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I have been overseas for 13 days and my pension was reduced by $20???

Great explanation, Katherine!

How does Centrelink value the membership in a Time Share.? They call them an asset but as you have to pay regular “maintenance fees” and they are very hard to sell, if you are lucky you might get 10% of the value paid, they more of a liability than an asset.

Retiring is finally the stage of their life. Please give them fair instate of put them in to the test.

My experience with Super Funds is haveing large portions wiped out in stock market crashes plus their fees on top. This has happened twice therefore I have no confidence in them and only get a 1% return on the Super fund cash rate. On retirement If I withdraw all and place in a short term investment account 5% how will the interest be assessed e.g. Income must be under the assessable fortnightly rate allowed for pension? Is it asessed annually> Thank you.

Hi Katherine, I am 71 and have been on a pension since I was 65, My Wife is still working and turning 67 later this year, she does have some Super. Because of her earnings I get a quarter or less pension each fortnight, when she retires will her Super effect our pensions.

A bit confusing but very useful, I like the way you explain without rushing, need to watch over again.

All very well transferring older persons super to younger spouses super to receive concession card. Younger retires, older dies, too much assets now sit with younger, and still alive spouse. No concession card!

We are in a similar situation but not sure about the scenario. I would like to think 2 or 3. My hubby 61 & I 56 work full time shift work now our children have moved out. We both have low super balances approx $230k between us but we are trying to put more in every year now. We also have a tiny mortgage on our PPOR & in 5 years will owe approx $250k on our smaller IP situated in a large country town. Our plan is to sell our PPOR for $750k approx pay off our IP & move into it. Most of what we have left will go into our super but our plan is to splurge on things that will help us through the next stages of life which includes renovating our IP to make it comfortable for the elderly, making it energy efficient with solar panels, double glazed windows, water tank etc, a bucket list holiday, give a $10k to each of our children (we have 3), organise our funerals, a buy my husband a classic car (approx 10k) that he has always wanted so that he can potter to his hearts delight while I work part-time/casual for another 5 years until retirement. We want to every year while we are still mobile. We also want to help our children here & there but we don't plan to leave them an inheritance. If there is some leftover so be it but depending on circumstances the plan is for them to end up selling our house when we die split 3 ways. I work in a hospital where I see a lot of sick people younger than us or our age & some who are terminal & although we want to prepare for our retirement years I also know that not all of us have the future we would hope or none at all. I don't want to be on my death bed thinking Im glad I was a good saver I want memories for me & my family.

great video, thank you

Thankyou Katherine, that was helpful but I have found out that asset limits have increased in recent years and it would be great if you could update this video please to 2024. Also next question... I am 8 years older than my husband. He will still be working earning a modest income of $57,000.00 pa. Will this be counted as part of my individual income test and prevent me receiving a pension at 67?

I would assume if these contributions took you super over your asset limit, it would reduce your pension by approximately 15% of the extra contributions value anyway. The main benefit would be that any growth would not be directly taxed (as income potentially) but as an asset would continue to impact aged pension. Therefore it would be maximising if your extra contributions kept you just below an amount that impacted the asset test. Thanks for posting these videos. They are very helpful organising finances before retirement.

Thank you !

Thanks Katherine, I do love your informative videos. My wife and I both have binding death nominations leaving 100% of personal Super to the other partner. If one of us dies does that mean the other partners Super is taken out of the Superfund environment and put into a bank account in the name of the remaining partner, or are those Super monies just transferred over to the other Partners Super Fund? In this instance is it better to have a Reversionary Pension Nomination instead of a BDN?

If you rent you pay forever, if you buy and pay your home off quickly you don't have any payments or rent , then keep that property for many years, w Warren Buffet still lives in the same house he bought in the 50s, I've had my house for 38 years and haven't had a mortgage for 28 years. Renting is a huge problem in 2024 , this vidio is not valid now.

I absolutely enjoyed this video. I am 68 and still working full time. I plan to retire in 2-3 years. I agree with scenario 4. I want something left for my family. Everyone is different. I am lucky having worked for the same company for 35 years and get a good income. Thank you for your great videos and advice.

Why can't Australian get the same pensioner benefits that politicians get. A pension for life. Nice for some.

I am a single pensioner selling my house shortly. Now I understand we have a two year limit now to downsize in relation to our assets test. Is there any problem by buying a smaller house abroad instead of in Australia. I will be living permanently abroad.

Inadequate

Hi Katherine, wondering if you would kindly consider doing a video on the new 3m super cap and taxes. Is it worth contributing to super for those potentially hitting the cap? Thank you Example, 50yo with 1m balance, continues to max out concessional and non concessional contributions every year next 10 years, plus earnings, is very likely to exceed 3m cap by age 60.

with a $120k income job who wants to give up to just to get a penny $30k age pension?

