February 04, 2022

Luke on 2CC – Retirement planning Part 3 – Centrelink and retirement

19 minutes

Centrelink – How can they help fund your retirement?

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 4 February 2022. Luke joins Leon this week to talk about Centrelink. Centrelink can be a challenging government department to work with, but the majority of people who work there are happy to help. There’s lots of form filling and you need a good understanding of your financial position before you start.

Key topics covered include:

Dealing Centrelink can be challenging, so go into it with your eyes open

Centrelink however can help with your retirement life, so it’s beneficial to consider what they offer as part of your retirement planning

When are you eligible for Centrelink retirement benefits?

What is the income test and the asset test?

Is there a maximum amount of assets and income you can have?

The amounts / limits change depending on if you’re a single a or couple and if you’re a home owner or not

What is deeming and how does it affect your aged pension entitlements?

Are there other benefits, besides the aged pension?

Make sure you understand the gifting rules, giving money away can affect your pension entitlements

Consider holding money in super if you have a younger partner, depending on your age it might be considered an exempt asset

Don’t forget about estate planning

Downsizing might also be useful, if you want to move into a smaller property – you’re able to get more money into super.

Consider Centrelink if you ever rollover to another pension product, it might affect what you receive

Luke share’s his top tips about retirement and Centrelink

Seek advice to be more confident in your estate planning outcomes

Listen to the Podcast right now

https://www.envisionfinancial.com.au/wp-content/uploads/2022/02/The-Strategy-Stacker-Luke-Talks-Money-04022022.mp3

Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

Do you need advice around retirement planning and Centrelink?

Centrelink can be challenging to deal with by yourself. If you need help with your own retirement planning you can seek advice before you make any decisions and set up a retirement strategy that works for you.

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Make an appointment to confidentially discuss investment, super, and retirement planning (including Centrelink). Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast. We look forward to your company again.

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By Luke Smith