Ben Squires
Money & Banking

How this Federal Budget will impact over-60s

Another year, another Federal Budget. And while measures announced in this year’s budget may not be as disruptive as those in years past, they do mean life will be different for many Australians moving into the second half of 2017 and beyond.

While acknowledging that fact that many Australian families are still struggling, Federal Treasurer Scott Morrison said he believed that with this budget better days lay ahead.

Mr Morrison said, “This budget is about making the right choices to secure those better days ahead. “It’s been a fair while since most hardworking Australians have had a decent pay rise. I know this has put real pressure on Australians and on their families.

“I believe though that we are now moving towards the end of this difficult period.”

We’re going to look at how the Federal Budget will impact over-60s.

How the budget will affect over-60s

There are a few sweeteners in the Federal Budget for those over-60, including the reinstatement of Pensioner Concession Cards some Australians saw scrapped when the pension asset thresholds were cut in January. 92,000 pensioners can expect to have their concessions reinstated, in a move thet will cost the Government $3.1 million over the next four years.

Pension eligibility to senior immigrants will be tightened, prohibiting them from receiving pension payments until they’ve lived in Australia for at least 10 years.

And, as mentioned earlier this week, pensioners can expect to receive a one-off cash payment this winter to help cope with the rising costs of electricity.

The Government also unveiled plans to incentivise downsizing for seniors considering selling the family home for a manageable living space. Under the plan, any Australians over the age of 65 will be able to make a non-concessional contribution of up to $300,000 into their superannuation from the sale of their family home.

Summary

So, what are your thoughts? Do you think this budget is a winner, or a dud?

Let us know in the comments section below!

Tags:
Finance, Money & Banking, Scott Morrison, Federal Budget