What’s in it for self-funded retirees

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If you’ve worked hard all your life to fund your retirement, then you may be a little disillusioned by the 2012/13 Federal Budget.

If you’ve yet to start your retirement and are still planning on ploughing as much as possible into your super fund, then you may be hit by changes to the concessional tax rates.

For those self-funded retirees looking to spend much of their retirement overseas, the Seniors Supplement may no longer be payable.

However, for self-funded retirees who are liable to pay tax, then the increase in the tax-free threshold may put a little extra in your pocket.

And if you hold a Commonwealth Seniors Health Card, then you should be entitled to payments under the Clean Energy Household Assistance scheme.

Written by Debbie McTaggart



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