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INDIVIDUALS & FAMILIES
Age Pension reforms
 

Qualifying Pension age increase

The Age Pension qualifying age will continue to increase by six months every two years, such that it will reach a qualifying age of 70 by 1 July 2035. The following table sets out the Age Pension eligibility age by date of birth:


            Date of birth between  Age at which eligible for age pension     
   1 July 1952 and 31 December 1953     65½
   1 January 1954 and 30 June 1955 66
   1 July 1955 and 31 December 1956 66½
   1 January 1957 and 30 June 1958 67
   1 July 1958 and 3 December 1959  67½
   1 January 1960 and 30 June 1961  68
   1 July 1961 and 31 December 1962  68½
   1 January 1963 and 30 June 1965 69
   1 July 1964 and 31 December 1965      69½  
   1 January 1966 and later  70 

This measure will not affect those born before 1 July 1958.

Income Test
The government will change how it deems the return from a person's financial assets for the purposes of the pension income test. The deeming thresholds will be reset from $46,600 to $30,000 for single pensioners and from $77,400 to $50,000 for pensioner couples from 1 September 2017.

Indexation Changes
From 1 September 2017, pension increases will be linked only to the Consumer Price Index (CPI).

Commonwealth Seniors Health Card Changes
From 20 September 2014 the income thresholds for the Commonwealth Seniors Health Card will be indexed annually to the CPI. Payments of the Senior Supplement will also cease after the June 2014 payment.

 



Needs

Cost $ p.a.

Live-out housekeeper / attendant-carer ($278 per 4 hr shift)

43,368

Live-out visiting domestic / housekeeping assistance ($150 per day).

7,800

Live-out visiting after-school care ($275 first hr, plus $69 each additional hr)

66,120

Approximate total cost of care

$117,288 per annum


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Baulkham Hills, NSW 2153 Australia
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P: (02) 9899 3044
F: (02) 9899 1524
E: admin@goodwinchivas.com.au

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