The overall year-on-year (YOY) CPI increase of 6.9% was lower than expected, and lower than the September YOY increase of 7.3%. What does this mean for Age Pension rates?

In recent weeks, We’ve explained many of the new rules which allow those aged 55 or over to move significantly large sums of money into super.

reasons to retire are many and varied…some are discretionary and some are not.

Rental housing crisis: Swipe right for income A recent suggestion by NSW Premier Dominic Perrottet has sparked debate about Age Pension income and how Centrelink treats rental income. Speaking at the Sydney Summit conference in early February, the Premier expressed...

Retirement Essentials assists older Australians to make the most of their retirement income by fully understanding the rules and requirements. So we feel it is important to support those who have recently experienced the loss of a loved one by highlighting the steps they need to take with money matters.

Here is a brief summary of the major things it may help you to know as your navigate your way forward.

There were multiple changes in superannuation last year, many in relation to non-concessional super contributions. In particular, as we reported, the ages at which different types of contributions can be made are now lower. Requirements around the Work Test have also been relaxed, in this case with the age being increased.

The Age Pension provides core funding for about seven out of 10 Australian retirees.

The stated intention of this entitlement, according to the responsible department, the Department of Social  Services, is to to support the basic living standards of older Australians who meet age and residency requirements.

Yet many of those who receive a pension can find it difficult to keep up with frequent annual changes to rates and entitlements, whilst the timing of these changes can also seem unexpected. Additionally, those who miss out on an Age Pension are sometimes left in the dark as to why.

Understanding Age Pension increases:

Do they cover cost of living?

Increases in the CPI can also trigger major changes in superannuation rules for those who are self-funded.

What were the changes/issues that most affected retirees income in 2022?