What is Age Pension Income Test? Income Test is not just as simple as checking your pay slip, or the level of income you earn from your investments, because every type of earned income is included in the test and each might be calculated differently. Income Test includes: • your employment income if you continue working full-time or part-time, • any money your earn from your business • Income received from overseas pension funds • Income earned from your rental property or your investment properties, • Income received from your retirement income streams • plus all assessable assets, so all your financial assets such as your bank accounts, managed funds, shares, superannuation, business assets. and each might be under different income assessment rule. Sometimes you might feel like you would have to be Einstein to understatement and follow those rules. How much income can I earn before it affects my Age Pension Payments? How does Age Pension reduce under Income Test? What is the maximum I can earn under Income Test? What income is exempt from Income Test? My partner is not of Age Pension age, so not eligible for Age Pension payments. Is the income of my partner included in income Test? Is my super fund assessed under Income Test if I don't draw any income from it? Is my partner’s super included in Income Test? Videos mentioned: Age Pension explained: The truth about Asset Test: 9 ways to legally hide money from Centrelink Age Pension: Age Pension Deeming Rules - Unfair Rules: To download the book 12 PRINCIPLES OF INVESTING: Contact details: Katherine Isbrandt of About Retirement Website: Email: katherine@aboutretirement.com.au Or connect with me: FSG: My Adviser Profile: #KatherineIsbrandt #AboutRetirement #AgePensionIncomeTest...(read more)
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Age Pension Income Test MADNESS #AgePensionIncomeTest The Age Pension is a crucial form of financial support provided by the Australian government to senior citizens who have retired from work. It is a safety net that ensures the elderly can live a dignified life during their twilight years. However, recent revelations about the Age Pension Income Test have caused widespread outrage and confusion among pensioners and the general public alike. The Income Test determines the amount of Age Pension a retiree is eligible to receive. Under this test, the government assesses an individual's income to determine their pension entitlements. The test allows pensioners to earn a certain amount of income per fortnight without affecting their pension payment. However, for every dollar earned above the income threshold, the pension payment reduces by 50 cents. While on the surface, this may seem like a fair way to ensure that those who need the pension the most receive the appropriate support, the implementation of the Income Test has been nothing short of madness. The complexities and discrepancies in this system have left many retirees bewildered and frustrated. One of the major concerns with the Age Pension Income Test is the way it treats different types of income. Retirees who rely on investment income face a distinct disadvantage compared to those who earn income through employment or superannuation. This discrepancy creates an unfair playing field where retirees with identical financial circumstances can receive significantly different pension amounts due to the type of income they have. Another issue with the Income Test is the way it penalizes those who try to save for their future. A retiree who diligently saved throughout their working life to support themselves in retirement is punished by having their pension reduced or even eliminated entirely. This discourages responsible financial behavior and creates a disincentive for provision in old age. Furthermore, the complexity of the Income Test is a significant barrier for many retirees. The intricacies involved in calculating income and the cumbersome paperwork required to report changes in financial circumstances create a burdensome and time-consuming process. Many pensioners are left grappling with confusing rules and regulations, seeking professional help, and even facing financial penalties for unintentional errors. The Age Pension Income Test needs urgent reform to address these glaring issues. The Australian government should prioritize simplifying the income assessment process, ensuring fairness across different types of incomes, and rewarding responsible saving for retirement. It should be a system that supports retirees in a transparent and straightforward manner, providing them with the stability and security they deserve. The outcry surrounding the Age Pension Income Test has sparked a social media campaign under the hashtag #AgePensionIncomeTest. Retirees and advocacy groups are using this platform to amplify their concerns, share personal stories, and demand action from the government. It is high time that policymakers listen to the voices of those who are directly affected by these unfair and complex regulations. The Age Pension is an essential lifeline for countless elderly Australians. However, the Income Test madness that currently plagues the system undermines its purpose and leaves retirees in a state of confusion and frustration. It is imperative that the government takes immediate steps to rectify this situation and provide retirees with a fair, simple, and transparent income assessment process that truly supports their needs. https://inflationprotection.org/the-madness-of-age-pension-income-test-reevaluating-agepensionincometest/?feed_id=130698&_unique_id=64e7ba1d5e638 #Inflation #Retirement #GoldIRA #Wealth #Investing #AboutRetirement #AgePensionAssetTest #AgePensionIncomeTest #CentrelinkAgePension #CentrelinkIncomeTest #DeemedIncome #DeemingRules #financialplanningMelbourne #HowdoesIncomeTestWorkRetirementIncome #howtosaveforretirement #incomestreams #KatherineIsbrandt #retirementincomestream #retirementincomestreams #RetirementPlanningAdvice #retirementplanningguide #savingforretirementat50 #savingforretirementat60 #WhatisIncomeTest #RetirementPension #AboutRetirement #AgePensionAssetTest #AgePensionIncomeTest #CentrelinkAgePension #CentrelinkIncomeTest #DeemedIncome #DeemingRules #financialplanningMelbourne #HowdoesIncomeTestWorkRetirementIncome #howtosaveforretirement #incomestreams #KatherineIsbrandt #retirementincomestream #retirementincomestreams #RetirementPlanningAdvice #retirementplanningguide #savingforretirementat50 #savingforretirementat60 #WhatisIncomeTest
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