Join Now
Unlock unlimited access to all our content and get great discounts by purchasing a membership now
Learn more ….
Related posts:
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.
Good morning, I am a Pensioner, own no property, and am renting. My only assets are proceeds from sale of home overseas, only $150,000 in total. Centrelink “deems” that I could get x % interest on a fixed term deposit. Well, I am only getting 0.3% which is pitiful. Centrelink is adamant about this “deeming” clause. It is so unfair that I cannot earn more. In March it will mature and I will only get about ?$430 for the whole year. And thus, my pension is less than I think my entitlements would show. The recent increase is a joke. It’s $7 per week for me.
Hi.what is pension loans scheme,and how do i find out more about it
Hi Michal. Here is our article on the pension loan scheme
Regards
Hello, I plan to retire in April 2022 when I turn 65.5. How much income per week can I earn so that my pension will not be effected?
10/12/2022… We are a pensioner couple about to sell our family home of 46 years to downsize and move closer to family. I understand that the government has passed a bill on 25/11/2022, “Incentivising Pensioners to Downsize” offering a reduced deeming rate on sale proceeds and an extra 12 months to buy or build a new home before the funds are counted as assets. I believe it takes effect on 1/1/2023. My question is what are the eligibility time- frame criteria? Is it when we sign a contract or when funds go into our account. We are about to sign but should we wait 3 weeks? Another question is whether this bill has received royal assent. I have tried all manner of institutions, departments, local member to find the official ruling to no avail. Please help.
Hi Joanne. There are a few different time periods depending on what you choose to do. The downsizer contribution to super needs to be made within 90 days of you receiving the proceeds for the sale of your house. The proceeds of the sale are exempt form the assets test for 24 months – an additional 12 months as you quite rightly pointed out – and the deeming rate on the proceeds up until 30 June 2024 will be just 0.25%