Residential aged care

Here is a short video prepared by Aged Care Steps to give you information on residential aged care – what is it, who needs it, how do you access it and how do you fund it?

There are some important points to consider and discuss, and the best time to do this is before you or a loved one needs to move to residential aged care. If you need help and advice on any aspect of aged care, contact us to make an appointment, we can help relieve some of the concern and confusion surrounding this very difficult transition.
Residential aged care information video

Live Life now, Save for Later – What should I do?

I dont want to save for retirement ! Will i even even live that long? Enjoy life now I say and worry about retirement later.

This is a constant thought process for a 30 or 40 year old when you are grappling with the realities of life with a home loan possibly a growing family and maybe worrying about how your parents are going.

The benefit to you today, if you know tomorrow will be okay, is that you can happily devote more cashflow to your lifestyle now knowing your financial future is secure.

There is no magic however it does take some of your time today to planning for tomorrow to free cashflow for now.

This is an excerpt from a longer video so enjoy and remember, it is never to early to start planning your perfect retirement so contact us today.

Why Plan for Retirement ?

Why plan for retirement, why would i do that ? What benefit do i get today from worrying about tomorrow 20 + years away. I want to live life now not worry about what happens in 20 years time.
This short video gives an explanation on how you can benefit now from planning for tomorrow. If you are comfortable that your retirement will be financially secure it is easier to spend more now enjoying your life and family whilst you can.

This is a short excerpt from a more details presentation on this site if you would like more information

Improving your Lifestyle is our business and remember, it is never to early to start planning

Retirement planning for 40 year olds

Happy New Year on this 1st day of 2023.

Rising interest rates in Australia are going to have an impact on younger people. People who want to live their life with their families now whilst paying off their home loan, educating their children. Enjoying family life now paying off their home without sacrificing their future. How will this impact your retirement planning if you are 40 or thereabouts.

It is daunting with the media warning of doom for anyone with a home loan and how it is going to decimate your life now and for decades to come. What will it do to your retirement planning ?

How do you keep your sanity and enjoy your family time now ? The best solution is having a good understanding of your financial situation now and how that will pan out later in life. You want to know you can do things now without jeopardizing your future.

This blog is providing general information to give you comfort that you have time on your side. Allow your super fund to look after you later in life. Your requirement today is to understand what your superannuation fund is doing and actually having a target that you want to hit. Australia also has a valuable social safety net that is quite generous. Understanding the safety net is there will allow you to enjoy life more now. That is the important thing. Like going to the beach and swimming inside the flags or more topically recently inside the shark net or outside.

Unfortunately a lot of people do not make it to 65 so you cannot plan to have all your fun later in case you dont make it which will be sad. Get the balance right between living life now and enjoying life in retirement.

The key element of advice is assisting you to use your resources now to provide long term financial security with a high degree of certainty.

Enjoy the short video. Please make an appointment if you want to do more structured work on your retirement ensuring you and your family can live life today in your happy place knowing tomorrow is okay.

It is never too early to start planning.

Loving Life and Boosting my Age Pension

In our recent blog we explained how the Centrelink assets test and income test works. We also had some case studies based on if you are a single or a couple home owner or non home owner.

When you are not getting full age pension the most common question we get is How can i boost my age pension ?

This next video is using that base knowledge and then discussing lifestyle benefits you get from strategies you can put in place to boost your age pension benefits.

It is never to early to start planning. Watch this video and contact us so we can assist you planning for your great retirement with travel and quality of life between now and then.

What age pension will i get ? how does the system work ?

This short video will provide you with explanations of how the assets and income test works so you can use them to work in with your scenario.

There are guides to the age pension amounts and the limits used in the calculation of the and the assets and income test amounts. These numbers change each 6 months so the numbers will date fairly quickly however the process used is valid until Centrelink change the the way they do their tests.

We have examples for single and couples as well as home owners and non homeowners. It is not comprehensive and does not assume you are working or have overseas pensions etc however you should get a good working guide.

For more information please see your financial planner or contact our office in Balcatta or Canning Vale and we will be happy to assist.

Age Pension – How much will i get ?

Age Pension ? Will i get any ? how much will i get ? When can i apply ? These are all very common questions people have when they first come and see a financial planner. Unfortunately the system is complicated for people with assets between $300,000 and $880,000. Below $300,000 is easy and above $850,000 is also easy. You either get close to the full amount or you get almost nothing.

The Commonwealth Seniors Health Care Card may be available even if you dont get any age pension and that is always worth applying for and that is only income tested.

If you have assets within the range listed above then things get complicated and strategies can be applied to improve the age pension benefits you get.

Effective strategies include doing improvements on the family home. Things like solar panels should reduce your power bills ✔ shelter the assets from the assets test to give higher age pension payments ✔ You will love running the air con during those hot summer days with power that is cheap or free ✔

Traveling is another good strategy to boost your age pension benefits. You are spending your money, reducing your capital producing fond memories ✔ and potentially more age pension ✔

Improving your lifestyle is our business. Both of these strategies you will get a meaningful boost in your lifestyle.

