What will the Budget mean to you?
Federal Budget 2018 – Boomer benefits
Older Australians who want to keep working can take advantage of the Pension Work Bonus being raised from $250 to $300 a fortnight. (This will allow them to earn up to $7,800 without having their pension reduced.)
The Pension Loan Scheme is also being expanded. This means many more retirees including full rate pensioners and self-funded retirees can boost their retirement income by up to $17,787 a year by borrowing against the equity they have in their home.
Older Australians wanting to stay in their own homes despite confronting medical challenges, can take advantage of the additional 14,000 high-level home care packages that have been provided. There’s also more money for palliative care and mental health services for those in residential aged care.
The Pharmaceutical Benefits Scheme has received a $1.4 billion boost to list more medicines including those to treat breast cancer and relapsing-remitting multiple sclerosis.
Federal Budget 2018If you would like to discuss your financial position and existing financial plan, contact us on 08 83620060