by Christine Hopper Age Pension income Deeming rates drop in May 2020 The Australian Government’s response to coronavirus (COVID-19), announced on 22 March 2020 included “On 1 May 2020 the deeming rates will drop from: 1.0% to 0.25% for the lower tier and from 3% to 2.25% for the higher tier.” This means that on Read more about Age Pension income Deeming rates drop in May 2020[…]
by Christine Hopper Superannuation lifetime income streams You can choose to accept part of your superannuation money in the form of a lifetime income stream. Lifetime income streams are a series of regular payments that keep coming as long as you are alive. A lifetime income stream only stops when you finally stop breathing. Lifetime Read more about Lifetime income streams[…]
Age Pension Work Bonus extended July 2019 by Christine Hopper The Age Pensioner Work Bonus in the Centrelink Income Test is to encourage Age Pensioners to continue their links to the paid workforce. The Age Pension Work Bonus was extended in July 2019 to cover all types of income earned by ‘personal effort’. Age Pensioner Work Read more about Age Pension Work Bonus extended July 2019[…]
Seniors entering as Low Means Aged Care Supported Resident by Christine Hopper Seniors entering as a Low Means Aged Care Supported Resident present an additional paperwork challenge for their families. Accepting that a loved one needs residential aged care is difficult for most families. Yet in their grief, families are confronted with official paperwork and the Read more about Aged Care Supported Resident[…]
Self-funded retirees residential aged care with ‘means not disclosed’. by Christine Hopper Accepting that a loved one needs residential aged care is difficult for most families. Yet in their grief, families are confronted with official paperwork. Aged care facilities want the big Centrelink Assets and Income form, “Permanent Residential Aged Care Request for a Combined Read more about Self-funded retirees residential aged care with means not disclosed.[…]
Disability Support and Age Pension Increases March 2018 by Christine Hopper The Commonwealth granted Centrelink Disability Support and Age Pension increases on 20 March 2018. DVA Pension and Income Support Supplement rates also increased from 20 March 2018. The dollar amounts of the maximum Pension rates increased by 1.5% effective from 20 March 2018. Disability Pension Read more about Disability Support and Age Pension Increases March 2018[…]
Seniors rental housing By Christine Hopper On retirement affordable seniors rental housing could be hard to find. Who is looking for seniors rental housing After retirement, private sector tenants might not be able to afford the rent for the home they had leased for many years. The rent required for a nice home unit in Read more about Seniors rental housing[…]
Aged care means tested amount DVA compensation exemption by Christine Hopper The aged care means tested amount DVA compensation exemption applies only to the veteran who suffered the injury or illness. Aged care means tested amount The Commonwealth regulates and subsidies the provision of formal aged care both in aged care facilities and ‘at home’. Read more about Aged care means tested amount DVA compensation exemption[…]
Granny flat independent advice by Christine Hopper A granny flat arrangement is an option for those who promised Mum that they would never put her into an old people’s home. But now that she is frail and confused she cannot stay on her own. Having Mum come to live with you long term could be Read more about Granny flat independent advice[…]
Claiming Blind Pension by Christine Hopper Claiming the Blind Pension involves proving both that you are ‘blind’ and that you are an Australian resident eligible for Centrelink Income Support Benefits. The advantage of claiming the Blind Pension is that no financial means testing applies to the Blind Pension. The value of your assets and those Read more about Claiming Blind Pension[…]
Centrelink Financial Information Service by Christine Hopper The Centrelink Financial Information Service provides information about Centrelink benefits to customers and potential customers. Generic Financial Information is provided in Centrelink booklets and at Centrelink Financial Information Service seminars. You can ask specific questions by telephoning the Centrelink Financial Information Service and speaking with an officer. In Read more about Centrelink Financial Information Service[…]
