If you have worked for 50 years and paid tax’s , your pension is not a benefit. We paid for it .

@mylesdickenson9060

7 ай бұрын

That's right, Menzies introduced the pension tax back in the early 1950s so if you've been employed, you've paid for and earned your pension.

@brianohehir9515

7 ай бұрын

Yp we paid for it but has our govt invested it well for our retiredment. I bloody sure they javnt!

@jimclarke1108

3 ай бұрын

@@brianohehir9515 Exactly

@ianking-jv4hg

3 ай бұрын

​@@brianohehir9515 invested in Ukraine?

@absinth64

3 ай бұрын

Except the following government’s used that money elsewhere and now there’s nothing left. Bloody thieves the lot of them.

It would be nice if all Australians had the same pension scheme as our politicians. They get a pension for life. The same pension rules that apply to most Australians. Should apply to politicians. They should not have access their superannuation fund until aged 67.

@edwardschryvers4403

3 ай бұрын

How did we let them get away with this highway robbery

@petehoney1

3 ай бұрын

there pension difference should be taxed 👍

@one4320

3 ай бұрын

🤣🤣🤣🤣🤣🤣

@BaxterThewall

3 ай бұрын

Politicians' pension scheme is obscenely generous.

@jimmyriddle5246

2 ай бұрын

Yeah that's your opinion. It's also mine but the opinion of plebs doesn't count

I agree with @Pixie in other countries the age pension is a given, not tested, it’s a recognition of the contribution we have made in building the country, it’s annoying that the people (politicians) who make these rules, are never means tested for their pensions!!!

@DonFury-pi3dy

Ай бұрын

I understand your stance on this, in the UK, aged pension isn't means tested but it is half of what the Australian aged pension is.

Never hide, lie, cheat. You will live a lot happier and healthier. And you will have a peace of mind.

@camwells9726

2 ай бұрын

It’s not cheating, it’s working within the standards they have set

@davetooes6179

2 ай бұрын

As Packer said I'm happy to pay an account 1 million dollars if he can save 2 million dollars in tax. Your not lying or cheating or hiding the money. Your just making the best of ways to minimise your assets or income to get a higher pension.

@martinkuliza

2 ай бұрын

What planet are you living on ? I mean.. As a GENERAL rule, Sure but i think you missed the point that - Centrelink are the liars and cheaters - The Government PURPOSELY makes your life difficult and extracts too much money from you FOR THEIR GAIN so... You .. Faced with the criminals , liars and cheaters Your philosophy is... Never hide, Lie or cheat LOL DID YOU THINK THIS THROUGH PROPERLY ?

@jonathansherlock

2 ай бұрын

As an ex-Centrelink employee (I used to be a Complex Assessment Officer working in complex financial arrangements particularly in retirement), I can say this video contains solid advice. The title of the video is total click-bait, but the actual video takes you through serious issues to think through about the best use of your money in retirement. Having said that, I also agree with others that we already pay for age pensions through taxation, and it is shocking that governments have raised the Age Pension age. And a lot of this video doesn't apply if you don't have any money to begin with.

@ToxicXY

2 ай бұрын

Why the government they lie hide and cheat us on the daily. Fuck em

My opinion: I wish that our Age Pension Payment is based on how long did we actually worked and paid TAX. Some people worked hard thier entire life and saved too. If Age Pension means it is ASSET-TESTED, we are penalising those people who are frugal in their lives. Some people only worked for an amalgamated shorter period of time - and thus paid tax for shorter period of time. Some people are prioritising holiday (locally, internationally), socialising -NOT THAT THERE IS WRONG WITH THAT - however obviously were not into savings. So why are we policing and penalising those people who tried all their lives to do the right thing for themselves.

@jonathansherlock

2 ай бұрын

The biggest issue with the asset test in my years at Centrelink was not people who had worked hard and saved. It was "that holiday house" that had been in the family for decades got suddenly revalued and now started affecting the owner's pensions. Their situation had not changed at all - from their perspective they had the same actual assets, it's just that property prices went up. I remember the project that was rolled out nationally to automatically revalue properties - the government had figured out that they would save more in age pensions reductions than they spent in property valuations.

@paulo3245

Ай бұрын

sweden is

What sucks is my parents were able to retire at 55 no problem, but now I can't until I'm 67. I will probably drop dead by then, but guess that's what the government is hoping for.

@88travels

2 ай бұрын

Stop whinging Work hard and invest in super

@chrisknight8164

2 ай бұрын

It was 55 when I entered the workforce. The goal post keeps shifting!

@88travels

2 ай бұрын

@@chrisknight8164 and so ? You have longer to work and invest and not rely on the pension

@chrisstewart8259

2 ай бұрын

Anyone can retire at any age they choose. The issue in this discussion is the entitlement to an Age Pension. Nobody in Australia can get an Age Pension at age 55. But they can retire.

@infinite8382

2 ай бұрын

@@chrisknight8164 cause the system is broken and it will only get worse :/

I've always been of the opinion that if you've worked all your life it doesn't matter how much money you have everyone should be entitled to the age pension

@AboutRetirementTV

2 жыл бұрын

Maybe so, but our system is means tested and it is provided to those that are within the Income and Assets Test. So we need to work within the system.

@pixie3760

2 жыл бұрын

@@AboutRetirementTV yes, I just dont agree with the current system. It's basically penalising you for working all your life. I know we have superannuation but that's money we've basically earned. I'm sorry, the pension shouldnt be means tested, those in higher wage brackets are just as entitled as Joe Citizen in a low wage bracket. Superannuation is basically our own money that the government deigns to give back. I don't know how anyone can live on our current aged system money if they have no super. The systems flawed.

