Aged Pension Accessibility
If you are planning to retire comfortably with the assistance of an Aged Pension, you may need to reconsider your plan. The budget handed down by the Abbot government earlier this year confirmed changes to the Aged Pension, which take effect from July 2025. We are receiving many enquiries regarding this – it is concerning many people, often unnecessarily. Over time, the qualifying age to receive the Aged Pension will increase from 67 years, until it reaches 70 years in July 2035. Those currently receiving the pension or born before 1 July 1958 will not be affected by these changes.
The following table indicates what your Age Pension age will be changed to:
Reassessing your plan now could make all the difference between a comfortable retirement or one fraught with financial stress. The team at Elodus Financial is equipped with the right knowledge and tools to help ensure your next phase in life is as fulfilling as you had planned. To discuss the proposed changes with an Elodus Financial Adviser, click here.