Introducing residential aged care by Christine Hopper Commonwealth regulated Residential aged care is available for people who need personal support and/or nursing care irrespective of their financial resources. The Commonwealth is the ‘gatekeeper’ for who is allowed into potentially subsidised aged care. The Commonwealth also pays a substantial subsidy for aged care residents who cannot Read more about Introducing Commonwealth regulated residential aged care[…]
Aged care daily care fee means tested amount by Christine Hopper Aged care daily care fee means tested amount applies from July 2014 From July 2014, a new entrant to residential aged care is charged a Daily Care Fee based on her Means Tested Amount. The July 2014 Aged care daily care fee Means Tested Amount Read more about Aged care daily care fee means tested amount[…]
SMSF member enters permanent residential aged care by Christine Hopper When an SMSF member enters permanent residential aged care he is unlikely to have the ongoing mental capacity and physical strength to continue managing his financial affairs. Once mental capacity is lost his Attorney, or Court appointed Administrator, would become responsible for his financial affairs. Read more about SMSF member enters permanent residential aged care[…]
July 2014 Aged Care charging system by Christine Hopper Would my mother pay more for aged care if she defers entering permanent care until July 2014? The Commonwealth has legislated for a new package of resident fees and charges for residential aged care for new entrants after June 2014. The July 2014 aged care charging Read more about July 2014 Aged Care charging system[…]
Age Pensioners permanently departing Australia by Christine Hopper Age Pensioners permanently departing Australia do not all continue to receive their pensions. Some Age Pensions are cancelled and others are reduced after six months absence from Australia. Remember that Age Pensions are provided to Australian residents who are in constrained financial circumstances. You must be a Read more about Age Pensioners permanently departing Australia[…]
July 2014 New Residents Aged Care Accommodation Charges by Christine Hopper The system for determining new residents’ aged care accommodation charges will be different for new permanent residents from 1 July 2014. The changes do not impact on the aged care Accommodation Charges and Accommodation Bond agreements of permanent residents as at 30 June 2014 Read more about July 2014 New Residents Aged Care Accommodation Charges[…]
Aged Care Regulation changes 1 July 2014 by Christine Hopper The Commonwealth Aged Care Regulation changes impacting on new residents come into effect on 1 July 2014. Last year the Commonwealth parliament passed the Aged Care (Living Longer Living Better) Bill 2013. The new legislation changes the administration and financing system for both residential aged Read more about Aged Care Regulation changes 1 July 2014[…]
Centrelink Benefits for Seniors Absent from Australia by Christine Hopper Centrelink administers the Social Security benefit arrangements for Australian residents in constrained financial circumstances. Centrelink benefits continue for seniors absent from Australia temporarily but with some exceptions. Therefore you need to check your Centrelink entitlements as part of your travel plans. If you are moving Read more about Centrelink Benefits for Seniors Absent from Australia[…]
Private company and family trusts in Pension means tests by Christine Hopper The inclusion of private company and family trusts in Pension means tests surprises many seniors. Small businesses and farmers often own their business assets and investments within a private company or family trust structure. Ownership of the shares in the private company could Read more about Private company and family trusts in Pension means tests[…]
Life Expectancy How long will I live? by Christine Hopper If I want to save enough for a comfortable retirement then I want to know for what period would I live in retirement. So what is my life expectancy or how long will I live? The life expectancy number is an estimate of my future lifespan. The Read more about Life Expectancy How long will I live?[…]
Social Security Age Pension Age Increases By Christine Hopper To qualify for the Australian Age Pension applicants must have attained their Age Pension Age. The Age Pension Age for men has been age 65 years since the Age Pension started early last century. The Age Pension Age for women has now increased to be the same as Read more about Age Pension Age Increases[…]
Accommodation Bonds for Residential Aged Care By Christine Hopper New entrants to requiring ‘low care’ or ‘extra service high care’ may be asked for Accommodation Bonds for residential aged care. The Accommodation Bonds for residential aged care are like interest free loans to the operator of the residential aged care facilities. How much is the Read more about Accommodation Bonds for Residential Aged Care[…]
