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Age Pension

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Advice, Age Care, Age Pension, Finance Planning

It is never easy to transition a loved one into aged care

Whilst dealing with this transition is overwhelming enough, deciding how to finance Aged Care long term, can be baffling and complex as legislation and entitlements change regularly, it’s often difficult to know your options.

Making wealth protection and financial management crucial when moving into aged care. With sound and reliable financial advice to seniors, pensioners and their families, along with the right team beside you, it is possible to achieve a more comfortable life in residential aged care.

This is achieved through navigating the many options available when it comes to financing aged care. Compassionate yet thorough, unbiased, detailed advice from our aged care financial advisers can help you save on fees associated with nursing homes and residential aged care.

We can also help you get access to new pension entitlements.

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Advice, Age Pension

Your assets: How to value and report them to Centrelink

Today we are sharing a refresher on the way the asset test is applied by Centrelink and how knowing the rules can help you to maximise your entitlements.

Why are both income and assets evaluated?

The Australian Age Pension is based on a means test that combines the income test and the assets test. Generally speaking, Centrelink will determine your income first. If this falls below the limit, it will then consider your assets. If either your income or assets are above the limit for a part-Age Pension, you will be ineligible for any Age Pension benefits.

If both your income and assets are below the limit, whichever one delivers the lower Age Pension payment will be applied.

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Age Pension, PAC Financial, Retirement Planning

Five Reasons Age Pension Applications Can Fail

Being entitled to an Age Pension doesn’t mean you’ll automatically receive your fortnightly payments from Day One of your retirement.

Being entitled doesn’t even mean your application will be successful. There are quite a few hurdles to overcome if you are planning, or in the midst of, an application. There are five main reasons why Age Pension applications can fail I would like to share how to avoid them.

Don’t double-declare your super and your income stream
Centrelink asset and income tests can seem complex. But one hard and fast rule is that you do need to declare (under assets) your superannuation account balance. Centrelink will then deem the amount this balance earns (see current deeming rates here ). What you don’t have to do is to declare the income you drawdown from your super, in the form of an Account-Based Pension or other type of income stream. Yes, this is income, but as Centrelink has already counted it (by deeming an income on your assets), it doesn’t do this twice. Many applicants are surprised to get a knockback due to failing the income test. Some shouldn’t fail it, but they have incorrectly declared income already taken into account.

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