We recently asked you to tell us more about the sort of help and advice you would like to receive. Well this is what you told us.
How much will I need?
- Nearly 39% of people ranked “How much will I need” highest among the financial issues on their mind.
- People were also concerned by how long their money would last and how much they could safely spend.
- Very few people prioritised “Where will the money come from” and a mere 3.8%, were most concerned about how much would be left when they died.
Help and advice
- The most popular topic for help and advice was “Strategies to increase my age pension entitlements”. 42% of people ranked this number 1.
- Help on how to invest savings and super was the next most popular choice.
- At the bottom was advice on home equity products and debt repayment. We were a bit surprised at how low the home equity topic ranked given the high levels of home ownership amongst our readers. Many comments indicated this actually was popular but just not a priority when compared to increasing entitlements.
Paying for advice
60% of people indicated they were likely to to pay for financial advice if it could help them with topics such as how to invest and strategies to increase age pension entitlements. Only 15% were unlikely to pay with the rest, 25%, sitting on the fence. Between $200 and $500 seems to be the sweet spot when you were asked how much you might be willing to pay.
Other comments
Readers also offered lots of comments and suggestions including:
- When can I afford to retire and how do I convince my spouse to retire?
- More help and information on the impact of inheritances
- Help with managing diverse investments including shares and investment property
- Can you apply for the pension if one spouse is still working or much younger?
- Other benefits that you might get with the Pension concession card or the Commonwealth Seniors Health Card.
- Estate planning
- More online tools and calculators to help with planning
So what is next?
We asked these questions to help us improve our services. Over the next few weeks and months you will see us add more services in response to your feedback.
What do you think?
Do those results resonate with you or are you a bit surprised? Let us know what you think by commenting below.
Ps Help to increase your entitlements was a very popular topic. You can check yours by clicking here
I completed the entire questionairre online and forwarded the document in completed form.
It was then very, very disappointing to receive an email from advising that you could not assist me as “there were no memberships available”.
Does this mean that you are inundated with work and cannot assist those who approach you online?
I have, after 18 months’s of battle, finally succeeded in obtaining the Aged Pension.
However, I do not believe that Centrelink is paying the correct amount.
I was seeking, and stated, and continue to state, that I am prepared to pay for your services of a fee for service basis,
Many thanks,
Robert Cudlipp.
Hi Robert, thank you for raising your concern and I apologise for the negative experience. I think there may have been a misunderstanding so will review your profile and send you an email separate to this comment with clarification.
Can you tell me why I am denied. Your services because I live in a retirement village.?
Hi Warren, I sincerely apologise for the negative experience you have had. We are not able to assist those in aged care facilities but can definitely assist those living in retirement villages. I have amended your profile accordingly and forwarded you an email separate to this comment so that you can activate your account and continue your application.
The problem I see with home equity or reverse mortgage loans is the uncertainty of how much will be ripped off by loan interest and other charges. Another concern is the uncertainty with increasing life expectancies. The end result could be a complewte loss of the family home if I was to life significantly beyond the nominal life expectancy.
Hi Gordon. Thanks for your comment. The Government’s pension loan scheme (PLS) has built in protections to ensure you can’t have negative equity. We wrote about this a few months ago in a blog which you can find here In fact from 2012 onwards all new reverse mortgages have this protection. You are right however to be concerned about the high interest rates compounding over time to erode equity, particularly in products purchased before September 2012 where negative equity is a possibility. There are a number of other equity release options for home owners but they aren’t for everyone. Professor Deb Ralston also wrote about this a few weeks ago and you can read her blog here.
one of the things Id like to know more about is how does centrelink/pension treat couples where one is retired and the otheris still 7 or 8 yrs away from their retirement age is it able to put more money into the younger parties super through their home loan as an non -concessional carry forward rule then paying off the home loan from the retired partners lumpsum thus still holding the same amount of super between them jointly but now creating a larger pension entilement for the retired partner as the younger partner super isnt assessed
Hi Clive. Your understanding is correct in that a partner’s super isn’t included in the age pension asset test until they reache age pension age. Depending on where the partner sits in regard to their contribution thresholds it may be possible to contribute a lump sum to their account. You should speak to a financial adviser to see what might be best for you in your circumstances.
So from the first I spoke to Retirement Essentials I found the experience so easy the help I was given, just made my life so much easier, great team of people to talk to and they kept me informed on what was going on. Within weeks of my first contact I had the reply I was waiting for.
