I was born in 1964. I heard they will be stopping the age pension?

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Q. Can u tell me, at what birth year does the aged pension stop. I was born in 1964 and need to know whether I will receive the aged pension.

Josie’s answer: A great question and I suspect many people reading this question will think you have gone bananas. Most Aussies have the attitude that it is their god given right to receive the age pension as they have paid taxes all their life.

A fair point, but there is only so much money in the Government kitty. Remember they are simply managers of the tax we have to pay them.

A huge problem facing most Governments is the aging population. Apparently, there is currently around 6 workers to every age pensioner and because we are not producing enough babies and living longer, they are predicting that in 20 years or so, there will only be 3 workers for every age pensioner.

Scary stuff, and this is the main reason why the Government is offering fantastic tax concessions to direct our savings into superannuation.

To answer your question, there is no talk of cancelling the pension. Based on current government legislation and policy, you will be entitled to the age pension when you turn age pension age, which is currently 65, providing you meet the criteria outlined in the income and assets test.

At the moment it is quite generous, but there is certainly no guarantee it will not change. For example, at the present time, someone living in a home worth millions could still qualify for the pension as the family home does not count.

This may not seem fair to some, but they are the rules. If you want to know the specifics go to www.centrelink.gov.au and type in age pension in the search engine. It would not surprise me if they do tinker with the current rules at some point in the future and simply make it harder and harder to qualify.

Consequently, my advice to everyone, is to assume you will not qualify for the pension and make your own arrangements.

I am hoping I never qualify for the pension as it means I have done a great job investing and have saved too much money.

A nice problem to have. Good luck in all your endeavours and here’s hoping you also never qualify for the age pension. Happy money organisation. Josie K.

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