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  1. #21
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    Quote Originally Posted by binnielici View Post
    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!
    https://www.humanservices.gov.au/cus...alth-care-card

    I really feel for your mum, it can't be easy being in that situation. But if the proposed changes only increase the asset threshold by $50k, could she sell some of her artwork and furniture possibly? She could still get away with keeping her investment property that way..

    And if she owned the property pre-sep 1985 then maybe she could sell it tax-free and use the money to buy a slightly cheaper property, so still earning a rental income.. And gifting some of the proceeds to you/your siblings (i know there's a gifting limit for the pension test to apply, but it may just be enough for her to not lose her entitlements).

    Just trying to think outside the box

    Look, at least she has assets to sell if she needs to. There are lots of people who are far worse off and still worked hard all their lives. Good on her for achieving what she has.

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  3. #22
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    Quote Originally Posted by binnielici View Post
    @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.
    That may not be the case she needs to call Centrelink and find out. She may still get a healthcare card due to low income.

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  5. #23
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    Quote Originally Posted by witherwings View Post
    The changes to the asset test will only increase the current threshold by around $50k. Not a huge change if you ask me..

    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.
    I think the cuts are too early. Super/retirement planning is somewhat 'new' in the scheme of things. Some people were able to plan for retirement while others were not.

    IMO I think cuts need to be made at some stage - just not the generation they are targeting.

    I also think until the government can provide people with more higher super payments for their working life then the cuts are harsh.

    I also think that any centrelink payments need super paid.

  6. #24
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    Default Cuts to aged pension re assets - agree/disagree?

    Quote Originally Posted by binnielici View Post
    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!
    I don't think that's true. There are people I work with that have a healthcare card as they earn under the threshold so their doctors appts are bulk billed and medications are covered they pay $6? For a script or there abouts. They also get rent assistance, well 2 of them do and one is a home owner who cut their hours to get to the threshold to get a card as they couldn't afford their diabetic medication as they don't have a partner

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  8. #25
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    Quote Originally Posted by twinklify View Post
    I think the cuts are too early. Super/retirement planning is somewhat 'new' in the scheme of things. Some people were able to plan for retirement while others were not.

    IMO I think cuts need to be made at some stage - just not the generation they are targeting.
    Agree. Compulsary super was introduced in Australia in 1992, so those in their forties now would have had the benefit of compulsary super for their entire working lives. Obviously super has been around prior to 1992, but not everyone had access to it.

    I really hate how the proposed changes are

    a) being made retrospectively. Pensioners that previously passed an asset test, now won't and will have their income cut through no fault of their and will be forced to make some tough decisions ie sell up assets (that may have been flagged for nursing home expenses etc) vs starvation or losing the family home to make ends meet.

    b) targeting an already vulnerable segment of society

    I also think until the government can provide people with more higher super payments for their working life then the cuts are harsh.
    The SGC definitely needs to be increased. It was supposed to go up by .25% for x years but the libs have put a freeze on it. It currently sits at 9.5%.
    Last edited by SSecret Squirrel; 17-10-2016 at 20:02.

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  10. #26
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  12. #27
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    @binnielici I read today that people who lose their benefits due to the cuts will still be eligible for a health care card https://www.amp.com.au/news/2016/oct...on-assets-test

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    binnielici  (18-10-2016)

  14. #28
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    Quote Originally Posted by twinklify View Post
    I think the cuts are too early. Super/retirement planning is somewhat 'new' in the scheme of things. Some people were able to plan for retirement while others were not.

    IMO I think cuts need to be made at some stage - just not the generation they are targeting.

    I also think until the government can provide people with more higher super payments for their working life then the cuts are harsh.
    I absolutely agree with you that the whole superannuation for retirement scheme was "too little too late". But the issue here isn't about whether the government is giving enough or not to those who have very little with which to retire - it's about whether the government is obliged to give more or less to the people who have accumulated a decent amount of assets, and maybe don't need the $20k pension to survive.. ?

    You need to consider that a huge portion of the population is in retirement age now or will be soon who don't even own their own home let alone have investment properties..

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  16. #29
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    This is interesting to me as I think it would have affected my FIL who died earlier this year and caused him huge stress. When he retired he purchased 60 acres of land that today is worth around $400k. I guess to keep his pension he would have had to sell it. The property has now been left in its entirety to my husband. A massive gift for him to give us but it does make me wonder what might have been if he was still alive.

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    As the rules only apply to investments (and not primary residences) I support this.

    Ya can't accumulate an investment property and other investment assets (art etc), expect the taxpayer to find your retirement, then have your assets passed to your kids. To cry poor when the financial fudge is taken away from you, when some don't even own one home... Or have any home at all Seriously?

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