If you receive the Age Pension, or certain other government payments, you may notice some extra money in your pocket thanks to the government’s decision to pass on indexation to ease cost-of-living pressures.
For singles on the Age Pension, Disability Support Pension and Carer payment, fortnightly payments have increased $4.60 to $1149 ($29,874 per year).
For partnered pensioners, the maximum fortnightly pension rate has increased by $3.50 to $866.10 ($22,518 per year) and by $7 to $1732.20 ($45,037) for pensioner couples combined.
While these increases may seem modest at an individual level, they can mean a lot to those who rely on them, especially given the degree to which inflation, housing and other costs have risen over recent years.
Managing money on a pension or limited income can certainly have its challenges. On the flip side, it can also sharpen your focus and make you crystal clear about needs and priorities.
When budgets are tight, people can become better stewards of money. They often waste less and more carefully consider expenses.
When money is tight, seeking advice from a trusted professional can help. In my role as a financial adviser, I help people in all sorts of financial circumstances.
Whether you have a lot of money, or just a little, it pays to manage it well.
To align your money with what matters, make an appointment with me at Align Financial on (02) 9913 9995.
This article is based on information from a Media Release on 10 March 2025 titled “Millions of Australians set for a financial boost” released by the Ministers for the Department of Social Services: https://ministers.dss.gov.au/media-releases/17876
If you’re experiencing financial stress or overwhelm because of money (or know someone who is), Lifeline can help you connect to free resources and financial counselling available to all Australians.
For more information, visit the Lifeline Support Toolkit online:
https://toolkit.lifeline.org.au/topics/financial-stress/support-services-for-financial-stress
or call Lifeline on 13 11 14.
