120,000 retirees to get pension boost: Giving the money back to those who need it 199



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After months of speculation, the day the Federal Budget is revealed is soon to be upon us. Information about what seniors will get is coming in dibs and drabs but this morning is has been revealed what the Government is prepared to do to sweeten the deal with those receiving an age pension.

According to The Australian, the Government will offer higher payments to more than 120,000 retirees and ensure thousands more can keep a valuable concession card that cuts their cost of living, easing the impact of pension savings that will cut the deficit.

David Crowe, political reporter has said the part-pension will not be available to around 80,000 after they reduce the asset threshold (excluding home ownership) from $1.15 million to $820,000 for couples and from $775,000 to $550,000 for singles. The good news is that the savings made from this reduction will be passed back to the remaining 120,000 Australians on the part-pension. So if you’ve got modest cash assets and are on the part-pension, it’s a big win for you!

The other good news is that Australian seniors who lose their part-pension will not lose their Seniors Concession Card and will still be eligible for the myriad of discounts using the card.

These new plans are hoped to build support for changes to the asset test for the Age Pension and give the money back to those who need it.

Wealthy retirees are facing an uphill battle as it’s been claimed that they will be a large target in the impending Budget, to be delivered next Tuesday evening.

A political fight ensued over whether older Australians should accept tax cuts vs welfare cuts just to get more money for the Government, until it was no doubt realised they’re taking it from a group of people who rely on their pensions to get them by.


So tell us today, are you happy to hear about the proposed changes to the Budget and our pensions? 

Starts at 60 Writers

The Starts at 60 writers team seek out interesting topics and write them especially for you.

  1. I am so sick of all of this, just leave poor pensioners alone..that is not a big ask

    5 REPLY
    • Please don’t lump all pensioners together. I am certainly not a ‘poor pensioner’. I am happy and vibrant and enjoying my life

    • I don’t own my home still paying it off.. and I have to work as a lollypop lady so I can eat… I have to watch every cent I get from the pension.. if I didn’t work and YES centrelink know how much I earn $240 per fortnight that is what I use for my food and if I want to buy myself clothes or get my hair cut.. and I DONT go out to eat… and I don’t drink or smoke either …

    • my medications cost me $50 or more a month I am diabetic and I don’t take my meds like I should so they can stretch further.. like a lot of others on the aged pension a lot don’t have heating on in winter either cause they cant afford the heating bills …and I am sure they don’t have 3 decent meals a day either…cause if the pay rent or still paying their homes off its dam hard..

    • My power bill was $ 594.00 last months and it is very hard to save up for all the bills to pay plus medication. Sometimes it is better to end it all.

  2. I smell an election in the air

    1 REPLY
    • Good bring it on so we can get rid of the worst government in living memory.

      1 REPLY
      • then the ALP and GREENS will open the gates the Muslims will flock in go on welfare because they won’t work or pay interest on loans not sure about taxes but i doubt if they do, the deficit will sky rocket and we will go broke and become an Islamic country not far down the track our grandchildren especially girls will be circumcised made to cover up from head to foot, beaten by their husbands kept barefoot and pregnant in the kitchen and we will all have to become Muslims, unless the ALP and Greens keep the boats away I will not vote for an Adulterer, suspected rapist who needs the Muslim vote desperately so he panders to them -he does not care about our grand kids generation only his own skin and pockets and if you think it will not happen just look at the rest of the world and the trouble they are having and it will happen here too do not think it won’t, we are full pensioners do not have massive savings but we manage and we would also like to see the deficit come down not borrow money to pay aid to foreign countries and look after our own homeless before we help others, if I ran our budget the way ALP and Greens did we would be bankrupt–and yes their perks in retirement should be looked at also no free trips, cars, fuel, Internet, telephone, offices, postage etc they get enough should be able to pay for it themselves most are millionaires anyway and DO NOT NEED IT–THIS APPLIES TO BOTH SIDES

        1 REPLY
        • Good reply comment Joyce!
          Improvements and being treated with more respect instead of as second class citizens is way over due!
          I will believe it when I see it.

  3. If someone has $1M in assets then they do not need the pension. If they have $0 in the assets they need to be able to survive.

    10 REPLY
    • Linda, sounds a lot doesnt it. Read assets. I would really love it if you would just give me a few figures and ideas on how to invest that $1m in assets so i can get a liveable amount of money and a sustainable guaranteed income. I would be most appreciative.

      1 REPLY
      • I agree that $1million doesn’t bring you much income with interest rates at 2% its about $20, 000 – less than the pension!

