There are numerous dependencies that will play into how much Age Pension you will receive from the government. These include whether you are single or partnered and even whether you receive any regular income from outside the country.
There are also various tests that are applied which relate to your income and assets. Whatever your circumstances, it’s always worth finding out your entitlement and we can assist you in doing just that.
We can help you understand the hoops and hurdles you may have to negotiate in order to get your Age Pension eligibility accurately assessed. This includes the income test and the assets test that may apply to you.
We’ll show you how you could maximise your government pension benefits. For example, utilising the correct asset ownership between partners or special investments that receive different treatments for means testing for Centrelink (and DVA) purposes, such as annuities or funeral bonds. This may entitle you to a higher rate of Age Pension or other kinds of benefits.
By understanding your current financial situation, we’ll ensure:
Your Age Pension claims form gets filled in accurately
The careful management of your Age Pension on your behalf through Centrelink
This is going to save you time and hassle and allow you to get on with enjoying life.
It’s worth reflecting on what aged care might look like for you. Most of us want to live independently in our own homes for as long as we can. That might mean getting some extra support at first while facing the reality of moving into a care home one day.
The truth is that the older we get, the more of a financial burden we can become. State intervention can help but so can careful planning. Our team can offer expert advice on the ways you can prepare for life in your later years.
The Australian government can offer a range of subsidies for certain services like care at home or in a residential facility. Some involve means testing but there can be caps to consider too.
It’s crucial to have a clear picture of the costs you may have to pay and the contributions the government may make. We’ll help you understand:
These are complex issues with ample room for misunderstandings. We’ll debunk any myths and give you the true picture of how subsidies work
We’ll need to examine your savings and assets carefully. Together, we can then come up with a payment plan that is a realistic match to your expectations for home and residential care.
There may be Centrelink exemptions along with valuable ways to offset taxes that we can advise you about. For example, let’s say you were to move into an aged care facility and make a lump sum accommodation payment. It will be an exempt asset for Centrelink (and DVA) purposes. This may entitle you to a higher rate of Age Pension or other kinds of benefits.
There are likely to be a whole range of dependencies when you reach old age and become in need of extra support. All of these will play into your plan and you’re likely to have to make adjustments along the way as you get older.
We can talk you through the likely impact that a range of factors may have on your future care and any actions you may want to take as a result. Key points to consider include:
All these factors can have an impact on the future value of your assets for your intended beneficiaries. We’ll help you see the full likely picture by assembling all the factors that apply to you.
Should you decide to sell or keep your home, there may be different concessions available to you that we can let you know about. We can also advise you about ways to unlock equity from your home even if you wish to continue living in it.
PO Box 3102,
Browns Plains, QLD, 4118
Brisbane Office:
Unit 1, 21 Grand Plaza Drive,
Browns Plains, QLD, 4118
Launceston Office:
5/39 Paterson St, Launceston, Tas, 7250
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All information contained on this website is of the nature of general information only and must not in any way be construed or relied upon as financial or personal financial advice. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. Full disclaimers, risk statements, privacy policy and all other specific disclaimers can be found here.
