|Over the weekend, there were several new initiatives released by the Federal Government that could impact you.
An important one was a reduction in the minimum pension required to be drawn down in the 2019-20 financial year and the next financial year 2020-21. Effectively, retirees will be able to keep more of their superannuation nest egg rather than be forced to sell shares into a falling market.
Draw-down rates halved for Account-based Superannuation Pensions
Access $10,000 superannuation payment this financial year 2020
Payments to Support Households and Retirees
The Government is providing two separate $750 payments to social security, veteran and other income support recipients and eligible concession card holders (including holders of the Commonwealth Seniors Healthcare Card). The first payment will be made from 31 March 2020 and the second payment will be made from 13 July 2020. Around half of those that benefit are pensioners. This payment will help to support confidence and domestic demand in the economy. The second payment will not be made to those eligible for the Coronavirus supplement.
The information provided should not be considered personal financial advice as it is intended to provide general advice only. The content has been prepared without taking into account your personal objectives, financial situations or needs. You should seek personal financial advice before making any financial or investment decisions