Efficient budgeting and utility bill payments via Centrepay By Christine Hopper Centrelink income support clients are welcome to use the Centrepay bill payment system. Types of bills for payment via Centrepay The major telephone, water and electricity providers accept bill payments via Centrepay. Public housing and most community housing groups will accept rent payments via Read more about Bill payments via Centrepay by Centrelink deductions[…]
A place to call home in retirement By Christine Hopper Many long term renters delay retiring from full time paid work. How could I afford to continue paying my rent without a regular full-time wage? The unspoken fear could be, “I might be without a home in retirement”. The good news is that you can rent Read more about Home in Retirement[…]
Commissions on financial products By Christine Hopper In the beginning the commissions on financial products were not disclosed to the customer. Long ago financial products were sold to consumers. A glossy brochure illustrated the great features of the product and the small print mentioned the fees and charges. The insurance salesman offered ‘unit linked’ investment contracts Read more about Commissions on financial products[…]
Personal Circumstances at Centrelink or DVA by Christine Hopper The amounts of income support benefits available from Centrelink or DVA, depend on your Personal Circumstances at Centrelink or DVA. So what are “Personal Circumstances” at Centrelink and DVA? Your Personal Circumstances at Centrelink, or DVA, is based on your relationship with the people that you live Read more about Personal Circumstances at Centrelink or DVA[…]
Lost money in inactive accounts By Christine Hopper Lost money in inactive accounts has recently featured in the news as the Commonwealth government reviews the definition of ‘inactive accounts’. Any bank, credit union or building society account is at risk of becoming an ‘inactive’ account that must be paid to the Commonwealth as lost money in Read more about Lost money in inactive accounts[…]
Disability Support Pension by Christine Hopper Centrelink pay the Disability Support Pension to Australian residents whose disabilities prevent them from earning. Eligibility for Disability Support Pension The Disability Support Pension is available to Australian residents who have attained age 16 years but not their Age Pension Age. A Disability Support Pensioner normally transfers to the Age Read more about Disability Support Pension[…]
Can I get an Age Pension when I turn 65 even if my partner is much younger and/or still working? by Christine Hopper You can apply for an Age Pension when you have attained age 65 years. The Centrelink rules allow for an Age Pension for only one partner in a couple when the other partner Read more about Age Pension for only one partner in a couple[…]
Retail Interest Rates for consumers or when is a ‘good deal’ too good to be true By Christine Hopper Retail interest rates represent the rate of interest that an individual lender expects to be paid for a loan. Bank interest on ‘at call’ accounts could be between nil for a cheque account and 4.5% per annum on the top Read more about Retail Interest Rates[…]
Pensioner Rent Assistance Pensioner Rent Assistance is available to Centrelink Age and Disability Support Pensioners. DVA pays Rent Assistance to eligible Service Pensioners. DVA also pays Rent Assistance to those veteran Disability Pensioners and War Widow Pensioners who are also recipients of the Income Support Supplement. To be eligible for Pensioner Rent Assistance you must Read more about Pensioner Rent Assistance[…]
Granny flats for Pensioners – Centrelink and DVA and granny flats By Christine Hopper When families provide granny flats for Pensioners then Centrelink, or DVA, become very interested in the ‘pensioner granny.’ A new pension means test assessment happens when an Age Pensioner, Disability Pensioner, DVA Service Pensioner or War Widow moves into a granny flat Read more about Granny flats for Pensioners[…]
Residential aged care costs by Christine Hopper Families new to residential aged care can be confused by the web of fees and charges for residential aged care. Accommodation charges are fixed on entry but daily care fees change regularly. Below is an “illustration” of the fees and charges that could apply to new entrants to Read more about Residential aged care costs – an illustration[…]
