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.
Could an inheritance affect your entitlements?

Could an inheritance affect your entitlements?

by | ,

Linda and Helen are sisters in their early 70s. They both live in their own separate homes and receive the full Age Pension entitlement. Neither has a mortgage. Their uncle died recently and they were both surprised to receive $200,000 each.

Linda used her inheritance to renovate, installing a stair lift and generally ‘age-proofing’ her home. The balance after renovations was $40,000 so she contributed this to her super. Helen didn’t see the need for such renovations in her home, preferring instead to put the full amount into a 12-month term deposit account so that she can use the extra interest earnings to top up the somewhat modest Age Pension entitlement of $29,754. She was shocked to be informed by Centrelink that she is no longer entitled to the full fortnightly benefit and will now receive a part-Age Pension instead.

Helen was very stressed when she contacted Retirement Essentials, still struggling to understand how the same inheritance amount could cause her loss of full Age Pension entitlements while her sister, as she said, ‘ got off scott free’. ‘How can this same amount be treated so differently’, she asked?

Keeping Centrelink up-to-date

Keeping Centrelink up-to-date

by |

Ever since the Robodebt debacle many of our readers have been understandably anxious about what they do, and don’t, need to tell Centrelink.  There are times when you must tell Centrelink and times when you don’t have to, but it’s in your best interest to tell Centrelink quickly.  A great example of this is spending money on a renovation to your home.  In this situation you spend an assessable asset (money in the bank) and add value to a non-assessable one (your home).  This could improve your eligibility situation and the amount of your Age Pension payments so it’s a good idea to let Centrelink know quickly. 

Advising Centrelink can be quite a minefield and it’s easy to both over and under report.  So we asked our resident expert, Steven Sadler, for his tips on what you must, or should, let Centrelink know. Here’s Steven’s checklist.

Concession and health care cards update

Concession and health care cards update

by |

Most of us love a discount. And when the cost of living is persistently high, concession cards are worth their weight in gold. There are a range of discount and concession cards available to older Australians. But the rules change all too frequently. Here’s a comprehensive update of which cards you may be entitled to, how to get them and how to use them.

Not all cards are the same. There are many different organisation which issue cards for seniors and retirees. Some offer discounts or concessions, some are free and some require you to join an organisation to receive one. Let’s start with the cards issued by the Federal Government.