@ljdperth4608

2 жыл бұрын

You might feel that way but why take money from those who are in need when you are not. And by the way ... when you have worked all your life did you not derive any benefit from the public purse while you were working? These videos on how to legally hide assets are nothing more than a sham way to encourage those who can afford not to have a pension to diminish the pool of resources available to others. Dance around it how you want to but that's the fact.

@A.I.-

2 жыл бұрын

My parents drilled it in my head since I was young; I am NOT entitled to anything in life. Always prepare for the worse. Do not rely on anyone or the government. Because when you're relying on anyone/government and they don't show up >>> you're screwed. Grown up now; I don't expect a "thank you". I don't expect any "acknowledgement". I contribute, I give, I pay my taxes and I don't expect anything in return. I remember when I was young and telling my parents, "This is a wealthy country. Australia is the lucky country." My parents' replied, "Keep that attitude, and you'll be homeless and begging for food in the future."

@rodbihari8799

2 жыл бұрын

Remember, super is something we all pay for. It is unfair to pay twice.

Knowing the system is the best way to determine how to maximise your entitlements. Its not cheating. Its using your head and brings you into line with the rich that know how to use the system to their best advantage. Leveling the playing field is not cheating or illegal. Its what we all need to do to understand how the system works. Spreading the knowledge helps the largest number of Australians enjoy their retirement.

@johnpro2847

2 ай бұрын

all very well whilst enough tax payers are available, but they are rapidly shrinking compared to people wanting handouts from them

@elementbeneteau1735

2 ай бұрын

These RICH people you talk about actually WORK HARD for their money. It's not gaming the system or luck.....it's hard work.

@alenidv8916

2 ай бұрын

Not even the people who work for Centrlink understand the system. And this clip is 3 years old. The rules change all the time, every year with every new budget. Best thing to do is increase your super contributions while you work as they are before tax and not need the pension at all. It’s no longer something you have a right to, it’s just a safety net.

This video should be called - "9 changes Centrelink are going to make to close these loopholes"

@johnfoster7626

2 ай бұрын

The only way you can legally shelter money from Centrelink is to put it into superannuation.

@waffle_chair9269

2 ай бұрын

😂😂😂😂

@Ninsidhe

2 ай бұрын

@@johnfoster7626Which is the WORST place to park your money.

@johnfoster7626

2 ай бұрын

@@Ninsidhe That is absolutely true but my financial planner told me that is the ONLY way you can legally shelter money from Centrelink. In saying that it doesn't hurt to check but he knows everything about Centrelink

@gardnep

2 ай бұрын

@@Ninsidhe Not in my superfund

If you are relying on the Age Pension for your retirement then you are in for a huge reality adjustment!

@COOLARUL

2 ай бұрын

True for baby boomers and later generations. The silent generation, who lived through the Great Depression and World War 2 were able to cope much better on the aged pension. This is the generation that threw away nothing, repurposed everything and grew their own food and kept chickens for eggs, even in suburban backyards.

@ykook7000

2 ай бұрын

💯💯

@Phantoma3

2 ай бұрын

Not if you own your home and plan to sell up and move to Spain.

@COOLARUL

2 ай бұрын

@@Phantoma3 Planning on buying one of those run-down 1 Euro homes in the middle of no-where? You will not be able to handle the local bureaucracy and the lack of services for the elderly.

I'm happy to be unknown to Centrelink. When the income test for Seniors health card moves to $144,000 as promised in the election, we might just scrape in under the income test at the current deeming rates. But having to expose oneself to the probing of a junior public servant against whose "decisions" one is powerless is somewhere I never want to go. A few minor discounts are not an incentive to us.

@einfelder8262

2 жыл бұрын

@Michael Liberals promised it , Labor confirmed they would keep it. We'll know in a few weeks :)

@ykook7000

2 ай бұрын

If the threshold is $144k then no one needs the seniors card like you said it's minor discounts Nothing of real value at all

@nonyabusiness1939

2 ай бұрын

Would rather starve than deal with Centerlink

You're so very kind and giving in creating this video with information that most people would charge hundreds of dollars for! Thank you and I hope many blessings come your way!

How is it we the general public have all these rules but the government employees live in a different world as far as entitlements go

When I was at Uni applying for youth study allowance I had "too much" money in my account (I think it was $100 but this was 20+ years ago). The helper suggested I come back in in a couple days after I used that money to "purchase my uni books" and come back when the balance was under ***$, Back then we only needed to show current balance. She was lovely and I was very grateful.

@AboutRetirementTV

2 жыл бұрын

Thank you for sharing, yes help like this can go a long way 😀

@johnnolang3734

2 ай бұрын

Lucky you. I went to Uni 50 years ago and there were no youth study allowances, hecs didn't exist and scholarships were few and far between. I was lucky to get a scholarship but that only paid tuition.

@COOLARUL

2 ай бұрын

@@johnnolang3734 Didn’t TEAS exist? I know it existed over 40 years ago. Were your parents too wealthy for you to qualify?

@johnnolang3734

2 ай бұрын

@@COOLARUL I went to University FIFTY years ago.

@COOLARUL

2 ай бұрын

@@johnnolang3734 Just checked, TEAS commenced in 1973 which was 51 years ago. It was means tested however, based on parents income (or your income if you were classed as independent). Therefore I gather you had finished your university education prior to 1973.

What an amazing video with great explanation. I would be retiring soon in a few years and was just wondering how it is that salary earners split their pay and plan for a brighter future by in vesting. I earn quite a good sum annually and have nothing to show for it.

