More than 300,000 Australians lose Age Pension entitlements from January 2017

More than 300,000 Age Pensioners will have their Age Pension entitlements cut, with just under 100,000 of those affected Australians losing all Age Pension entitlements, taking immediate effect from 1 January 2017.

As a couple, if you currently receive the Age Pension, and you own more than $823,000 in assets including super and all other assets (but excluding your home), then you will no longer receive the Age Pension from 1 January 2017. For those Age Pensioner home-owning couples who own less than $823,000 in assets, but more than $450,000 in assets, then expect your Age Pension entitlements to also be hit.

As a single person, if you currently receive the Age Pension, and you own more than $547,000 in assets including super and all other assets (but excluding your home), then you will lose your Age Pension entitlements from 1 January 2017. For those Age Pensioner home-owning single people who own less than $547,000 in assets but more than $290,000 in assets, then expect your Age Pension entitlements to also be hit.  

In most cases, these retirees are not in position to return to work to replace the income they will lose from 1 January 2017, and the Coalition government, with the support of the Greens, have essentially devastated the retirement plans of several hundred thousand Australian retirees.

 

Date published 10 Jun 2016 | Last updated 10 Jun 2016