YourLifeChoices keeps you up to date with government changes that could affect your retirement.
Retirement income review
The government’s retirement income review will deliver its final report in June 2020.
Treasurer Josh Frydenberg announced the review in September 2019 after it was recommended by the Productivity Commission in its report, Superannuation: Assessing Efficiency and Competitiveness. It comes 27 years after the establishment of compulsory superannuation.
The review is considering the state of the retirement income system and how it will perform as Australians live longer and the population ages; the incentives for people to self-fund their retirement; the sustainability of the system; the role of the three pillars of the retirement income system, and the level of support provided to different cohorts.
YourLifeChoices has surveyed its members on the good and the bad of the retirement income system and will submit a paper in early 2020.
Aged care inquiry
The Royal Commission into Aged Care Quality and Safety continues in 2020 after handing down an interim report titled Neglect in November 2019.
That report found the nation’s aged care system to be a national failure and a “shocking tale of neglect”. It urged immediate action on the use of chemical restraints and additional Home Care Packages for the thousands on waiting lists. The government quickly pledged $496.3 million for an additional 10,000 Home Care Packages.
The final report will be handed to the Governor-General in November 2020.
Anyone with concerns about the quality and safety of aged care can contact the Aged Care Complaints Commissioner on 1800 550 552 or lodge a complaint online.
The Age Pension is indexed twice yearly, with payment rates due to change on 20 March 2020. Current payments for the pension, supplements and rental assistance are as follows:
- The Pension Supplement is a fortnightly income support payment to help eligible recipients meet the costs of daily household and living expenses.
- Rent assistance is paid to those who rent privately and receive an income support payment. Those who rent from a housing authority are not eligible.
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