@AboutRetirementTV

Жыл бұрын

Hello, I think the best idea first would be to organise a meeting to chat what the actual problem is with savings. There are so many strategies, that it is essential for you to find what fits best to your life and which one would bring the best outcome for you 😀

@COOLARUL

2 ай бұрын

As old fashioned as it is the best thing you can do is look at your bank and credit card accounts to find out where your money actually goes. You will be surprised at how much money can be saved . I had a friend who was in this situation and his credit card was maxed out and he never seemed to have any money even though he earn’t good income. Some things that can be cut out are subscriptions that are never or rarely used, parking and speeding fines, gambling losses (this was one of his issues), overbuying food which is then thrown away when it goes bad, overspend on clothes you don’t or rarely wear, reviewing your energy and insurance plans every year (many companies charge loyal customers a higher fee than new customers). There is so much money to be saved if you simply look through where you currently spend on things you don’t need or don’t use.

Katherine your videos are the best and most informative information relative to Australian citizens that I have found. You cover every possible angle and present the information in a very understandable way. I highly recommend viewers to take the time to watch and subscribe to your channel. Thank you for sharing your knowledge.

@AboutRetirementTV

2 жыл бұрын

Thank you so very much, I really appreciate your comment and I am so very glad people are watching and trying to use money better and smarter, especially during retirement 😀

@skatendestroy3524

2 жыл бұрын

For greedy money grabbing rich pigs who want it all

Again, thanks for all your efforts in making these great vids. All the very best.

@AboutRetirementTV

2 жыл бұрын

Thank you

many thanks im trying to get the funds out of my super fund tomorrow and then im going to call your office x julia

I have liked, subscribed, rang the bell icon and shared this excellent eye opening presentation to my Wife. Thank you so very much Katherine for this presentation. We may reach out to you sometime in the future. Much appreciated!!

Katherine, I have just discovered your channel. I am very impressed with your style. Very clear and straight forward advice. You don't pad out your videos, and you get straight to the information required. You also communicate in a very easy to understand way. Bravo! I have subscribed and have been binge watching your videos. As far as I am concerned your content is 10 out of 10! I am so surprised you only have 12.5K subscribers. Interesting how you have an eye catching title for a video like "9 ways to legally hide money from Centerlink Age pension" and bang, 192k views! Is there a lesson to be learnt in that title? :-) Keep up the good work!

@AboutRetirementTV

2 жыл бұрын

Thank you so much for your message, watching and subscribing. I love your comment about the title, great lesson, but not easy to implement across all videos, 😆

Thanks Katherine for your informative Program. Looks like my wife and I have to live with our Allocated Pension, and Modest, fully owned Investment Property, It's Shameful that after Contributing Paying Taxes all our working lives to our Country, we can't access any Pension Entitlements. If there was a way, I would love to know about it, I'm going to be 66.5 in Feb. next year, and my wife will reach retirement age when she is 67. Thanks again. Lou.

@AboutRetirementTV

2 жыл бұрын

Hi Lou, thank you for your message and for watching. I don't know how much above the limit you are, but if you would like to check with me if this is in any way passible "to make it happen" and receive a small part pension, or maybe to find in how many years that would be the case, email me your contact details and we can have a private chat. But as I say, it is always better to have more than not enough 😀 Katherine

@AboutRetirementTV

2 жыл бұрын

Hi Lou, how did I ever miss your message? sometimes KZread will not advise me of the new note. Lou, if you are still in the situation of not having access to Age Pension, please contact me and we can check if there is a way to make it happen, at least as a part Age Pension.

Family home improvement could be Solar and Storage generating power for self consumption reducing or eliminating power bills a household expense. Those on a partial asset tested aged pension may qualify for $1.50 for fortnight per $1,000 expensed what you save on power bills and an increase in pension translates into a tax free benefit which in my view is a better use of savings.

@AboutRetirementTV

2 жыл бұрын

Hi Anthony, this is a great idea, thank you for sharing.

Which of the 9 ways to "Hide Assets" from Centrelink you found the most effective?

@donkaster9738

2 жыл бұрын

Thank you, Katherine, for helpful advice! Аbout the mortgage - we have a filled up offset account, which we keep as emergency fund. We are 8 years from retirement age, my wife is already getting PSS pension of $35000 a year , and I am still working. When do we have to close the offset account, so it is not counted by asset test, if I'm going to apply for the age pension in 8 years? And would I qualify for the full pension, if by then my wife's PSS will be around $43000 and all our assets around $600000? (and income from those assets will be around $15000)

@AboutRetirementTV

2 жыл бұрын

@@donkaster9738 Hi Don, thank you for watching and your question. With the mortgage against your home, you are not penalised per say, it's only that the loan does not reduce the value of your home under Assets Test, because it is not included in Assets Test. But I think it is beneficial to remove loan before you actually retire, so not necessarily before you apply for Age Pension, but just not to have any liabilities. You can close that loan anytime you feel you don't need it. the second question about your Age Pension is harder, because I do not know what rules we will have in 8 years, lots can change and government keeps changing those all the time, but if you were to retire today with those assets you would have approx. $260.00 per person per fortnight of Age Pension. So yes, still eligible, but again, rules can change. I hope this helps

@donkaster9738

2 жыл бұрын

@@AboutRetirementTV Thanks, Katherine! If I understood you correctly, any money in offset account is not included in Assets test?