Hi Ian, thank you kindly for taking the time to pass on this positive feedback! Glad we were able to make the process easier for you and I will definitely pass on your praise to our Customer Service Team.
I would like to know about the Work Bonus,while on a pension.I only work 16 hours a week at moment.I’m entitled to a pension in August 2022.thank you for your advice.Robyn Gould
Hi Robyn. We wrote about the work bonus last year so it might be time for us to write about it again. You will find a link to last year’s article here
I receive part pension. I do not have super. I am $20,000 over the limit for full pension and on assets test. If I spend $1,000 on an asset I lose $3 per fortnight on this pension. As u know, if I spend $60,000 on a new car I lose $180 a fortnight. If I give money to grandkids – the same Next to no bank interest now. I used the gifting allowance already
I have friends on full pension with the maximum $ in their bank plus some under mattress. These buy cars for rellies and give money away with no scrutiny. I am talking thousands. Their pensions not affected
Also many on govt packages getting handouts. One has thousands and on full pension but brags mowing,hedging, free vacuum cleaner, free electric jug and microwave. physio, home help, podiatry at home – new mattress and new $4,500 chair. $500 taxi vouchers 2 new wheelie walkers – one upstairs and one downstairs. All paid for by govt. i live alone and was approved for mowing but told I need to pay$32 per day admin fees and anyway no contractors available to mow in my area. I know of one couple – wife paid $10 to go on a Xmas lights tour and the husband on govt package charged $80 by the Care company
I really do not understand why there is such a discrepancy and why everyone should not support themselves as I do when they have over $250,000 in the bank. Why is there no Govt assets test for these people before they are approved for things they can readily afford
How can I get to full pension without renovating house which does not need renovating.
I accept I am not eligible for the age pension. It is a bit harder to accept I am not eligible for a health card as I pay over $120 per month for prescription drugs. Part of my reaction is because about 50% of my income is Australian superannuation which is tax free, but 50% is from a UK Occupational Pension which is not transferable to Australia as it is a “notional” Government funded scheme. Even though the terms are very similar to an Australian account the ATO treat it as “overseas income” on which I am taxed. This also commits me to a more complex tax return each year. I pay both a Medicare levy and have private health cover.
The UK scheme is index lined – but it is taxed in Australia, I am at the mercy of exchange rates and a vulnerable post Brexit Pound and and have to make a tax return. It really shows how valuable tax concessions for Australian super is.
Maybe be worth you addressing people like me with overseas pensions/income in retirement?
Hi Robin, thank you for reaching out and expressing your concern. I have reviewed the information you have entered into our eligibility calculator previously and you may have made an honest mistake when entering your details which caused the ineligible outcome. I will send you an email separate to this comment discussing the matter in more detail and if I am correct we may well be able to apply for the Commonwealth Seniors Health Card for you.
Hi ,I am just close to retire in two years time, I have investments property but doesn’t make much profit after all the expenses, if I still keep it , it will reduce my age pension a lot,because they consider as my income regardless the other Cost involved. Could you please give me some ideas should I keep the property or sell it? What is the advantage and disadvantages?
Hi Shelley, thank you for reaching out for further assistance. I will send you an email separate to this comment with details on how we can potentially help via a phone consultation.
Hi i have my own business of which I will be handing over to my family in a succession plan.
I have no super my wife is alot younger and has her own business.
Will I qualify for the age pension, I rent a unit and my wife grosses $500 per week
Cheers
Hi David, thank you for reaching out for further assistance. We will send you an email separate to this comment with details on how we can potentially help via a phone consultation.
i have about $130000 in super and about another$30000 on leaving work first week in December 2021Mybirthdate is 09/10/1955 so should qualify for a pension in April next year.How much?I can access my super immediately.But am in two minds.Your advice would be much appreciated.
Hi Barry, thank you for reaching out for further assistance. Based on your DOB you will actually be eligible to apply on 08/01/21 because you can apply up to 13 weeks prior to turning of age. I recommend marking that date in your calendar so you can come back and go through our calculator at that time to see how much pension you may be entitled to. Should you chose to proceed with our service we’ll be happy to help prepare and lodge your claim as well as liaise with Centrelink until you are approved.
Hi
My husband receiving part pension.
We want to take further advice from reliable financial advisor.
We have tried super financial advisor plus individual but not sure with who we should go with.
Ofcourse it involves money for their services.
Please advise