    • You seek out a financial advisor and perhaps go in for an allocated pension account which pays you a certain amount each fortnight. It depends on how much you need to live.

    • Your the same man Andrew Mcwilliam who said he would spend his money on a yatch and a Ferrari so he could get the pension. You still would not pass the assets test. These items are regarded as assets support yourself

    • Janet farmer, am supporting myself. Yup i would buy a ferrari but not in my name. There are ways around. Still waiting for you to tell me how to invest $1m so i can get the same amount as the pension after tax and so it is sustainable for thirty years, indexed and guaranteed for life and so i dont have to work for it as pensioners dont. Suspect i will be waiting for a long time for your response. Oh and pls include concessions in that investment plan. Why arent you supporting yourself?

    • Jan allocated pensions may pay you enough this year and nothing next year. Have you ever talked to a financial advisor and paid all their fees? Probably not. Saw my father in law lose his small life savings that route. Nit a smart move. Pls suggest an allocated pension which provides the same as the pension, guaranteed indexed no work required concessions etc etc

    • Im still waiting for your investment advice janet. What is the pension $33000 or so plus concessions no tax etc etc. put $1m in the bank and earn $28000 taxed and no concessions and may reduce next quarter. Tell me which would you rather.

      1 REPLY
      • It looks like you are self funded, $33.000 would be a dream couples don’t even get that much check your facts before you post.

  4. Personally I think this whole pension issue has been a big cockup from woe to go. I voted for them last time but never again. To put it simply I don’t trust that they will not target us again at some time down the road if they are elected again. I believed Tony Abbott when he said no changes to pensions and have worried ever since he got into office, we were duped so he could be PM

    10 REPLY
    • What ACTUAL changes have there been. The media are continually frightening the pensioners about what may happen. What exactly has changed for the majority of aged pensioners?

    • Agree, Marie Deer McMullen. People won’t look further than their own pocket to see what the Government is doing in other areas. Nothing has changed for me.

    • I am sorry but my vote is my choice, I chose badly the last time and now I have had to not only accept that but to wear it, I won’t be the only one not voting Liberal the next time around. You can say what you like but it is my decision who I vote for , not yours

    • I’m with you Janet, they always have other intentions. No matter what they do they I will never trust them. I am a part pensioner also and definitely will never vote for Abbott and never had!!

    • You’re right. They would have destroyed the pension if the media and aware people hadn’t bought attention to it. They will try again if given a chance.

    • Not saying I support them, I support none of them, they are all the same. I wouldn’t bite if I didn’t get fined, all liars , cheaters. Power hungry greedy bastards

    • Well Abortt told every one you can’t believe a word he says because he sometimes does not tell the truth

  5. This Government has a one track mind. The only people who can fix the budget are the oldies. What about creating jobs, get the unemployed to work, kick start the economy. Abbott and Costello oops Hockey are duds? They couldn’t do a household budget let alone a federal budget!

    17 REPLY
    • Instead of continually kicking the elderly Hockey should chase up the big end of town tax evaders ,tax evasion is more than the entire welfare bill.

    • Well what do you suggest ? A labor government ? That’s why we are in this damned mess in the first place .Howard turned over a bloody fortune to the red head , so she gave away $600 to every working person until the coffers were empty , then borrowed and borrowed until we had a debt we couldn’t jump over . And just to stick the knife in further , when she got tossed out on her red toosh , she said she didn’t know how bad the finances were ! Where the hell was she ?
      Labor ? Really this is a century old problem with these people , it goes on and on and on every time we vote them in , seems we are slow learners .

    • People not only vote ALP but they vote Greens and Independents, the only party I won’t be voting for is Liberal

    • Yes the best prime minister was Howard took him years to get us right idiots vote labor in Nd guess what our grand children will be paying of the milky bar kids exploits and as for Gillard she bought a 20 million $ home and she still gets her golden hand shake lives like a queen and if any pensioners have a few bob and a nice home they want to means test us these positions have never did a hRd days lAbor in their lives we have all been working since we where 13 /14 until 65 or 70 so bugger them all.

    • We got $900 carolyn did you give yours back??? I bet not. If you thing rabbit and hockey are doing a good job you must be one of their rich mates and of course they will look after you! For the rest of us who have worked their whole lives, raised and educated their kids and are on an age pension now, we are being hounded into the ground!!!!!!!!!!

    • Marie, I can tell you throwing $900 cheques out in the street like confetti is not good fiscal policy. Shame on for being so greedy and taking someone elses hard earned tax. Another selfish entitled baby boomer

    • I believe the idea of the $900 was to stimulate spending.
      @Ben Watts…. You need to study history then live a bit longer kiddo.