@AboutRetirementTV

2 жыл бұрын

@@donkaster9738 NO, I am sorry if I am not clear enough. Centrelink does not care for your mortgage, and will not reduce your assets, just because you have a mortgage, but most certainly they will count your money in the offset account as your asset under both Income and Assets Test. Unfortunately this is not the acceptable way to "hide assets"

@donkaster9738

2 жыл бұрын

@@AboutRetirementTV Thanks, Katherine! Now it's all clear!

I was informed to speak with my GESB Super fincianal advisor. Prior to seeing Centrelink.

in NZ all get same pension then tax etc for extra incomes dealt with. Here in Oz . Pensioners treated as crooks to get any pension. Plus put 100 in a room all have different balance sheets. Divide and conquer. No one can compare it all.

@ykook7000

2 ай бұрын

Yeah well NZ keep going to Oz in droves trying to get social security...that loophole needs to be stopped too....not up to Aust tax payers to pay for 2 countries

@allananderson949

2 ай бұрын

​@@ykook7000what social security are they leaving in droves to get?

Buy physical gold and silver. Silver can be sold in small amounts

@Fanta....

2 жыл бұрын

Listen to Leslie, he is funny and tells it real. silver and gold are your friend. they sit silently in the background ready to be spent when needed. they are the ultimate retirement plan. the sooner you get in on it, the better off you'll be. buy a couple ounces a week and you'll be laughing.

@cbisme6414

2 жыл бұрын

@@Fanta.... when you buy precious gems and metals your details are recorded, the government knows exactly how much you've purchased!

@flormarinabecerraramirez8960

5 ай бұрын

Where and how can I sold silver

@PennyEv4

3 ай бұрын

I bought gold with my inheritance. I had already declared the money and it didnt affect my pension. Since then It has gone up by $1000 an ounce. Im assuming I would have to declare any profit if I sell it

@Raven_Poe

3 ай бұрын

My water will be worth more than your gold one day.

Thank you. That was enlightening.

Usefull information ...thanks a lot lovely lady xxxxxxxxxxxxxxxxxxxxxx

Thank you Katherine for your time and effort in doing the great videos

@AboutRetirementTV

2 жыл бұрын

Thank you David

Hi love you talks, so clear and informative, just a comment.....most of the little inserts are annoying, ...I have subscribed with many thanks....greg

@AboutRetirementTV

2 жыл бұрын

thanks Greg, funny how every person is different and enjoys different things and consumes information differently.

I was supposed to have an "interview" for an OFP (Old Fogies Payment) a while ago but I decided not to bother showing up. Mainly because when I went to their office to make the appointment I started talking about the ROBODEBT and when they'll pounce on me for forgetting to declare that empty soft drink bottle I took to TOMRA and got 10c for it. The thing behind the counter got a bit upset and semi-aggressive at me. I didn't want to say any more about it. Also, I'm not sure how they'd react to me suggesting that I should be allowed to lie like you can when applying for bankruptcy. The ATO doesn't like people lying either. But I know that AFSA think it's perfectly OK. Can't work it out...

Thank you for this information. I will pass this onto my parents and keep this in mind for when my time comes.

@AboutRetirementTV

2 жыл бұрын

Thank you Christina for watching and your comment. By the time you get to the retirement stage, rules might be completely changed.

@christinamitrovich7554

2 жыл бұрын

@@AboutRetirementTV hello and thank you for your response and yes you are right. However, the advice is worth hanging onto and some of it might be able to still be used even thirty years later.

@ykook7000

2 ай бұрын

​when your time comes there will hardly be a pension ..don't you see selfish entitled people now ruin it for the next generation ristinamitrovich7554

@ykook7000

2 ай бұрын

​​ Selfish entitled people now will ruin it for the next generations if you think there will be an age pension in 20 or 30 years you are sadly mistaken @@christinamitrovich7554

@michellewentworth9862

2 ай бұрын

Don't worry, by then the pension won't buy anything.

Thanks Katherine. I have a query about the gifting of $15,000 value of car to neice (at min mark or so). I thought Centrelink had limit of $10,000 per annum so this $15,000 in one asset would exceed that?

@AboutRetirementTV

3 жыл бұрын

Hi Neil, thank you for the question, technically if you give away a car of $15,000, Centrelink will reduce your assets by $10,000 in year 1 and continue calculating $5,000 as your asset for that year, and then reduce the value of your assets by a further $5,000 in the second year. But because it is within $35,000 limit allowable for the period of 5 years, it is not treated as deprivation of assets. I hope this makes more sense now. 😀 Katherine

The other problem with immigration and the age pension is a 40 year immigrant can immigrate to Australia and in 27 years can get the age pension, yet a natural Australian has paid taxes for 49 years (67-18).

very informative. Thanks. :)

@AboutRetirementTV

2 жыл бұрын

happy you found the video helpful and informative 😀

I'm so glad I've been sensible with my money over the years to NEVER need the government in my retirement! I'd hate to have to deal with centrelink.

@spinmyhead1667

2 жыл бұрын

MY mother is an old age pensioner.She was widowed after being a home maker to a large family most of her life and left very little by my father.She receives her money every fortnight without fail and without harassment,there is nothing to fear in dealing with Centrelink relating to old age pensions.

@alexlanning712

2 жыл бұрын

to your credit

@rogerramjet6429

2 жыл бұрын

@@spinmyhead1667 your mother is a rare case. Not the norm when dealing with Centrelink. Don't get confused thinking they're there to help. That's what many others thought, before they were lied to then forced to take the Indue card. Go do some research on that to see how Centrelink are happy to help.

