If you’re currently receiving Centrelink’s Age Pension, or are planning to receive it one day, here’s what you need to know about changes to the assets test from January 1, 2017…
Full Pension:
To qualify for the full pension, the Government is increasing the assets test limit to $375,000 for couples and $250,000 for individuals.
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Part Pension:
From 1 January 2017, your pension will be reduced by $3 each fortnight for every $1,000 of assets you own over the full pension limit.
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One way to reduce your assessable assets is to pre-pay your funeral.
There are so many added benefits: The peace of mind that comes with knowing your funeral is all taken care of – one less thing for your family to worry about; it’s paid for at today’s price so your family will not pay a cent more for the options you choose and you can make decisions about your funeral, taking the guess-work out when the time comes.
If you’d like to discuss pre-paying your funeral with Sovereign Funerals, please get in touch and we’d be happy to talk you through the most suitable option.
