Senior Australians to receive rise in pension

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This week’s pensions payday will deliver many senior Australians almost $20 extra per fortnight, and some of them have a chance to turn it into even more money.

According to The Australian, the total age pension will increase by $19.60 per fortnight to $1116.30 for a single person and by $14.70 per fortnight to $841.40 for each member of a couple.

Seniors are being encouraged to seek out every extra dollar they are entitled to, especially in these times when household expenses are high.

Pension rise for millions
Pension rise for millions. Photo: The Australian.

Financial consultant, Theo Marinis claims the vast majority of retirees get at least a partial age pension, and many partial pensioners may receive more in the form of additional income and government incentives and perks.

“There are many things you can do to improve your Centrelink,” Marinis said.

“The effective Centrelink yield on the asset test is about 7.8 per cent. That means that every $10,000 a part pensioner reduced their assets by could result in an extra $780 of pension.”

Source: The Australian

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