As you are aware, most older Australians can qualify for some type of entitlement. This might be a full or part Age Pension, a Commonwealth Seniors Health Card, for those not on a pension, or other special government supplements. What tends to fly under the...
How Tom turned $6 into thousands The team at Retirement Essentials doesn’t believe in ‘get rich quick’ schemes. We’re more impressed by slow and steady wealth creation. But we do recognise the significant financial gains there are to be made by those who...
Retirement money mistake Number 5 can sometimes cost you the most. This happens when you don’t know what you don’t know and make decisions based on a poor understanding of the rules. Remember the excitement of turning 21? The best part of becoming an adult...
Australian household debt is the highest in the world. And at an all-time high at the time of writing. The ratio of household spending to income is now above 200%. Yes that means on average people are spending double what they are earning. . How did we get...
On January 1, 2017, there was a major change in the assets test for those on an Age Pension. Whilst the assets test threshold increased (the good news), the taper rate doubled, meaning that those on a part pension, with assets over the threshold, lost their...
The first big mistake is assume you are not entitled to anything. Two thirds of Australians will be entitled to a full or part Age Pension at some stage in their life. And for the remaining third of Australians who do not currently qualify, at least half...
The second money mistake is to not know the details on timing – this can have serious consequences if you get it wrong. The Age Pension used to be much simpler, including the qualification age of 65 for those no longer working. It’s currently 66.5 and...
Centrelink uses deeming rates to determine how much you earn. These earnings are added to any other income streams and this total is used to assess your age pension eligibility and the rate you will be paid. The reason a ‘deeming rate’ is used is because...
A new bill has been introduced to the House of Representatives to curtail the use of Cashless Debit Cards (CDCs) for older Australians. The intention of giving welfare recipients this card was to prevent them from spending on substances which are harmful,...