hey everyone welcome back to Australia senior support I'm your host and today we've got some exciting news to share with all of our Aussie retirees out there the Australian government has just made a groundbreaking announcement that's set to make a significant impact on the lives of our seniors that's right folks Australia is increasing the age pension by $8 for all retirees this is huge news and we're going to break it down for you explain what it means and how it's going to affect you and your loved ones now before we dive into the details I want to take a moment to remind you all to hit that subscribe button and ring the notification Bell by doing so you'll stay up toate with all the latest news and information that affects our senior community here in Australia your support means the world to us and it helps us continue to provide you with valuable content like this so let's get stuck into it shall we the Australian government has just announced a significant boost to the age pension with an increase of $1,800 for all eligible retirees this is not just a one-off payment mind you but an ongoing increase that will be added to the annual pension amount it's a move that's been welcomed by many in the senior community and it's set to provide some much needed Financial relief to our are older Australians now you might be wondering why has the government decided to do this now well there are a few factors at play here first and foremost the government has recognized the increasing cost of living pressures that many of our seniors are facing with Rising prices for Essentials like food housing and Health Care many retirees have been struggling to make ends meet on their current pension payments this increase is designed to help alleviate some of that Financial stress and ensure that our seniors can maintain a decent standard of living in their retirement years another Factor that's likely influenced this decision is the ongoing economic recovery from the COV id19 pandemic while Australia has fared better than many other countries the pandemic has still had a significant impact on our economy and particularly on older Australians many seniors have seen their savings and super annuation balances take a hit and this pension increase is part of the government strategy to support economic recovery by boosting the spending power of retirees now let's break down what this $1,800 increase actually means in Practical terms for a single person on the full age pension this works out to an extra $69 23 per fortnite or about $34 62 per week for couples on the full pension it's an extra $52 31 cents each per fortnite or $26 15 per week each now I know what some of you might be thinking that doesn't sound like a lot but when you're living on a fixed income every little bit helps this extra money can make a real difference in covering the cost of groceries utility bills or even treating yourself to a nice meal out once in a while it's important to note that this increase will be applied to the base rate of the age pension this means that it's in addition to the regular indexation that occurs twice a year to keep Pace with inflation so you'll still see your pension go up in March and September as usual but now you'll have this extra boost on top of that now I'm sure many of you are wondering when this increase will take a effect according to the government's announcement the new rates will come into play from the next pension payment date after the legislation is passed the exact date hasn't been confirmed yet but the government has indicated that they're aiming to have this implemented as soon as possible we'll be sure to keep you updated on the exact timeline as more information becomes available one question that's bound to come up is who is eligible for this increase the good news news is that this $1,800 boost will apply to all age pension recipients whether you're on a full pension or a part pension you'll see this increase reflected in your payments this includes both single pensioners and couples it's a universal increase which means there's no need to apply or fill out any additional paperwork if you're currently receiving the age pension you'll automatically get the increase once it comes into effect now let's talk about the potential impact of this pension boost on other benefits and concessions many of you will be aware that your pension rate can affect your eligibility for other government assistance such as the pension or concession card or Commonwealth senior's health card the good news is that the government has stated that this increase won't affect your eligibility for these additional benefits they've designed the increase in such a way that it won't push anyone over the income thresholds for these important concessions it's also worth mentioning that this increase to the age pension doesn't affect the assets test so if you're currently receiving a part pension due to your assets this increase won't change your situation you'll still receive the Boost to your payments without having to worry about it impacting your pension eligibility now I know that for some of you this news might bring up questions about the the long-term sustainability of the pension system it's a valid concern and one that's often debated in policy circles the government has assured us that this increase is fully funded and sustainable within the current budget framework they've pointed to strong economic growth forecasts and careful fiscal management as the foundations for this pension boost however it's important to remember that the age pension is just one part of Australia's retirement income system the government continues to encourage Australians to save for their retirement through super annuation and other means this pension increase doesn't change the importance of planning for your financial future and making the most of your super and other Investments speaking of financial planning this pension increase might be a good opportunity for you to review your overall financial situation with a bit of extra money coming in you you might want to look at your budget and see if there are areas where you can make some improvements maybe you can put a little bit more towards paying off any debts or perhaps you can start saving for that holiday you've been dreaming about everyone's situation is different so it's worth taking some time to think about how you can make the most of this extra income now I know that for some of you $1800 a year might not seem like a lot but it's important to look at this increase in in the context of the overall pension system the age pension in Australia is already one of the more generous in the developed World especially when you factor in additional benefits like health care and concessions this increase further strengthens that safety net and demonstrates the government's commitment to supporting our seniors of course this announcement has sparked a lot of debate and discussion in the community some argue that the increase doesn't go far enough While others are concerned about the long-term costs to the budget these are important conversations to have and they reflect the ongoing challenge of balancing the needs of our aging population with other economic priorities as your go to channel for senior support and information we'll be keeping a close eye on how this pension increase plays out in practice we'll be talking to retirees Financial experts and government officials to get a full picture of the impact of this change and of course we want to hear from you too how do you feel about this pension increase will it make a significant difference to your daily life let us know in the comments below before we wrap up I want to remind you all about the importance of staying informed about your pension and other entitlements the world of government benefits can be complex and confusing but knowledge is power make sure your regularly checking the Department of Human Services website for updates and don't hesitate to reach out to centerlink if you have any questions about your specific situation and remember while this pension increase is certainly welcome news it's just one piece of the puzzle when it comes to Financial Security and retirement it's always a good idea to seek professional Financial advice to ensure you're making the most of your pension super and any other assets or income streams you might have have well that about wraps it up for today's video this pension increase is certainly big news for Australia's retirees and we'll be sure to keep you updated as we learn more about the implementation and effects of this change if you found this information helpful please give the video a thumbs up and share it with any friends or family members who might benefit from knowing about this pension boost and don't forget to subscribe to Australia seniors support for more updates tips and information tailored specifically for our Aussie seniors we're here to support you every step of the way through your retirement Journey until next time take care of yourselves and each other cheers