You can also use certain income streams to provide centrelink assets test shelter. These are normally very secure assets with a reducing cash value over a period of time, reasonable interest rate and Centrelink assets test shelter of 40%. Eg if you invest $100,000 in the appropriate investment only $60,000 counts for the assets test. This will boost your age pension by up to $180 per fortnight. This age pension boost is in addition to the interest your investment will generate. Depending on the term it will be over 4% pa. $180 per fortnight is $4,680 extra age pension per year and this is only available if you invest in the correct investment with Centrelink shelter.

If there is an age difference between you and your partner there may also be opportunities to improve your age pension position for a period of time using superannuation strategies.

It is important to take advice to ensure that you understand exactly what benefits you are entitled to from the government. With this knowledge you can structure your affairs to ensure you maximise your Centrelink benefits, boosting your lifestyle and ensuring you can retain your assets for yourself and your family.

We have never had anyone come in and say they did not pay enough income tax during their working life. Those income taxes you paid were assisting in funding someones age pension. That is how the system works. Maybe now it’s your turn to get some of that income tax back.

We pay our income taxes to the Federal Government with the promise that they will pay you a means tested age pension when you reach age pension age so long as you fit within the bands of the income and assets test.

Most people do not realise how generous our pension system is. The earlier you learn about the system the more opportunity you have to retire early. If you understand the system at age 60 it may allow you to retire at age 64 confident that you will never run out of money. If all you know is that you are entitled to the age pension at age 67 so you wait until then, you may work longer than you need too.

It is never too early to start planning ! That is especially the case between age 60 and 67 if you think you may put in realm of the centrelink age pension.

If you are thinking about retiring in the next 3-9 months you should take advice now as there beneficial strategies that may apply for you.

We do have appointments available for new clients in October and November 2022 so book now.

Superannuation Changes 1st July 2022

Did you know the government made superannuation changes on 1 July 2022 relating to contributions ? You can now make non concessional contributions (Where you do not claim a tax concession) after age 67 without having to meet a work test. This is a great rule change as meeting the work test was difficult under the old laws.

You can do this before age 75 with generous contribution limits. This allows you to get money into the attractive superannuation environment that you could not contribute to superannuation previously.

If you have money in superannuation already, these superannuation contribution changes 1 July 2022 allow you to change the tax status of your superannuation. This can potentially save your beneficiaries thousands in superannuation tax at the time of your passing.

Equalising the superannuation balances between you and your partner is a good option which was harder to do under previous laws. This gives many more options at estate time especially for age pensioners.

You may have downsized your home, sold a rental property, inherited money or taken some profits from the share market and are looking for investments in a tax attractive place.

We are a fee for service Financial Planning practice with offices in Balcatta and Canning Vale. Our advice allows you to use your resources to get the best outcomes for you and your family now and into the future. Improving your Lifestyle is our Business. It is never to early to start planning so contact us now and we will be happy to assist.

Financial Planners Where can I get one and are they any good ?

Where can I find a financial planner, how do I know if they are any good. What sort of benefits can I expect out of the process?

These are all important questions. What you need to do before you engage a financial planner is think about what it is that you are trying to achieve. You need to have a good conversation about what worries you, what you would like your lifestyle to be like and what you are prepared to do to achieve your objectives.

Financial planning is all about you, your family and the resources you have. How do you best use the resources you have to get the outcomes you want. Would you like to pay less income tax ? Does more Age pension sound attractive ? What about secure income ? Is it possible to protect my capital against heavy share market falls like Covid and the GFC. Can we afford that holiday to Europe ?

These are all questions your planner will be able to assist you answer in the way that you would like. If you are looking for an adviser then give us a call as we are very happy to assist.

In the Northern Suburbs we are located at Suite 6 231 Balcatta Road between Erindale and Wanneroo Roads in Balcatta. Close to Reid Highway and the Mitchell Freeway.

In the Southern Suburbs we have an office at Suite 3 102 Catalano Circuit in Canning Vale just off Banister Road.

We are a fee for service practice where you will be told what our services cost cost before you agree to meeting with us and before we prepare your advice. There will be no surprises.

I have been providing advice since 1988 and still looking to work for another 7-10 years. This will ensure you are well established and enjoying your perfect lifestyle whilst remaining on the financial security path.

It is never too early to start planning.

Strategies to increase your Centrelink Age Pension Benefits

Do you know what age pension benefits you are entitled too ? Are you interested in strategies to increase your age pension benefits ? If you are on a reduced age pension we could assist you to get more.

With your cost of living rising and after a bad year in investment markets new strategies and new products could produce better benefits for you. You should investigate your options now.

What can i do around the home ? Can i give money to my children ? what about going on holidays how does that affect my pension ? These are all good questions that people need answers too.

We provide advice on a fee for service basis and improving your lifestyle is our business and the more income you can get the better off you will be.

Contact us today to see if there are strategies you can take with your money to increase your age pension benefits and improve your income or get higher investment returns.

Remember it is never too early or too late to start planning.