Significant changes to the pension begin in days.

Along with the age rising to 67, thresholds are being adjusted for inflation, meaning more people will be eligible in what’s been labelled the biggest increase in history.

Subscribe to 7NEWS Australia for the latest breaking news video »

Connect with 7NEWS online:
Visit »
7NEWS Podcast »
Facebook »
Twitter »
Instagram »

7NEWS combines the trusted and powerful news brands including Sunrise, The Morning Show, The Latest, and 7NEWS.com.au, delivering unique, engaging and continuous coverage on the issues that matter most to Australians. Watch 7NEWS nightly at 6pm and weekdays at 11:30am and 4pm on Channel 7 and 7plus.

#7NEWS #BREAKINGNEWS…(read more)

LEARN MORE ABOUT: Retirement Pension Plans

REVEALED: Best Investment During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing

HOW TO INVEST IN SILVER: Silver IRA Investing

Significant changes to the pension are set to begin in just a few days, sparking a wave of concern and confusion among retirees and those approaching retirement age.

The changes, which were announced earlier this year, will have a significant impact on the way pensions are calculated and distributed. As of July 1st, 2021, the new rules will come into effect, affecting both current and future pensioners.

One of the most significant changes is the increase in the pension age eligibility. The eligibility age for the Age Pension will increase to 66 years and 6 months, gradually rising to 67 by 2023. This means that many Australians will have to wait longer before they can access the pension, forcing them to rethink their retirement plans and financial security.

Additionally, the way the pension is calculated will also be modified. The assets and income thresholds will be adjusted, impacting the amount of pension payments individuals are entitled to receive. This could result in some retirees receiving a lower pension than they were anticipating, affecting their standard of living and ability to cover essential expenses.

The changes have been met with mixed reactions from the community, with many expressing concerns over how they will be personally affected. For those who are already struggling to make ends meet, the prospect of receiving less pension income could be particularly distressing.

On the other hand, some argue that these changes are necessary in order to ensure the sustainability of the pension system, given the aging population and the strain it places on government resources.

As the implementation date draws near, it is crucial for retirees and those approaching retirement age to seek professional financial advice to understand the full implications of the changes and to make necessary adjustments to their retirement plans.

The Australian government has provided resources and information to guide individuals through the changes, such as the Department of Social Services’ online calculator that helps estimate how the changes will affect one’s pension entitlements.

With just days left until the changes come into effect, it is essential for retirees to stay informed and be proactive in managing their finances. By seeking out reputable advice and staying updated on the latest developments, Australians can navigate these changes with greater confidence and peace of mind.