@spinmyhead1667

2 жыл бұрын

@@rogerramjet6429 I can only relate my family’s experience.I’d be surprised if I my mother was treated favourably compared to others.

@alexlanning712

2 жыл бұрын

@@spinmyhead1667 I dont doubt you for one second where as in my case Centrelink benefits saved me from an avaricious family

Please give advice on finical arrangement before going to age care, eg. the family house

@AboutRetirementTV

2 жыл бұрын

another great subject - noted and thank you 😀

Australia has a very comprehensive financial support for pensioners, eg indexed pensions, aged care packages, carer support, various and significant concessions and for many a significant superannuation nest egg. It's a great that as a nation we have been able to achieve these levels of support to help those who need it. I do however worry about the pot being raided by those who probably don't really need it

@jonahtwhale1779

2 жыл бұрын

Define 'need?

@barrymcdonald9868

2 жыл бұрын

@@jonahtwhale1779 Need>Greed

@ljdperth4608

2 жыл бұрын

@@jonahtwhale1779 Define "don't need" first ... seriously ... the take, take, take mentality is a pestilence on our society.

@gazzaeabc3805

2 жыл бұрын

I'd be more worried about corporate taxation, corruption within bureacracies, waste and inefficiency, ineptitude and lack of accountability, let alone the corporate plundering of our energy and mineral assets. Fix them and there'd be plenty for everyone.

@wesleygordon1645

2 жыл бұрын

That includes the Government!

Such a clear and well done vid! Thanx

Hi Katherine, thank you so much. I am seperated from my husband and he lives in our joint name house. I don't earn income. Centrelink refuses to give me pension because I still have a joint house.

So nice of you to teach people how to raid the taxes of those still working and have to pay off homes, raise children , buy furniture and also cars to drive to work. So the oldies tryout all tricks to be very wealthy while others face a struggle every day. Yes we are on a pension and try to help our children and grandchildren . We already receive enough and see no reason for greed..

thanks, ive learnt alot in the last couple of days......just clarify this for me......we are assed by centrelink....for both the asset test, and the income test...(both) not one or the other

@AboutRetirementTV

2 жыл бұрын

Hi Peter, I am so glad to hear that my videos are helping you to understand the maze of Centrelink and Age Pension, And yes you are correct, Centrelink applies both tests, Income & Assets Test and whichever gives the lower entitlement outcome, this is what you are going to received. Sad, but true

@rogermouton2273

2 ай бұрын

Many people are assed by Centrelink.

@ykook7000

2 ай бұрын

OFC you are assessed by Centrelink for both Everything is means tested!!

What a champion! Top looking too AWESOME 👏🏻 🏆👏🏻👏🏻👏🏻

@AboutRetirementTV

Жыл бұрын

😅

Great video thanks

Why is everything to do with retirement like trying to complete a PhD with your hands tied behind your back and a knife at your throat? Some of us are hard workers, but not rocket scientists. Despite trying my hardest I simply do not understand 95% of the unnecessarily complex financial language used. I feel stupid, scared, inadequate and insulted all at once. Every time I read anything to do with retirement, or comments from other people I start crying. I don't know what anyone is talking about and I know I'm going to be diddled out of all the things everyone else seems to be getting, just because I am so out of my depth. It shouldn't be this hard. The rest of life hasn't been.

@AboutRetirementTV

2 жыл бұрын

I agree, it shouldn't, but rules have been created and changed over so many years, this is the reason for complexity

@VanLe-ex8hr

3 ай бұрын

Your English writting is excellent like a novelist. You're not in a group who can only understand 5% financial literacy. You just like to vent your anger at the government who has been rifted off for many many years by those who never want to pay or minimising tax whilst earning and yet want to collect unemployment benefits and pension. No goverment in any countries can last forever if giving out money without any reasonable restrictions. Read the Age every wednesday, the Q&A section, which will enhance your financial knowledge over the years. I'm from non-English speaking country, and you know how hard it is when reading financial literacy but I enjoy reading them without crying. Take it as a challenge.

@COOLARUL

2 ай бұрын

I felt that way until 2017, The trick is to get educated. Here are some ways . Most of the large super funds have regular seminars for their members where they explain how the system works. Book yourself in and go to them. Don’t wait until you are ready to retire, go early and ask questions. Don’t be frightened to look like you don’t know anything. Remember, there is no such thing as a dumb question. That’s how I learnt about the system. Also read books on the topic (but make sure the authors are qualified to give advice, and it is specific to your country). Your local public library may have some books published after 2017 which may help you. Take your time, reread them if you have to. Your library may also have finance magazines (eg money) which covers some of the topics. Services Australia (formally known as Centrelink) also provides free seminars during the day and the evening conducted by their “financial information services” officers. Book in and go to them. Replays of some of these free information seminars are also available on the services australia website. Just type in “services australia seminars”. Even if you feel overwhelmed just keep attending and keep asking questions. Bit by bit you pick things up, you learn and you become more confident. This. is how I learnt about the super system (and I don’t have a PhD and come from a working class background). Please do it well before you are ready to retire. Having the knowledge gives you peace of mind when the day comes that you have to leave work.

Retirement Made Simple 📖 Noel Whittaker Thank you for uploading this video ~ very informative 🇦🇺💰🙏🏼

@AboutRetirementTV

Жыл бұрын

Good to hear from you 😀

Renovations are definately the way to go. My wife and I are sinking a few hundred thousand into renovations including extensions, pool and a granny flat. This is helping us to keep our cash in the bank as low as possible with pension age coming up very soon.

