If you’re planning retirement you may be thinking of how best to take your leave entitlements. This could be annual leave, long service leave or possibly even sick leave.
Anyone who is on income support payments from Centrelink (Age Pension, NewStart Allowance, Disability Support Pension, Carer Payment/Allowance, etc) will know the frustrations that can occur when needing to update information to them.
A Home Care Package provides Government funded services that can help you remain at home for longer, as well as providing choice and flexibility in the way that the care and support is provided.
Aged Care in Australia is not cheap. However, a lot of the cost is paid by the Government, and you only have to pay a portion.
I could fill a book the size of Tolstoy's War and Peace with all the stories of dreadful Centrelink experiences my clients have come to me with over the years. Except it may as well be written in Russian as it won't make any difference to their backlog...
How would you cope if you suddenly had to take over the management of your parent’s finances? If your parent(s) were to fall ill or become incapacitated, someone has to take over the payment of bills, managing their money, and general well-being.
A granny flat right is established when accommodation is provided in exchange for a payment or a transfer of assets. It is important that Centrelink has provisions for people to transfer assets or make payments to live with another person so that the transfer is not counted as a gift under the deprivation of asset rules.
There are 4 possible costs associated with a move into residential aged care, with 2 of those based on a person’s income and assets (refundable accommodation deposit (RAD) and means-tested care fee).
Highlighted below are some important changes regarding both the Age Pension and Commonwealth Seniors Healthcare Card, effective 1 July 2017
Placing a parent or loved one into an aged care facility can be a stressful and distressing time for a family. It is not a pleasant financial experience either!
We are all aware of the recent 1 January 2017 asset test taper rate changes for CentreLink’s Age Pension recipients but there were additional changes affecting people entering aged care.
From 1 January 2017 many retirees will lose access to the Age Pension due to CentreLink’s Assets Test changes. One very thin silver lining to all of this is that those who lose the Age Pension will automatically receive the Commonwealth seniors health card (CSHC).
Whether it's the 1980's book or the movie, the War of the Roses tells the story of a couple who grapple with marriage separation and make each other miserable by both refusing to move out of the family home.
I was taught at a very young age that there are two things that are certain in life – death and taxes! Something I have learned as a financial planner is that, whilst not a “certainty”, redundancies happen on an all too frequent basis.
For retirees I can't remember a time where legislation has conspired to create a more difficult environment to plan one's retirement. The squeeze is coming from all directions but particularly the ability to receive an Age Pension. The changes are happening gradually so year on year we hardly notice but between 2015 and 2017 major changes will be taking place.
Sam Martin shares the importance of well structured financial and estate plans to ease the confusion for those planning the move into Aged Care.
As a financial planner I receive a lot of information via email or snail mail. Every so often something catches my eye and a little extra time is taken to read through and understand what it's about.
While many of today's workers will be in the workforce for at least 40 years some recent studies have revealed that our income growth does not always occur on a steady incline throughout our working careers.
Here’s a scenario that has had me puzzled since the 2015 Federal Budget outlined massive changes to the Age Pension Asset Test.
Changes to the legislation regarding Workcover SA entitlements on July 1 2015 mean that many people are considering taking a Redemption payment, which is essentially a lump sum payment to finalise the Workcover process.
With the recent release of the 2015 Intergenerational Report and the Government’s awkwardly titled tax discussion paper; Re:think one might get the uneasy feeling that things are about to change in a big way.
For pensioners that have their pension assessed under the income test there is some welcome relief coming in March as the deeming rates are reduced (slightly) to reflect the recent drop in the official cash rate.
Disability Support Pensioners are asked to make a decision when they turn Age Pension age - do they want to stay on the Disability Support Pension or change to Age Pension? What's the Difference?
I'm regularly asked "how did you get into Financial Planning?" or "why are you a Financial Planner?". The short answer is that 'it happened purely by accident', but I have no regrets!!
Whilst it is no where near Christmas time (but just watch the next few months fly by) John Lennon's words are quite true - another year IS over and a new one has just begun.
People with an Allocated Pension and who are in receipt of a Centrelink Benefit prior to 1 January 2015 will be assessed under the current rules. That is to say they are grandfathered and no change will apply.