Strategies and considerations to help improve Age Pension
These tips may work best for clients who:
- are on a part Age Pension but could be getting more; or
- currently miss out but could be eligible for a part Age Pension by restructuring.
Top 10 social security means testing FAQs of 2020
Minh Ly, Challenger’s Technical Services Manager, will run through answers to the most asked questions on social security means testing.
Invest in a lifetime annuity
Investing in a lifetime income stream may help boost your clients’ Age Pension - thanks to Government means testing rules.
Gifting limits and the Age Pension
Discover how Centrelink gifting limits work when a client wants to give away assets to another person.
Age Pension impact due to spouse passing away
There are a number of financial considerations that require appropriate prioritisation in the event of the death of a spouse.
Appropriate valuation of non financial assets
Make sure incorrect asset valuations aren’t reducing your clients’ Age Pension entitlements. Most assets depreciate over time - providing an opportunity to increase your clients’ Age Pension.
Transfer assets to a younger spouse's super
Transferring assets into super for a spouse who is under Age Pension age may help reduce your clients’ assessable assets and increase their Age Pension entitlements.
The upside of casual or part-time work
Clients who are keen to keep working may earn up to $300 a fortnight and be able to benefit from the Work Bonus test before it counts towards the income test.
Renovating the family home
Renovating the family home could be a way for your clients to reduce their assessable assets and boost their Age Pension.
Pay down debt
Using assessable assets to repay credit card debt - or even a home mortgage – may reduce a client’s overall assessable assets.