+ Reply to Thread
Page 2 of 5 FirstFirst 1234 ... LastLast
Results 11 to 20 of 45
  1. #11
    Join Date
    Apr 2011
    Location
    Sydney South
    Posts
    1,912
    Thanks
    1,224
    Thanked
    845
    Reviews
    10
    Achievements:Topaz Star - 500 posts
    I believe the house they live in should be exempt but any additional properties should be included.

  2. The Following User Says Thank You to Meld85 For This Useful Post:

    KitiK  (17-10-2016)

  3. #12
    Join Date
    Aug 2009
    Posts
    589
    Thanks
    464
    Thanked
    214
    Reviews
    1
    Achievements:Topaz Star - 500 posts
    I am pretty sure the assets test does not include the home you live in.
    I am for the cuts. The assets which are counted are home contents, cars and investment assets and future generations need to be made aware that they need to be building assets for themselves now rather than relying on the Age Pension to be there in retirement.
    The assets tests right now are very generous as a couple can pretty much have $1.1m in assets (not including home) and still get a part age pension.
    New test from 1 Jan 2017 will reduce the cut off to $816k for a couple who own a home.
    Last edited by Night Owl; 17-10-2016 at 15:45.

  4. The Following 3 Users Say Thank You to Night Owl For This Useful Post:

    bluehawaii  (17-10-2016),KitiK  (17-10-2016),Little Miss Sunshine  (17-10-2016)

  5. #13
    Join Date
    Apr 2011
    Posts
    1,133
    Thanks
    446
    Thanked
    485
    Reviews
    1
    Achievements:Topaz Star - 500 posts

    Default Cuts to aged pension re assets - agree/disagree?

    Quote Originally Posted by Elijahs Mum View Post
    It's easy to set up a family trust - maybe get your parents to look into it so they don't lose anything?
    With a war services pension it has to setup before you go on it not after. It's run differently to regular pension but they still get affected with cuts. My folks definitely don't live a lavish life style
    Last edited by babybeeno1; 17-10-2016 at 15:50.

  6. #14
    Join Date
    Aug 2009
    Location
    Sydney
    Posts
    2,086
    Thanks
    1,285
    Thanked
    1,179
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by Elijahs Mum View Post
    I can't read the article either but surely it won't include the home they live in? That's usually always exempt ?
    Primary place of residence is exempt.

    The asset test only includes investment properties, cash and other assets.

  7. #15
    Join Date
    Aug 2009
    Location
    Sydney
    Posts
    2,086
    Thanks
    1,285
    Thanked
    1,179
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts

    Default Cuts to aged pension re assets - agree/disagree?

    Edit: just had a look at Centrelink website. The changes are as follows, for those who are interested:

    For a single person that owns their own home:
    Full pension eligibility will be cut off if your assessable assets are above $250k - it's currently $209k

    For a single person that owns their own home:
    Part pension eligibility will be cut off if your assessable assets are above $542.5k - it's currently $793.7k.

    Basically, the people who are currently eligible for part-pension are the real losers here, but let's look at it this way: you have an asset that is worth minimum $543k . That would generate rental income of around $21k p/a and also have capital growth. Should you be entitled to a part-pension?

    I'm going to go against the grain here and say that if you have accumulated assets throughout your life for your retirement, then isn't the point of that asset accumulation to actually use it to pay for your lifestyle in retirement?

    I really don't get the uproar over this.. The age pension is a pittance, if you need to rely on it then it's unlikely you have any assets to sell.

    And I don't agree that people should sell their family home - definitely not. But the family home is exempt, so not an issue.
    Last edited by witherwings; 17-10-2016 at 22:42.

  8. The Following 11 Users Say Thank You to witherwings For This Useful Post:

    A-Squared  (18-10-2016),atomicmama  (17-10-2016),Chippa  (17-10-2016),Cicho  (17-10-2016),Elijahs Mum  (17-10-2016),Evee16  (17-10-2016),KitiK  (17-10-2016),Little Miss Sunshine  (17-10-2016),pointless1  (18-10-2016),Stiflers Mom  (18-10-2016),VicPark  (17-10-2016)

  9. #16
    Join Date
    Aug 2009
    Location
    Sydney
    Posts
    2,086
    Thanks
    1,285
    Thanked
    1,179
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts

    Default Cuts to aged pension re assets - agree/disagree?