    • Did you hand yours back Ben? I worked for one company for 28 years. I took the money as a tax refund and spent it wisely !!

    • Your obviously a labour voter and one of the entitled people. How much are you sucking from social welfare.

    • Marie Doody I never got $900 how come u got that amount?????…. well I worked for a certain council for over 25 1/2yrs and got railroaded….geez wished I had got $900

    • I know someone who owns everything has heaps of money in the bank and reckons she cant live on the aged pension… bet centrelink don’t know how much she has in the bank either and she works …and I bet she got the $900 u got Marie …

      1 REPLY
      • Several posts on here stating “I know someone who has X amount of income and assets and a job and gets a pension” Well my advice is to report them to Centerlink if they are cheating the system. Don’t whinge if you aren’t prepared to report them.

    • oh and she has just bought another “new car” when I said I was after another car she told me “all u need is another old bomb to get from a to b”

    • Every worker got $900. And everything we have we worked our guts out for. I dont call that entitled Mr Rudzyn. We do not suck social welfare for your info!!!

    • Our household did not receive any $$$. Didnt need it anyway. We are in a decent super fund which is great for us. I think there are some very dodgy super funds. Everybody deserves to live a decent life and not have to struggle. I feel for those who will have a tough time at retirement. I dont have any solutions except we need decent caring people in government but that is a pipe dream. Regretfully Politics corrupt. And the majority only care about what they can get.

    • I am a pensioner i have lost nothing why are they hounding you and not me how much has your pension dropped mine has gone up marie doody lucky me ..silly untrue post marie

    • Worked hard saved no money hate rich people but expect them to support me. …new anthem of the entitled

  6. So it still doesn’t help those of us who rely solely on the pension to survive. Our only asset is our ability to survive on a pittance.

  7. I think that anyone who owns a family home and has 1.1 Million in assets can look after themselves, If it was us we would not expect help from the Gov. However we do not own our home, we have no assets so we rely on the pension to get by, it has been a very worrying time thinking that we may loose the little income that we have.

    14 REPLY
    • I agree with you. I know people who can well afford to pay their own way but still get a concession card and a part pension. I think the Government is right.

    • Could you financial experts pls tell me where do you invest $1m in assets so you get a sustainable guaranteed income. Thats assets mind you and after tax pls. Oh and i dont want to do any work for it just like pensioners dont

    • What happened in your life that you don’t own your own home. I certainly understand in some cases it is understandable due to extenuating circumstances however the majority of us baby boomers had the opportunity to work and purchase a modest home

      1 REPLY
      • If you were married – not so easy if you were single because banks would not lend to you unless you had a male guarantor

    • So kim valentine, all pensioners in australia are required to work while receiving the pension? Sorry wasnt aware of that. Read carefully!!!

    • Everyone’s life circumstances are different and some may not have had the opportunity to purchase a “modest” home. Women years ago were less likely to have a career and in the event of a divorce they were more often than not left financially lacking!

    • I’ve had homes since I was 20 but due to a marriage break up I no longer have my own home now and hardly any assets live on a disability pension ,no super no savings just manage at times by robing Peter to pay Paul .So life changes and not always for the good (finances )not always in our control .

    • I worked hard for over 47 years. I worked weekends and night shift. I got no handouts from any government. I worked extra jobs so my wife could look after our children until they were school age. We still managed to buy our home with the very high interest and pay high taxes because we worked hard to earn extra money. We didn’t go to clubs or gamble on poker machines or live in public housing. Because we didn’t want to be a burden on the taxpayer. For this we get penalised. We don’t want much just a concession card as the chemist charges are sometimes over $300. Some people never had the chance but the majority did but lived for today not the future. Now the taxes I payed now go to these thoughtless people whinge about how hand they are done by.

    • Wonder how the future retirees will handle this….mnn me thinks lots of money will be stashed somewhere. Honesty will go out the window

    • Besides, at that age, one usually downsizes once the kids have grown up but not mollycoddle them when they are in their 20’s and over!

  8. Leanne people who have around the million get very little in pension I know of one that get about $1.00 (and that is not me) I think also they in most cases they would have a financial adviser so, I think, they would be doing ok

  9. Your right Glenice..we are all aware of that, they juggle their money so they can get the concession cards and what does that cost taxpayers? You can’t tell us to accept a loss $80 per week with the cuts they wanted to do to the CPI rise. The whine when you are being asked to give up for the Government you voted for. If you have that much money..support yourself

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