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Unpacking the tricks and traps of the age pension | Goulburn Post



life-style, noel whittaker, money advice

The age pension represents a major source of income for most retirees – yet many are unaware of the tricks and traps. It’s a big topic, so in a two-part series starting here I will explain the system to you. The pension is adjusted on a regular basis and the latest six-monthly age pension adjustments took effect from March 20, 2021. The main changes were a slight increase in the amount of the age pension, which also lead to an increase in the cut off points for both the assets test and the income test. The maximum pension for a single person is now $952.70 a fortnight, and for a couple $718.10 a fortnight each. Everybody is allowed a certain base level of income and assets, but once you exceed…

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