    I feel like there are too many people in society depending on their parents leaving them an inheritance and that is why people feel scandalised by the idea of retirees selling their assets or using their savings to pay for their living costs.

    Sorry, but as much as I love my kids, I'm not going to depend on a pension just so they can inherit my assets when I die. I would love to leave them something of course, but not at the expense of enjoying the final years of my life by living comfortably, travelling and having enough money to not worry about healthcare.

  10. The Following 9 Users Say Thank You to witherwings For This Useful Post:

    A-Squared  (18-10-2016),AngelicHobgoblin  (17-10-2016),atomicmama  (17-10-2016),Chippa  (17-10-2016),Elijahs Mum  (17-10-2016),Evee16  (17-10-2016),KitiK  (17-10-2016),Little Miss Sunshine  (17-10-2016),Stiflers Mom  (18-10-2016)

  11. #17
    Join Date
    Dec 2015
    Posts
    2,019
    Thanks
    2,767
    Thanked
    1,012
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    I think it's rubbish. My mum will affected by the cuts. She worked hard for over 50 years to set herself up in retirement. She owns her own home and has one investment property which generates a small income after expenses. She also has lovely furniture and art work accumulated over a lifetime. She's only entitled to a very small pension (less than $75 per week) BUT the important part for her is it means she has a healthcare card.

    As a person with chronic illness her circumstances will change rapidly if she loses that card. Full price her medications are over $800 per week. She can not afford them. She will quickly deplete all her assets just to stay alive then end up on a full pension and probably in some for of public care - how is that a cost saving!

  12. The Following 2 Users Say Thank You to binnielici For This Useful Post:

    misho  (18-10-2016),mrsboyts  (18-10-2016)

  13. #18
    Join Date
    Dec 2015
    Posts
    2,019
    Thanks
    2,767
    Thanked
    1,012
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    @witherwings I agree it is a pittance and mum did set her self up - however she will lose the healthcare card if she loses her entitlement to the pension and that will dramatically impact her life.

  14. #19
    Join Date
    Aug 2009
    Location
    Sydney
    Posts
    2,086
    Thanks
    1,285
    Thanked
    1,179
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    @binnielici - could she still get the health care card as a low income earner? It's not asset tested.

  15. #20
    Join Date
    Dec 2015
    Posts
    2,019
    Thanks
    2,767
    Thanked
    1,012
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by witherwings View Post
    @binnielici - could she still get the health care card as a low income earner? It's not asset tested.
    Mum was told she was only entitled to the card because she was eligible for the pension. I'll tell her to check again Centrelink can be painful!


 

Similar Threads

  1. disability pension review
    By kazza87 in forum Family Finances
    Replies: 15
    Last Post: 17-11-2016, 20:42
  2. Replies: 18
    Last Post: 27-07-2016, 11:21
  3. Do you have a HCC or pension card?
    By Saverplussa in forum Family Finances
    Replies: 0
    Last Post: 22-03-2016, 10:45

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
free weekly newsletters | sign up now!
who are these people who write great posts? meet our hubbub authors!
Learn how you can contribute to the hubbub!

reviews
learn how you can become a reviewer!

competitions

forum - chatting now
christmas gift guidesee all Red Stocking
Softmats
With so many amazing reversible designs, the soft and cushioned Premium Bubba Mats are the perfect space for all the family. Not only do they look fantastic; you can also enjoy the quality and comfort for years to come.
sales & new stuffsee all
Bub Hub Sales Listing
HAVING A SALE? Let parents know about it with a Bub Hub Sales listing. Listings are featured on our well trafficked Sales Page + selected randomly to appear on EVERY page
featured supporter
Transition into Parenthood / Calmbirth Sydney
Julie's Transition into Parenthood and Calmbirth courses for pregnant couples will get you ready, prepared and organised for the wonderful birth of your beautiful new baby. Birth Support Doula training provided in 2017 open to all. Call 0401 265 530
gotcha
X

Pregnant for the first-time?

Not sure where to start? We can help!

Our Insider Programs for pregnancy first-timers will lead you step-by-step through the 14 Pregnancy Must Dos!