Solid gold taps, rails etc in your private ensuite bathroom. Must be added to the valuation of the house but as a fixture should only be considered a part of the asset value of the house only IMO. ;-)

Hi Katherine, Do smaller gifts, say $200 or less, have to be declared? Is there some threshold below which Centrelink isn’t interested? Love your videos. Cheers Rob

@AboutRetirementTV

2 жыл бұрын

Hi Rob, no no, if everyone did that, Centrelink would be even more overwhelmed. It is to your advantage to let Centrelink know, so there is no threshold, but in most cases I would advise on declaring a more significant values that can actually increase your Age Pension payment.

You forgot No 10 - hide cash at home.

@downtoearth1950

3 ай бұрын

With the move to digital transactions it gets harder

@primafacie5029

3 ай бұрын

The govt and banks are working hard to remove cash

@AnneMelb2010

3 ай бұрын

@@primafacie5029 Correct and very slimy. Considering the amount of money the government wastes on stupid things they are thinking squeezing more out of the average person is the way to go. Despicable!

@illawarriorhill70

2 ай бұрын

Cashless society is coming

@johnfoster7626

2 ай бұрын

Hiding cash at home is not a good idea because any monies you get from wages or investments(or other income streams) will go straight into your bank account. Even if you hide money at home you still have to withdraw it from your bank account and sooner or later you will have to account for that money. Now, I'm no expert but my understanding is the ONLY way you can legally hide( shelter might be a better word to use) money from Centrelink is to put it into superannuation. Oh, yes, I forgot to mention to put some money into your property. Do a renovation or build a shed or invest in solar or some watertanks.

Wonderful information

Just make sure you declare it properly because going to jail for fraud really sucks..

Option 10: have a secret and very cleverly secured hidden stash.

@garyblack6994

2 жыл бұрын

Buy silver and gold coins and "sit" on them until money is needed then cash the bullion in.

@michaelcalder9089

3 ай бұрын

Yep that's what the Chinese and Indians do.

@BenState

2 ай бұрын

@@garyblack6994 traceable

@COOLARUL

2 ай бұрын

@@garyblack6994 And slowly let inflation eat away at your purchasing power. Gold and Silver have failed to keep up with inflation since 1980. I hope you have bullet proof security at your home.

Hiding your assets, in my humble opinion is tantamount to thievery, it also brings on harder laws pertaining to assets!

I wish to know more about my own pensioner's enthralment.

If you are retired(carer for hubby) and pay some money into your super, how does Centrelink look at that? Thank you

Help relatives buy a property so they can deduct the tax losses. Can be on title or a loan registered or a gift within the rules. Centrelink must consider the legal ownership.

@irened9961

2 жыл бұрын

Beware of the gifting rules

@AboutRetirementTV

2 жыл бұрын

Hi Bill, helping your friends with some cash is treated as a loan, not gifting, unless you consider "forgiving the loan" which then creates a problem. If you are listed on the title of your friends 'property as part owner, then Centrelink will count it as your asset.

@COOLARUL

2 ай бұрын

@@AboutRetirementTV Without paperwork, such as a loan agreement, how do you prove it is a loan and not a gift? I have seen enough conflict within families where parents consider money to help their children is a loan, but the children see it as a gift. Of course no paperwork is ever prepared or signed.

I spent $4000 on a solar PV system for my home 🏡 it reduced my annual power bill by $2000 and got a few extra dollars from Centrelink due to the deeming rules

@Fanta....

2 жыл бұрын

Winning!

@AboutRetirementTV

2 жыл бұрын

smart, reduced bill, help environment and more Age Pension - win/win/win

Just wondering, we have a disabled daughter which will need us to support her ongoing. It seems there are no concessions in the income and assets test to account for this, ie; we will need more assets and income to look after her, but then won’t have enough to look after us! What to do?

Hi Katherine, I’m just subscribed to your channel your video it very informative, thanks, I’m planning to apply some financial assistance to centrelink , just wanna ask if there is any problem or will affect if I have bank account that I’m only using to send money overseas? Should I totally close it first before I apply money assistance in centrelink? I’m hoping your response please 🙏 thank you!

I love this series of videos - Super / Retirement is way more confusing than it should be !! - I have a question ... I am currently on an Age Pension. If we "downsize" our home (as the Government encourages us to do), and we buy a home that costs less, a/. does the residual money count as an asset or effect the pension & b/. if it does would I be able to deposit the balance into my Super without it effecting Super.

@AboutRetirementTV

2 жыл бұрын

Hi Garry, glad you find my channel informative. To answer your questions: a) yes absolutely, the residual value is no longer part of your family home, therefore no longer exempt so assessed under Income and Assets tests accordingly. b) It is impossible to answer this question no knowing all the necessary details about you and your personal and financial situation. Watch more videos about "downsizer contributions" as well as rules to contribute to super. Even better, speak to a professional financial planner that can assist you to set it up in the most optimized way. You can always contact me for the full advice. All the best 😀

@rogerramjet6429

2 жыл бұрын

Garry the residual is still means tested. I know of a 76year old man that met his current wife in Thailand and brought her plus their 2 kids to Perth WA. He owned his house and was told he had to many assets for her to be paid a pension, and they weren't giving him anything either. He had retired then gone over seas to help in a number of disasters and then met his wife over there. They came to Australia and got married in Feb 2018. I was at the wedding helping out. Centrelink told him he had to sell his house, so he did, then bought a smaller house. Centrelink then still asset tested him on that house then the residual funds. They refused to give him or his wife anything, and his daughter that worked for immigration couldn't understand what was going on. Centrelink claimed to have lost all documentation supplied 6 times. Then they just kept demanding more information about stuff they already had. He, his wife and 2 daughters were not being paid anything from Centrelink, the last time I saw them in May 2019. Only thing he was getting funds from was his 30 years worth of super, which (and I see this as being illegal) he was asset tested on. He's a very good man that has done a life's good hard work, and all Centrelink wants to do is kick him till he can't fight anymore The way he's constantly been lied to, abused, then told to jump through hoops, shows Centrelink do not care, and will lie to avoid paying anything. I know he was forced to get some casual work, just to pull through. He was even told to prove both daughters were his, and show them he was married. He's to much of a kind man to consider making waves, so just put up with the abuse. Some of the documents, he was told to take to Centrelink, do not exist, at the ATO nor immigration, so someone has been lying about a lot of stuff.

