I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Harsher Age Pension Possessions Test Returns January 2017

The stricter Age Pension assets test will run as follows: The return rate for the possessions test, which figures out how much Age Pension you receive, will reduce your Age Pension entitlement by $3 a fortnight for each $1000 of assets you own over the full Age Pension limit, taking effect from 2017. Presently, the rate is $1.50 per $1000 of possessions over the full Age Pension threshold.

In other words, the Age Pension possessions test will go back to exactly what it was before September 2007, with one exception. Due to a boost in the assets test complimentary limit, around 50,000 Australians will get the FULL Age Pension under the January 2017 changes whereas previously they would have acquired a PART Age Pension. Remember that the increase in the assets tests occurs from January 1, 2017.

What Will The Harsher Age Pension Test Indicate For Retired Citizens?

For Couples

From January 2017, by doubling the taper rate to $3 for every single $1000 of assets, those Australian couples currently receiving a PART Age Pension and holding more than $823,000 in assets (leaving out the household home) can expect to lose all PART Age Pension privileges. Presently, a couple can own $1.17 million in assets (leaving out the couple's house) before losing a small portion of the PART Age Pension.

For Singles

Ever since January 2017, by doubling the taper rate to $3 for every $1000 of assets, Australians currently getting a PART Age Pension and holding more than $547,000 (leaving out the household house) can expect to lose all PART Age Pension entitlements. Presently, a bachelor can own more than $788,500 in possessions (excluding his/her home), before losing a little PART Age Pension,

Keep in mind: If you don't like these changes, there is a federal election in 2016. This policy was presented by the Liberal government and translated into law with the help of the Greens. It is probable that the ALP will not reverse this change if they win in the state. Make your views understood, consisting of the financial repercussions of this modification to the Age Pension assets test. I do not like retrospective laws that have unfavorable consequences. For current Age Pensioners who cannot change their economic situations, these modifications are likely to have a significant effect on their lifestyles.

Vital: If you believe you might be eligible for the Age Pension, you need to obtain the benefit actively: you don't receive it immediately. A specific requirement to pass an income test and an assets test are set for you to be qualified to get a complete or part Age Pension. The test that gives you the most affordable amount of Age Pension identifies your privilege.

See www.australiansuperfinder.com.au for more updates.

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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