James Coyle

James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
What makes a marriage or partnership and why should Centrelink care?

What makes a marriage or partnership and why should Centrelink care?

The current housing crisis can be seen in many ways. The most obvious is the reduced ability for younger Australians to get a foot in the property market. But there are other ways it hurts as well. One is the growing trend for couples who separate to stay together, at least physically, as it is too hard or too expensive to go out on their own to rent or buy.

Obviously it’s far from ideal if you decide you don’t wish to be together any longer and financial circumstances force you to stay in the same dwelling and to report on this situation to a third party, i.e. Centrelink. This situation comes up quite a lot in our consultations with people who are trying to navigate the Centrelink maze.

But it’s also relevant to those who are new to a relationship – at what point does a first date become a ‘relationship’? And we’ve had questions on how Centrelink views same sex marriage, a brother and sister who share, and a mother and daughter who also share. So read on for a summary of the main rules and how we’ve solved some of the Retirement Essentials members’ questions.

Five ways to boost your superannuation

Five ways to boost your superannuation

Many Australians, women in particular, enter retirement with relatively small superannuation balances. So when we write about super, and some of the great benefits of having money in super, we often get questions about how to boost your super. Take this comment a few weeks ago from Janice.  

“It’s all very well for you to spruik the benefits of super but how do I boost my super. My husband has passed away and I have been forced to go back to work to boost my retirement savings. My job pays me well so I can save a bit.  I am hoping to retire in 4 years when I turn 67.  I have about $100,000 in super and own my house thanks to my husband’s life insurance.  I’d like to travel and have some fun but I don’t think my super and the Age Pension will be enough. I was told you really need $1m in super to fund a really good retirement.”

Well don’t believe that myth about needing $1m. We also write about that this week. But there are a few ways to boost your super quickly if you are in the right circumstances.  Let’s take a look at five of them. One or more of these could help Janice.

Your 20 March 2024 Age Pension increase

Your 20 March 2024 Age Pension increase

The twice-yearly Age Pension increase is due to land on 20 March. We reported in mid February our predictions for singles and couples, and we’re pleased to say our predictions were correct within a few cents. The table below shows the increases, as confirmed by the Federal Government, including supplements for singles and couples. 

The Federal Government have confirmed the new payment rates from 20 March 2023 for recipients of the Age Pension, Disability Support Pension, and Carer Payments. Singles can expect a total increase of $19.60 a fortnight and couples can expect a (combined) total increase of $29.40 a fortnight.