The Federal Budget was handed down and a number of key changes have been made for Retirees.

The key points of interest for Retirees include the following:

*     Wealthier retirees to lose access to the pension

*     More part pensioners to receive the full pension

*      Asset test taper to increase

*     Retirees adversely affected by pension changes guaranteed the Commonwealth Seniors Health Card or Health Care Card

*     Tightening of overseas absence rules to maintain pension entitlements

*     Plans to index pensions to inflation have been axed

*     Medicare levy for single seniors and pensioners increased

*     Terminal medical condition of release period for superannuation is extended from 12 months to 24 months.

 

To read more about how the Federal Budget will impact retirees, click here to download our 4 pages of Budget in detail