Understand the Centrelink Asset Test to create greater retirement income certainty. The rules matter

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired on Friday 26 April 2024. This show explores a complex topic around retirement. What is the Centrelink Asset Test and how does it work? Centrelink can be a challenging organisation to deal with. A good retirement plan however will consider how income support provided by the Government can fund your life after work, along with any income from your super. Thanks for joining us live on 2CC or your favourite podcast streaming service.
Key topics covered include:
What is the Centrelink asset test for the aged pension?
Which test is used - The asset test or the income test?
Is your family home exempt from the Centrelink asset test?
How does the asset test work for singles vs couples, home owners vs non-home owners
Can you spend money to lower your assets under the test? Consider spending money on your family home it’s an exempt asset!
What is deeming and how does it apply to your assets under the Centrelink rules?
Do you need to update your assets with Centrelink as time moves on?
If I’m not eligible for the aged pension right now, will I be eligible if my circumstances change?
Luke shares his top tips when thinking about applying for the aged pension and the Centrelink asset test.
Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement. Make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation.
We look forward to your company again and Luke’s book Smart Money Strategy is out now. For more information visit: thestrategysta...
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