The age pension is complex, and huge changes are taking place in January which will affect anybody who is assessed under the assets test.
Furthermore, the interplay between the income test and the assets test means the changes might cause some pensioners to be assessed under a different test to what they are assessed under right now. Some pensioners who will receive more pension - others will lose part of their pension or even their entire age pension.
I’m excited to announce that our latest calculator enables anybody who receives an age pension, or who may become an age pensioner, to look at what their entitlements are now, and what they may become in January. Find the Age Pension Calculator Here.
As most financial assets are assessed under the deeming rules there is also a deeming calculator. Just keep in mind that people assessed under the assets test are not subject to deeming – that is only for income-tested pensioners. Use the Deeming Calculator Here.
There is also a new Retirement Drawdown Calculator, and a Loan Calculator. You can find all of the calculators here.
These are approximate numbers and expert advice should be sought before making any changes to your affairs.