Age Pension Increase
Age Pension Increase
Another good news for all pensioners. From mid-March 2021 all recipients of Age Pension will receive an increase of their payments based on indexation to social security payments.
Considering that Age Pension was not raised in September 2020, the very first time since 1997 that the increase was not implemented.
Indexing Age Pension is one of the regular mechanisms, built into social security system to ensure rates of Age Pension payments reflect the increase of cost of living.
What is the increase for social security payments?
- Singles – increase of $8.40 per fortnight – bringing the total to $952.70
- Couples – $12.60 per fortnight – total $1,436.20 combined
Those total payments include the Pension Supplement and Energy Supplement
Who is eligible?
If you receive any of the following payments, you are also eligible for the increase:
- Age Pension
- Disability Support Pension
- Carer Payments
Although those increased payments and return to continue with established indexation has been welcomed by many, the Australian Council of Social Service says the rate is still inadequate and should be amended to be more generous.
Another great news for pensioners is the extra stimulus payment of $250. Read more
by: Katherine Isbrandt CFP®
Money Strategist & Retirement Planner
Principal of About Retirement
Say Hi on Social
Interesting Read
13 Financial Mistakes We All Make
Client’s Testimonials
Katherine has been a lifesaver for my Husband and I.
My Aged Care Avatar! Katherine has aided me both emotionally and financially.
Katherine Isbrandt has been my Financial Advisor for nearly 16 years..
For me, the nickname I gave her back then of ‘Wonder Woman ‘ still stands!
More Great Read
12 Principles of Investing
Calculators & Forms
A tiny request: if you liked this article, please share it
Most people don’t share articles, thinking that one share will not make a difference, but believe when I say, each article takes hours of putting it together, and I create them as I really want to make a difference in people’s lives.
So thank you so much for your support. Not only you will seriously help this blog to grow, but more importantly you will help people who might need this information and advice.
Some great suggestions how you can share it:
- Pin it!
- Share it on Facebook
- Tweet it
- Email to your friends and colleagues
It won’t take any more than 10 sec, as I’ve created all share buttons here for your convenience
Just pick your favourite button from the left side of this post, write your note and it’s done. THANK YOU
Ethical Investing
Ethical Investing Ethical Investing When you enter my website AboutRetirement.com.au, you will immediately find lots of financial information about retirement. You just cannot miss that I love working with people who are serious about taking the time to be well...
Age pension and travel overseas
Age Pension and Travel Overseas Age Pension and Travel Overseas Now that Covid is no longer such a thread, international borders have opened, all airlines are just waiting for you to jump on the plane and cruises boats are awaiting new passengers, many retirees start...
Age Pension Work Bonus
Age Pension Work BonusAge Pension Work Bonus Age Pension rules are complicated, and Work Bonus is no different. It can be very beneficial for some pensioners and not apply to others, so hopefully today I will be able to simplify this Age Pension benefit for you. I...
