For most people the steps they need to take in trying to help mum and dad are complex and frustrating, especially if you have no prior knowledge of the requirements and the legislation. Let’s revisit the process in logical and easy steps.
Spring is here and lucky for us it’s the season famous for cleaning up your home, and now, your finances. If you are in receipt of an age pension from Centrelink, or a service pension from the Department of Veterans Affairs, experts are urging you to also spring clean your age pension!
The Association of Superannuation Funds of Australia (ASFA) provides the benchmark for a comfortable retirement. Recent data shows that a couple will need an annual income of $60,000 to retire comfortably. Can Tom and Tilly afford a comfortable retirement lifestyle?
The frenzy and speculation that occurs sometimes in the media on the topics of super, retirement, and age pensions is nothing unusual. To give you an idea, of the 57 pages outlining the legislative documents and committee reports since 1900, 51 pages (90 per cent) refer to the changes that have occurred since 1983. So, what does this all mean for you and I?
Have you given any thought to what will happen to your assets when you pass away? Recent statistics have shown that approximately 45%* of us do not have a valid will. Most people don’t know that if you die without one, the government in the state in which you live will determine how your estate is divided up.