There are a wide range of services available for older Australians. Some of these services are available nationally, while others are specific to the State or Territory where you live. National services National services include: The federal government’s My Aged Care website, which can help you to find aged care ... Read more
What is the DVA (Department of Veterans’ Affairs) Service Pension?
A Service Pension is payable to you if you’re a member of the Australian Defence Force (the Royal Australian Navy, Australian Army and Royal Australian Air Force) and you: have had active military service, are over the age of 60 or are an invalid, satisfy residency requirements, and pass both income and assets ... Read more
What is the Pension Loans Scheme, and how does it work?
From 1 July 2019, retirees looking for new ways to boost their retirement income or pay for expenses like home care have another option open to them following some big changes to the federal government’s Pension Loans Scheme (PLS). Although the PLS has been around for about 30 years, few retirees know about it and even ... Read more
What are defined benefit super funds?
There’s lots of jargon in the super system and even when it comes to something as simple as the different types of super funds, it can be hard to know what they are and how they work. One of the key differences you need to understand when comparing two super funds is whether the fund is a defined benefit or an ... Read more
Super to income Reckoner
SuperGuide’s Super to income Reckoner can help you quickly and simply understand approximately how much retirement income your super savings might be able to generate. The figures used in the reckoner have been sourced from the MoneySmart Retirement Planner, a powerful tool that we highly recommend you try for ... Read more
Income from super Reckoner
SuperGuide’s Income from super Reckoner can help you quickly and simply understand the approximate super savings you need to fund your desired retirement income. The figures used in the reckoner have been sourced from the MoneySmart Retirement Planner, a powerful tool that we highly recommend you try for yourself. ... Read more
Definitive guide to the $1.6 million transfer balance cap
One of the most significant changes to superannuation – the introduction of the $1.6 million transfer balance cap – became effective on 1 July 2017. The Australian Taxation Office (ATO) estimates the changes will impact only 1% per cent of Australian superannuants, however that 1% needs to be clearly across the ... Read more
Super’s rulebook: What rules apply to you at different ages?
Australia’s super system has lots of rules – many of which have significant penalties if you breach them – but not every rule applies to everybody at every age. There are different rules at different ages on how much and when you can contribute to super, when you can get your hands on your savings, and how much tax ... Read more
Retirement age calculator: When can you access your super or the Age Pension?
Although there is no ‘retirement age’ in Australia, there are two ages that are important to know for planning your retirement: Preservation age: This is the age when you can access your super funds provided you have also met a condition of release (such as retiring or turning 65). Your preservation age is ... Read more
Don’t wait for a crisis – start planning your aged care now
By Alison Rahn, Western Sydney University Most Australians prefer to die at home but few adequately plan for it. Consequently, just one in seven dies at home. Some say they will make plans “when the need arises”. But what if you have a heart attack, go into a coma, have a stroke, or develop dementia before having ... Read more
Retirement cost of living: How much does a comfortable lifestyle cost?
As you approach retirement, you may have already spent time thinking about your likely spending habits once you stop work for good. We will review some industry reports to see how much retirees are spending, and help you assess what your own needs and preferences may be. Knowing what and where you will spend will ... Read more
Financial advice: What are the risks and benefits?
Financial advisers are supposed to act in the best interests of their clients. That’s not a vain hope or fluffy belief, it’s enshrined in law. But confidence in financial advisers has been rocked lately by a series of financial scandals and instances of serious misconduct unearthed by the Hayne Royal Commission. Most ... Read more
Surely I don’t need a testamentary trust will (TTW)?
It is amazing how many times I have been told when taking instructions on a new or updated will that “my affairs are quite simple”. That statement may be true of course but simple is a relative term. As an example, if you want to achieve the more common goals of protection of assets and reducing tax, and who doesn’t, ... Read more
Commonwealth Seniors Health Card: What it is and how to apply
The Commonwealth Seniors Health Card (CSHC) is a concession card that allows you to access cheaper health care in Australia if you meet certain eligibility requirements. What are the benefits of the Commonwealth Seniors Health Card? If you hold a Commonwealth Seniors Health Card, you’re entitled to receive the ... Read more
Australian Age Pension rates (20 March 2019 to 19 September 2019)
The rates for a full Age Pension for Australian residents for the period 20 March 2019 to 19 September 2019 are listed below: Single: $926.20 per fortnight (approximately $24,081 per year) - an increase of $9.90 per fortnight Couple (each): $698.10 per fortnight (approximately $18,051 per year) - an increase of ... Read more