Retirees face income hit as cost of living soars
Duncan HughesReporter
Updated
Retirees could face cuts to their Centrelink pensions and benefits at the same time as the cost of funding a comfortable retirement hits record highs, prompting some to draw down equity from their home or even return to work, according to seniors’ groups.
The Department of Social Services is expected to increase so-called deeming rates from June 30. Deeming rates are used to estimate the amount of income you earn on your financial assets. They feed into means testing for social security payments, including the Centrelink age pension.
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