Drew Patchell, Author at Retirement Essentials

Is your will legal and does it reflect your wishes?

Peace of mind is a cornerstone of a secure retirement. While many Australians prioritise financial security, ensuring your wishes are carried out after you’re gone is equally important. This is where having a valid will comes in. Our recent July 2024 Retirement Pulse – Wills and your estate survey revealed some interesting insights on this topic.

Over 88% of respondents believe it’s crucial to have a valid will. This aligns with the reality that a will allows you to dictate how your assets – from property and investments to personal belongings – are distributed after your passing. This not only honors your wishes but also helps minimise stress and potential conflict amongst loved ones during a difficult time.

Age Pension rate increases apply today

by Drew Patchell | Centrelink Age Pension

As of 20 March 2024, the Age Pension in Australia has increased. The information detailed below shows the increases, as confirmed by the Federal Government, including supplements for singles and couples.

For a single person, the maximum Age Pension will increase by $19.60 per fortnight to $1116.30

For a couple, the maximum Age Pension will increase by $29.40 per fortnight to $1682.80

Unprocessed Centrelink claims surpass one million

by Drew Patchell | Centrelink Age Pension

The average processing time for claims with Services Australia has continued to rise steadily since the start of the decade. Services Australia chief executive officer David Hazlehurst reported the latest numbers at the Senate Estimates meeting last week showing the average days to process an Age Pension payment had grown to 68 days, almost 5 times more than the FY 2020-21 average of 14 days.

During the meeting, Mr Hazlehurst suggested that reducing the backlog is a critical issue currently being addressed by Services Australia, but that current resource levels are not allowing for a reduction in processing times. Mr Hazlehurst did point out that 3,000 additional staff are in the pipeline and are expected to come online in the next few months that should result in decreased wait times on claims and an increase in the average speed-of-answer on Services Australia phone numbers.