@TherealQ2

2 жыл бұрын

@Michael Depending on your asset base after downsizing, the main benefit out of it is if after downsizing your asset value still allows you to get full pension. You could then supplement your pension payment with that additional cash from the sale of the property. Certainly not for everyone but there are some couples that might have an expensive home but no real cash assets to speak of so it could be of benefit to them. My opinion only but if you're poor you will get the pension, if you are rich you don't need it. It is those that are going to fall in the middle ground that need to sort out their finances to be able to get the pension.

@user-sp4gy7ko5l

2 ай бұрын

They just want the stamp duty.

Hi Katherine, are you saying if I contribute to my younger spouse's super from my savings the amount will still be counted in my asset tests? That sucks

@AboutRetirementTV

2 жыл бұрын

Hi, thanks for watching, no, no I said that you can "HIDE" your money in a super of a younger spouse. Until she / he is eligible for Age Pension, those assets are NOT counted under Income or Assets Test for your benefit of Age Pension. I hope it makes sense now

@guzzimk5lemans565

2 жыл бұрын

@@AboutRetirementTV Hi Katherine, thank you for your prompt response. It is your comments on shuffling between supers that confused me. I took it as I can only contribute towards my spouse's super from my super. So, I can transfer fund from our savings to my spouse's super and the amount transferred will not be counted towards my asset test, right? Keep up your good works. Thanks again

@AboutRetirementTV

2 жыл бұрын

@@guzzimk5lemans565 absolutely, smart strategy. all the best

Hi how are you? I have a question, do you know what a leech is? Thank you

I believe the asset test is not based on financial years but on the anniversary of the date of gifting. Also if gifting is a large amount e.g. $50k, then $10k is ignored and the remaining $40k is maintained an asset on your record for 5 years from the anniversary of the gifting. This would also be used in calculation for income under deeming provisions if income tested..

Politicians must be dealt the same way. How dare they receive over $200k for life

@BenState

2 ай бұрын

they don;t determine their pay

@COOLARUL

2 ай бұрын

The Federal pollies who entered parliament after 9 October 2004 do not get those generous defined benefits pensions. They are on a defined contributions super scheme, like the vast majority of us. I am happy to be corrected, but the only modern employees I know of who still have a defined benefits pension are Victorian firefighters. There may be others but no longer any politician who enters the parliament now.

@BenState

2 ай бұрын

@@COOLARUL Don't let their Boomer logic get ya mate. Pollies don't even dictate their pay.

@elvirafeher4254

2 ай бұрын

​@BenState course they do. They all vote on their increase. Not one of them has stood up saying no, we don't want an increase.

@BenState

2 ай бұрын

@@elvirafeher4254 its an independent Tribunal that decides muppet

Hi Katherine, I live in Sydney ... I will turn 62yo in October 2022 and plan to work full time until 2027. My wife does not work and our cash savings and shares are under her name. I have a 18yo daughter who goes to uni next year and a 14yo daughter who is still in high school. Are the following things considered gifting by Centrelink: 1. Paying for my 18yo's cost of living (accommodation and public transportation) should she decide to go to uni in Canberra. 2. Paying for my 14yo's figure skating related cost (coach, training, equipment and competition). She has been doing figure skating for the last 4 years and will continue to do so for 1-2 more years.

@AboutRetirementTV

Жыл бұрын

Hi Herman, For as long as kids are financially dependent, this is part of your livings expenses and as a parent it is your responsibility to provide this support to your kids, so no Centrelink will not count this as gifting. Once kids are no longer financially dependent on you, then it will change

Hi Katherine, Could you make a video to talk about New Zealand retirees (in terms of Superannuation and Pention) live in Australia? As NZer super doesn't assess any assets. Thank you.

@AboutRetirementTV

Жыл бұрын

Hello Rae, there are many NZ living in Australia and I have been thinking about creating some videos specifically for New Zealanders, but nobody asked before, so thank you for your request. I will not start preparing some information specifically for NZ living and retiring in Australia.

Can i transfer an asset into a family trust to hide from centrelink?

Hi Katherine, if I'm 2 yrs away from my age pension age, want to retire now for persnl reason, access my super to pay the remaining mortgage. Would I still qualify for part age pension in 2 yrs time? Thanks in advance.

@AboutRetirementTV

3 жыл бұрын

Hi Paul, thank you for watching, and this is a very good question. As long as you qualify under Income and Assets Test, yes you will qualify. If you haven't yet, watch my other videos: Age Pension - Are you eligible? and Age Pension Asset Test - the truth revealed. Those two video will help you determine if you are going to be eligible or not. I hope this helps, but if still unsure, just reply here. All the best, Katherine

Just wondering...are you a licensed advisor? Because the rules around advice include KZreadrs. Particularly in Australia. The fines are enormous. It was on the news.

