Retirement Essentials assists older Australians to make the most of their retirement income by fully understanding the rules and requirements. So we feel it is important to support those who have recently experienced the loss of a loved one by highlighting the steps they need to take with money matters.
Here is a brief summary of the major things it may help you to know as your navigate your way forward.
There were multiple changes in superannuation last year, many in relation to non-concessional super contributions. In particular, as we reported, the ages at which different types of contributions can be made are now lower. Requirements around the Work Test have also been relaxed, in this case with the age being increased.
The Age Pension provides core funding for about seven out of 10 Australian retirees.
The stated intention of this entitlement, according to the responsible department, the Department of Social Services, is to to support the basic living standards of older Australians who meet age and residency requirements.
Yet many of those who receive a pension can find it difficult to keep up with frequent annual changes to rates and entitlements, whilst the timing of these changes can also seem unexpected. Additionally, those who miss out on an Age Pension are sometimes left in the dark as to why.