Homeowner at Centrelink and DVA By Christine Hopper Avid readers of Commonwealth Pension means testing charts notice that the Asset Test Allowances have different amounts for ‘homeowners’ and ‘non-homeowners’. So who is a homeowner at Centrelink and DVA? Homeowner Suburban Examples Mary still owns the family home situated well inside a standard block in suburbia. Read more about Homeowner at Centrelink and DVA[…]
Supported Residential Service or SRS Private Aged Care Homes By Christine Hopper What is Supported Residential Service or SRS? A Supported Residential Service or SRS, is like a guest house or private hotel, offering short or long term accommodation, all meals in a dining room and communal activities together with some personal support. Each Supported Residential Service or Read more about Supported Residential Service or SRS[…]
The complexities of aged care accommodation costs for Couples at Centrelink who met later in life By Christine Hopper James and Jenny exchanged the family home for a modest new townhouse near their adult children. James had only recently retired and when Jenny died suddenly. After a few years of living alone, James embarked on Read more about Residential aged care for seniors in new relationships[…]
Annuities – Income Streams By Christine Hopper Long ago annuities were purchased by healthy, wealthy seniors as a means of converting lump sums into extended lifetime income streams. These folk were paid annuities as income streams. Annuities are now being marketed to retirees, so what is an annuity and why would I buy one? The purchase of an annuity Read more about Annuities – Income Streams[…]
Early Retirees seeking help with Health Care Costs By Christine Hopper The Commonwealth ‘Low Income Health Care Card’ provides access to the Concession Rates for PBS prescriptions and Commonwealth funded bulk billing medical services similar to those available to Age Pensioners. Some State government and utility providers also offer concessions and/or discounts to holders of Read more about Low Income Health Care Card[…]
Full Centrelink Pension for legally blind residents By Christine Hopper Centrelink pay the full Age or Disability Support Pension to residents who are ‘legally blind’. So who is legally blind and not just vision impaired? When we hear that someone is ‘blind’ we sometimes assume that the person has no vision. Sadly some people have Read more about Full Centrelink Pension for legally blind residents[…]
Take advantage of travel concessions to go out and about in winter By Christine Hopper In the cooler darker months you could 1. Escape by travelling north and repeatedly alert friends to the warmth and beauty of Queensland 2. Hibernate and refuse to interact socially with anyone (OK for one day only, then move Read more about Take advantage of travel concessions to go out and about in winter[…]
Advance Funding of Funerals encouraged at Centrelink By Christine Hopper Advance Funding of Funerals is encouraged at Centrelink and DVA. Advance funding of funerals could mean a prepaid funeral or funeral bonds. Centrelink and DVAtreat prepaid funerals as ‘exempt assets’ for pension means testing purposes. Thus prepaid funerals are not counted for the Age Pension Read more about Advance Funding of Funerals encouraged at Centrelink[…]
Advance funding of your funeral Alas each of us will die eventually. A healthy lifestyle and advanced medical care might prolong life but the day will come eventually when our mortal bodies are worn out and just stop functioning. Is a funeral essential? Australian law requires that ‘human remains’ be treated with dignity. Thus your Read more about Advance funding of your funeral[…]
Age Pensions and Retirement Living Costs Who is eligible for the Pension? The Commonwealth provides a basic income to Australian residents who are considered unable to work full time on account of age or disability. The Age Pension for men aged 65 years and women aged 64 years and 6 months, and its financial equivalent: Read more about Age Pensions and Retirement Living Costs[…]
Self funded retirees still want Pensioner Concession Cards It can be very disappointing for self funded retirees to find out that they are not entitled to a Pensioner Concession Card. The good news is that the Commonwealth Seniors Health Care Card can give self funded retirees who pass an income test the Commonwealth entitlements that Read more about Self funded retirees still want Pensioner Concession Cards[…]
How to avoid a Centrelink debt by Christine Hopper If you receive a Centrelink pension payment, you need to tell Centrelink about your income and assets and about any changes in your personal circumstances. Failure to update Centrelink could cause you to be overpaid. Overpayments result in debts at Centrelink and reduced pension payments later. Read more about How to avoid Centrelink debt[…]