Are you receiving all the Government Benefits you are entitled to?
The Coronavirus pandemic has significantly impacted and challenged our day-to-day lives but in particular the financial security for many, especially seniors.
Alteris Financial Group, an industry leader in retirement village financial advice, help seniors navigate the complexities of downsizing, in particular how to: identify and understand village fees and financial models, maximise and unlock equity, preserve wealth and protect entitlements in retirement, including the Aged Pension.
Robert Craven, Alteris’s retirement living finance expert, provided Catalina Lake Macquarie with the following summary of the various initiatives that have been proposed by the government over the past few months:
Centrelink / DVA
- The second tax-free payment of $750 to age and DVA pensioners, other income support recipients (e.g. disability support pension) and eligible concession cardholders (e.g. Commonwealth Seniors Health Card) will be payable from 13 July 2020. The first tax-free payment was payable as at 31 March 2020.
- As of 1 May 2020, the deeming rate was lowered to 0.25% p.a. for financial assets up to $86,200 for couples ($51,800 for singles) and 2.25% p.a. on assets above these amounts. This may have resulted in significant pension increases for part-pensioners and possible access to benefits for some current non-qualifiers.
- Account-based pensions and similar products will be able to reduce the minimum pension drawdown by 50% for the 2019 -2020 and 2020 -2021 financial years. This is designed to enable people to preserve more capital in volatile financial markets.
- Assessments still need to be arranged for Commonwealth Home Support Programmes, Home Care Packages, Respite or Permanent Residential Care by contacting My Aged Care on 1800 200 422 (Monday to Fridays from 8am – 8pm and on Saturdays from 10am – 2 pm) or online at: https://www.myagedcare.gov.au/assessment/apply-online
Alteris Lifestyle & Care advisers pride themselves on helping existing and potential retirement village residents understand how these initiatives apply to them and the potential impact on their Centrelink/DVA entitlements and personal cash flows.
If you have a financial question or if we can assist with any resident/prospective resident’s query, please feel free to call: Alteris Lifestyle & Care – phone: 1300 366 932.
Alternatively, if you would like to receive a free copy of the Alteris Financial Guide to Village Living or more information on Catalina’s brand new homes, facilities or upcoming events, please feel free to call Catalina Lake Macquarie on 1300 927 786 or email firstname.lastname@example.org
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