require further advice.

The changes to the Age Pension can be stressful, but we’re here to help. Your planner will only suggest you seek advice if they are confident that it will improve your situation and is in your best interests to do so.

To make an appointment with a Media Super Financial Planner,* call our Super Helpline on 1800 640 886.

*  Media Super has engaged Industry Fund Services (IFS) ABN 54 007 016 195 AFSL No 232514 to facilitate the provision of financial advice to members of Media Super. Advice is provided by one of our Financial Planners who are Representatives of IFS. Fees may apply. Further information about the cost of advice is set out in the relevant Financial Services Guide, a copy of which can be obtained by calling IFS on 1300 138 848. IFS is responsible for any personal advice given to you by its Representatives.