ECONOMY

What do the latest changes to the Pension really mean?

April 29 2016
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What do the latest changes to the pension really mean?

It’s official. The Government has passed law to change Centrelink’s Age Pension assets test from 1 January 2017.  But what do these changes really mean?

According to Daniel Gerson, Financial Planner, SMSF Specialist these changes mean the opportunity for baby boomers or younger generations obtaining a full pension entitlement in the future is almost negligible and believes it may have a reverse effect. He said “It is becoming clearer that Australian’s cannot rely on the pension as an entitlement, and therefore need to take active investment steps to ensure that we are not relying on receiving the pension in our retirement”.  Mr Gerson went on to say that “Australians should be looking for a diversified investment portfolio structured towards providing an income yield in retirement with property playing an important component”.

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