Pension changes will hit hard
NOW is the time for pensioners and those planning for retirement to seek financial advice.
Changes to the aged pension asset test, announced in the 2015 Federal Budget are set to begin from January 1.
Eclipse Financial Services managing director Justin Butler believes this will affect 300,000 part pensioners.
He said part pension home-owner couples who now received up to $250 each per fortnight would lose their entire income.
Mr Butler said he knew of almost 30 of his clients who would be affected by the changes and said many others would be unaware of how they would be impacted.
"There has got to be 250-300 people out there who either don't know about it, or go to a financial planner somewhere else,” Mr Butler said.
"If they weren't expecting that, what sort of Christmas will they be in for?”
To spread awareness, Mr Butler is hosting a public seminar to explain the aged pension asset test changes and discuss strategies for dealing with them.
There will also be an opportunity for a face-to- face chat free of charge.
The seminar will be held at Eclipse Financial Services at 10am on Wednesday, December 7.
