Centrelink

One in six people will be over 65 years old by 2050. With the world’s population ageing quickly, it is natural to think about how pension systems around the world will cope, particularly in Australia. Fortunately, Australia’s three-component retirement income system means our age pension system is well-equipped to support older Australians now and well into the future.  Is Australia’s age pension adequate for retirement? Comparisons of age pensions around the world are generally made based on three key factors…

Knowing how to reduce assets for aged care is an important financial consideration today. Residential aged care is playing an increasing role in helping many older Australians enjoy comfortable and carefree lives. However, one of the tasks for anyone assisting an elderly relative with the move into aged care is to investigate the various fees and charges, some of which are subject to both assets and income means tests. As the family home is often the largest asset and can…

The question that we mostly ask when it comes to aged care is, how do I pay for aged care? Anyone who has helped an elderly relative make the move into aged care knows that it can be a traumatic experience. It involves a move from the familiar – a home that a loved one may have lived in for decades – to the unfamiliar, a care facility with many residents and staff. The costs The biggest fee, the accommodation…

We’re an ageing population; the media keeps reminding us, as does the government, but are we prepared for what this means? As a society? As individuals? One thing’s for sure – it’s something we cannot ignore and that we all need an aged care funding strategy. According to the Australian Bureau of Statistics, in 2018 over 3.9 million Australians were aged 65 and over. Consider for a moment: this figure shows those people contemplating aged care for elderly family members…

The latest Inter-generational Report tells us that Australians aged 65 years and over accounted for 14% of the population – and that figure is rising. Whether you’re concerned about your future self or a loved one, aged care is an issue most of us will have to manage at some time in our lives. So it pays to begin planning for aged care as soon as you can. At the time of Federation, Australians at birth had an average life expectancy…

With Australia’s age pension being subject to an assets test and income test, a simple way for part-pensioners to increase their pension payments is to give away some assets. Not surprisingly the government is on to such an obvious strategy. It’s called gifting, and while it is perfectly legal for you to give away whatever you want whenever you want, if you exceed the relevant limits, Centrelink will continue to assess, what it calls “deprived assets”, for five years. The…