Starting this October, up to $1,116.50 Age Pension fortnightly payments will be issued. Understanding how to manage your finances will help to gain positive changes for you. If retirement income is needed, figuring how to redistribute your monthly payments will be beneficial to you financially and help you retain minimum monthly account balances.
The fortnightly payment system where you will now be receiving income 26 times a year instead of 12 will be beneficial to you. You will receive payment for a full 13 months instead of 12, offsets some of the extra payment you probably spend uselessly toward the end of the year. Eligibility for Age Pension payments is based generally from recipients chosen criteria, which mainly is, age, the year you were born. To be most eligible for Age Pension payouts the clients must clear the income and asset test.The maximum fortnightly payment for singles is $1,116.50. Different amounts may apply for couples, depending on their situation. Also, he amounts may be modified for individuals with extra income, property and other assets.
What Makes this October Different?
Costs of living and other economic factors have finally mandated payment adjustments. Pensions are adjusted for inflation to maintain the buying power of retirees living on a fixed income to ensure that they can afford the necessities of life. Adjustments to the pensions payable to retirees may, for many, realize a couple of hundreds extra a year. These amounts are greatly appreciated by retired households for the purpose of managing healthcare, utilities and other expenses which are necessary for daily living.
How to Prepare for the Change
If you are already receiving payments under the pension scheme, you do nothing and the changes will reflect on the October payment. However, good practice includes:
Keep a check on your account: The payments are for the specified sum so check your statements. With payments made every fortnight, you’ll have to revise your budget. Do this by setting aside some payment so you can cover an expense which falls on a month, rather than the fortnight. Contacting your benefits office: If you have any questions regarding your payment amounts or your eligibility, please don’t hesitate to contact your benefits office to get your questions answered.
Fortnightly Age Pension Payout
For financial stability in your retirement years, knowing your retirement benefits is priceless. The pension payments you received in October were updated because of the ongoing effort to accommodate payments to economic conditions.
For those who have not received pension benefits but are nearing retirement, it is time to check your eligibility and apply for your benefits. The longer you wait, the more you lose to payment processing delays and other administrative hurdles. For each individual, payment amounts differ. Therefore, regarding payment and income goals, retirement and pension plans should be coordinated with a financial planner or benefits manager.