Age pension is should be a universal right for every old citizen, they have worked so hard all their life to build this nation, they deserve to have a decent retirement life! its the respect the nation owe to them, its a gratitude to show appreciation! every young ad will go through the same path...government should encourage them to earn extra income if at least do not punish them! current age pension payment system is to put burden on retiree to forbidden them to live a comfortable life. Retiree have been forced to make a choice either take age pension which is around $30k /couple from government and give up their extra income earning potential or by keep their extra earns to give up age pension.

With $ 50k investment return this is also means not eligible for age pension

I like your content very much. I have a question, how do they group the funds among themselves when they make this evaluation? How do they decide on the benchmark criterion? How can I access this information?

Hi thanks for the video. Your video is very informative. I am turn into 60 this years, my partner is one year older than me . We are plan to retire at 60 by selling our 2 investment properties pay off our existing debt with some money left over plus super saving we should have total balance of roughly $750k and own our home. Can we still achieve the same retirement living by use your senior 4 ? We plan to living on $1000 /pw ($52000) from now we are 60 till we are 67. Thanks in advance🙏🙏🙏

Overseas pension: Katherine you said the reduction is dollar for a dollar but Services Australia shows overseas income exempt to $204 for a single and rest subject to 50% deduction, for couples it is $300 exempt per fortnight and rest reduced by 25%. Please clarify

Dear Katherine, I love your channel and look forward to your videos, the knowledge you gift us and I am truly embarrassed by the way you were treated by the 'trolls' who have nothing better to do. Thank you for taking a stand. David

Rejecting these democratic views make Australians GreaT We must not allow this political feud to escalate! Don’t set precedent fo us! Your Aliases!

I’m on full pension, I’d like to go soon overseas for 4/5 weeks (2024) mainly health wise. However I’d like book a cruise for next year travel, m’I allow to do so.?

Hi Katherine. I thought there were 52 weeks in 12 months or 1 year?? God Bless.

Its amazing that people think its a great deal !!! Untill you see it in black and white..it looks very sad ....sometime we are so gullable ....love the way you demonstrate and put it in to prospective.... thankyou 😊

Thankyou for this fantastic information... great full

The only thing you said that I disagree with is that house prices will drop due to shifting demographics. What you didn't factor in is population growth through immigration. It will far outstrip baby boomers downsizing. I am definitely considering renting in retirement. The challenge is we also want a space large enough for family dinners including grandkids. An apartment makes that impractical. Has this factored into your lifestyle at all?

You work for a 40yrs to have $1m in your retirement, meanwhile some people are putting just $10k in a bitcion coin for just fe months and now they are multimillionaires.

Hi Katherine " love your utube channel ' l wonder lf you can tell me if my superannuation amount is assets tested ' I own my property.

Hi I am downsizing My Home i am a single person on a pension. Can I eligible for a discount on steam duty on the new premises? Your help will be greatly appreciated thank you Joe

Fabulously informative video for the Dummies”😂 Like me and probably most Australians getting close to retirement. There is allot to learn, and it really is a huge change in downsizing our lives.😌

I am totally thankful for your informational videos for the aged pensioners here. But I notice you have not replied to anyone who is watching and supporting your channel! This is not a good way to gain respect and confidence in your advice and following!

Your email is incorect

Just take the money and spend it, maybe buy a better house. You are better off while you have the cash. Once it has been spent, you will be eligible for the pension😅 again.

kath my wife is 10 yrs younger than me what should be my plan other than keep myself fit 😀

So true - writing the plan down makes it easier to live out. Thanks!

I am retired. My wife still works. Fortnightly I report her income. Travel 2 weeks overseas, via myGov, advise Clink, date of departure, date of return, flight details,etc. As soon as I leave, concession card cancelled, pension stopped! When I return,down to Clink office for a few lovely hours whilst everything is restored.Have done everything by the rules, but rules do not count.

170 liked, thanks for presenting Katherine.

I have an investment property that has not brought in an income for 12 months , I went to Centrelink for help and they told me that I am not eligible for old age pension because I have an Investment. I have tried to sell it with no luck so now I am living from borrowed money

Is it still possible to setup annuities income at age 63? Your videos are very educational, have gained a lot of information watching them. Looking forward to our meeting at the end of October, which I hope to be sooner. If anyone cancells their booking,please let me know. Thanks a lot!!

Hi Katherine. Just a question not directly related to this video. Can you do a video on how centrelink consider over 55 lifestyle Communites ? If one is considering selling their home and downsizing into a over 55 lifestyle Community. How does this impacts on old age pension? Thanks

Anonymous is the right way. If any other, your family generational pension fund will be right.

Can you gives us your phone number

If I inherited half of the house that belong to my partner after his death plus some money how this can be counted. I also have half of the house where we lived while he was sick and I have may town house?