hey everyone welcome back to the Australia senior support Channel today we're going to dive into some really important news for our seniors particularly those on the age pension as you may have heard there are some significant changes coming to Australia's pension system this September 2024 these changes are long overdue especially with the rising cost of living making it harder and harder for our seniors to make ends meet so so let's break it down and see what these changes mean for you or your loved ones first off let's talk about the age pension increase from September 20 single pensioners will receive an extra $281 per fortnite bringing their total payment to $144 40 for couples the increase will be $424 per fortnite pushing their combined payment to 1725 $520 now I know these numbers might not sound like a massive windfall but any increase is a welcome relief especially when you consider how much prices for everyday essentials have gone up lately this increase is part of the B anual indexation process which adjusts pension payments these indexes essentially track how much the cost of living has risen and ensure that pension payments keep up with inflation the reflect changes in the price of goods and services while the is more specific to the spending patterns of pensioners this means the government is not only looking at General inflation but also considering what pensioners are actually spending their money on and let's be honest with inflation at 3.7% over the past year these adjustments couldn't have come at a better time now let's think about what this increase means in real terms while 2018 $810 extra per fortnite might seem modest every bit counts when you're on a fixed income whether it's putting a little extra towards groceries paying a utility bill or just having a bit more Breathing Room these increases help for couples that extra $424 per fortnite can add up too it's important to remember that for many seniors the age pension isn't just a supplement it's their primary source SCE of income but the age pension isn't the only payment getting a boost the disability support pension and career payment are also increasing due to this indexation process this is really important because like age pensioners people on these payments face Rising living costs too it's good to see that these groups are being recognized and supported as they often have unique and significant financial challenges speaking of challenges let's not for forget about rent we all know that housing costs have been skyrocketing particularly in cities like Sydney and Melbourne that's why the increase in Commonwealth rent assistance is such a big deal this September nearly 1 million households will see their rent assistance go up by 10% this is on top of previous increases that have raised the maximum rates by about 45% since the current government took office so if you're renting this could be a game Cher helping to offset some of the pressure from rising rents now I want to pause for a moment and reflect on how these changes fit into the bigger picture we're living in a time where the cost of maintaining a comfortable retirement has shot up significantly according to the association of super annuation funds of Australia asfa single retiree now needs around a year to live comfortably for couples that figure jumps to $ 73,3 37 that's a lot of money and it's clear that for many Australians the age pension alone isn't going to cover all of their needs so while these pension increases are definitely a step in the right direction it's important to acknowledge that they're just part of the solution many seniors will still need to supplement their pension income when whether through savings superannuation or even part-time work to truly make ends meet the reality is that the economic challenges facing our seniors are complex and multifaceted and while government support is crucial it's not the only piece of the puzzle that being said it's worth noting that these changes reflect a growing recognition of the pressures faced by older Australians the fact that the government is continuing to adjust and improve payments shows that they're aware of the challenges it's not a perfect system but it's evolving and that's a positive sign now I want to talk a bit about how you can make the most of these changes first make sure you're aware of what you're entitled to the increases will happen automatically so you don't need to apply for them however it's always a good idea to keep an eye on your payments to ensure everything is correct if you're unsure about anything don't hesitate to reach out to centerlink or a financial advisor who can help you navigate the system second think about how you can use this extra money in a way that benefits your overall financial situation maybe it's time to reassess your budget and see where that additional $28 or $42 could make the most impact perhaps you can put a little extra into savings pay down any debts or invest in something something that improves your quality of life like Health Services or social activities every little bit helps when it comes to securing your financial future and finally stay informed changes to pensions and benefits can happen regularly and it's important to stay up toate with any news that might affect you whether it's tuning into channels like this one reading government updates or chatting with others in your community being informed helps you make the best decisions for your situation as we wrap up I just want to say that I know how tough things have been for many of you the rising cost of living is putting pressure on everyone but it's particularly hard for those on a fixed income while these increases might not solve all the challenges they do provide some much needed relief and that's something to be Greatful for so what do you think about these changes will the increase make a difference for you let me know in the comments below I'd love to hear your thoughts and if you found this video helpful don't forget to give it a thumbs up and subscribe to the channel for more updates and tips on how to make the most of your pension and support payments thanks for watching and remember we're here to support you every step of the way see you in the next video