Well Mr Rudd seems to be making life a little harder for Senior Australians.
From the first of July this year (2008) Australian seniors will be eligible for the Senior Australian Tax Offsets. This will allow Australian seniors to earn up to $28,867.00 as a single person and up to $24,680 per person for a couple.
By 2010, these allowances will increase to $30,685 for singles and $26,680 for each person in a couple. This goes a little way towards where we need to be to help improve the lives of our aging population.
But what about the other benfits taken away???
I am often speaking with seniors that are wanting to refinance their homes for renovations or lifestyle improvements. The income that seniors receive from Centrelink means that some of these people are surviving on a pittance.
That comes back to a grand total of $450 per week as a combined income.
Just give it a thought for a minute and do the sums, rates, house insurance, contents insurance, car insurance, rego, maintenance on the car, the house, the mower, petrol, car servicing, electricity, phone, mobile phone, internet connection… the list goes on but the money does not.
With the improvements in medicine today, the average senior can expect to live well into their 80’s or 90’s, and that’s at today’s expectation. This is only going to extend with advances in medicine.
Retiring on government benefits in Australia means 30 + years of having to scrimp and save like never before.
Let’s hope the Federal Government allocates some of the billions of surplus funds to those that have paid their taxes only to retire destitute.
For more information on how we might be able to help you, please visit www.mortgagenow.com.au or call the office Toll FREE on 1300 667 239
This has been my comment, I am Graham Doessel.