Amanda Hardy Lai, Author at Retirement Essentials

Insurance in super: Delayed claims and what this means for you

Are you one of the many superannuation members who have insurance cover attached to their accounts without even realising it. But recent regulatory action highlights serious concerns about delays in processing claims, with thousands of members and their families affected. So if you do have insurance in your super, now is the time to:

check what you’re covered for,

understand when that cover might end, and

ensure your loved ones won’t face unnecessary hurdles if they need to make a claim.

As you approach or enter retirement, you may find that your superannuation insurance – life, total and permanent disability (TPD), and income protection – no longer fits your needs. If you’re no longer working, the need for these types of cover can diminish – and continuing to pay premiums might be draining valuable retirement savings.

What is a home worth? The retirement advantages of your real estate

by Amanda Hardy Lai | Retirement Advice

When it comes to securing your financial future in retirement, the family home can be your most valuable asset. For Age Pension homeowners, owning a home offers not just the comfort of stability, but also tangible benefits for your financial situation. However, for retirees who don’t own their homes, the challenges of rental and housing affordability can significantly affect their retirement prospects. Today we explore the advantages for homeowners while acknowledging the difficult circumstances non-homeowners face in today’s housing market.

The benefits for homeowners

For retirees who own their homes outright or are close to doing so, there are many ways that your home can work for you in retirement. Research shows the family home is typically the largest asset for most Australian households, followed by superannuation (ACOSS & UNSW, 2020). Together, these two major assets – your home and superannuation – serve as the foundation of retirement security, with the Age Pension providing additional support to help ensure a comfortable lifestyle. The Age Pension system is designed with several benefits for homeowners, and if you’re lucky enough to own your own residence, these benefits can help stretch your retirement income further.

Age Pension means test exemption

One of the most significant advantages of homeownership is the exemption of your home from the Age Pension means test. This means that the value of your family home (and any mortgage loan on it) will not count toward the assessment of your assets when determining your eligibility for the Age Pension. For homeowners, this exemption can make a real difference in your overall entitlements, as the Age Pension is means-tested based on assets and income.

How to make the most of concession cards

by Amanda Hardy Lai | Commonwealth Seniors Health Card

More than a million Australian retirees are potentially eligible for the Commonwealth Seniors Health Card (CSHC) and haven’t applied. This card offers savings that can make a real difference – on prescription medicines, bulk billing, and even some state-based discounts. Some estimates suggest savings of up to $3,000 per year or $60,000 over a 20 year retirement.

But how much does the card really deliver? Some retirees expect thousands in discounts, only to find they don’t qualify for rebates in their state. Others are pleasantly surprised by unexpected perks that make a real difference. Knowing what’s available where you live can help you make the most of it.

For an update on the different concessions and health care cards, read our latest guide: Concession and health care cards update.