@clareloney

2 жыл бұрын

What is your AFSL number please?

@clareloney

2 жыл бұрын

I found it thankyou on website.

@AboutRetirementTV

2 жыл бұрын

@@clareloney Thank you for you comment Clare and it is good that you stay aware. Yes, in my video, I do introduce myself as a Certified Financial Planner, hence I have to be licenced to be CFP. Also in the video there is a full disclosure when the music is running, with full license information and well as general advice disclosure. Thank you for that question

@thecelt4807

2 жыл бұрын

f#ck the systems rules be free those making rules do so to benefit the top not you and i ...to win you must play by your own rules like they do at the top ...but hey if you want to do as your told thats your freewill choice to do so good luck

When it comes to gifting does it just apply to one five-year [$30,000] period or multiple five-year periods?

@AboutRetirementTV

Жыл бұрын

this is the total allowable limit with no negative impact on your Age Pension, and it does not matter if it has been gifted in one lot or many.

Great video, but it seems i'm already doing everything I can. Cheers

@AboutRetirementTV

2 жыл бұрын

That's great Darryl 😀

I would like to consider the option of not having anything to do with centre Link. Would be interested in options of emigrating to somewhere outside of Australia to avoid possible death duties and living expenses of Australia. Have a foreign wife, perhaps retreat to her country. Now this is Thinking Outside the square.

@ljdperth4608

2 жыл бұрын

" "I would like to consider the option of not having anything to do with centre Link." - Then don't have anything to do with them - support yourself. Simple.

@thecelt4807

2 жыл бұрын

i relate to that mate ...been here 42 years and honestly the place is over rated ...good luck to you sir

@thecelt4807

2 жыл бұрын

@@ljdperth4608 you work your whole life pay tax and then dont want to access your cut ? your right fought for by and contributed to by sacrifice of anzacs as part of that right ...no get what is yours and have very little to do with centrelink ..there are ways but aussies are way too compliant

@ljdperth4608

2 жыл бұрын

@@thecelt4807 What a load of tripe. Invoking the spirit of the ANZACS to justify you pilfering from the pool of funds set aside for those of limited means. Frankly, I reckon an ANZAC would have been absolutely disgusted with those values .... actually!!

@ljdperth4608

2 жыл бұрын

Are you still in Australia?

Maybe now we have a New Government in power. It’s been my experience that our New Government, has always helped Age Pensioners and we have been able too live a better life. At 71, I am classed as a Baby Boomer the previous government were under the impression that all Aged Pensioners have Super but this is a myth especially for women and the Age Pension is our only income. I started work at 15 and we were told that the taxes we paid, a portion of it would go towards our Age Pension. Back then not many people went to Uni and great percentage of people then worked in factories and shops for the minimum wage. There was no such thing as the Dole so you had to find work too live. Yes it was hard work but I think it has served we Baby Boomer’s well as we now appreciate what we have.🎼❤️🇦🇺

@robinstewart4967

Жыл бұрын

I hope this Labour Govt doesn’t do what the Labour Govt under Keven Rudd did and that was to raise the pension age to 67, having started work at 15 also I felt betrayed by Labour when now I have another 2 years of work before I can retire. Thank You Labour.

@AboutRetirementTV

Жыл бұрын

This is lovely to hear Donelle, you are such a modest person with obvious appreciation for life and what you have. Most people concentrate on what they don't have, so this is a very positive outlook on life that you have. All the best to you and take care 😊

@AboutRetirementTV

Жыл бұрын

@@robinstewart4967 age extension would happen regardless of the party in power. There are just too many retirees and people live longer and longer.

@donellefeltham

Жыл бұрын

@@AboutRetirementTV Your absolutely right, people are living longer, my Sister is a School Teacher, who is retiring this year, She and her husband will be entitled to the Pension. However she is still going to work 1-2 days a week. She doesn’t feel ready to fully retire just yet, so I think, yes people are living longer but I also think they want to as she has to cut down her hours but not retire completely while they still want to work.

@kezzatries

3 ай бұрын

Yes agreed, I can remember the pay slip that you got with the cash wage, that payslip actually detailed how much was removed for your retirement installment.

Can excess money go into the offset part of your mortgage? Will that hide it

I LOVE HER HAIR.

@AboutRetirementTV

2 жыл бұрын

I wish it stayed that way, thank you Rhonda 😀

I am a man of 81 years and living on the aged pension very comfortable, why would any one want to hide your money unless you are greedy like this woman , this country is very generous to age pensioners.

@ykook7000

2 ай бұрын

Exactly right not to mention stuffing it up for any future generations who won't get any pension due to the greediness of the ones rorting the system now ...beggars belief

@ruthnightingale3231

2 ай бұрын

I agree

@bumscorchos1070

2 ай бұрын

Agreed!.. Pensioners should consider themselves lucky they get anything!

@kathrynletchford5114

2 ай бұрын

This woman is not greedy. She is giving helpful advice to hard working tax payers, for NOTHING. She would be greedy if she was asking for money from everyone.

@dianneblazley1166

2 ай бұрын

And all her advice information is in plain sight on the Centrelink website. She is just clarifying it all and doing a great job.😮

Hi Katherine, my father is receiving age pension. He doesn't have any investments, properties or any other income. How much money can he save in the bank before it affects his pension payments? Thanks Dilma

@AboutRetirementTV

2 жыл бұрын

Hi Dilma, thanks for your question, if your dad is single homeowner, with no other income then he is asset tested, meaning he can have up to $270,500 before Age Pension starts reducing. Just watch my video: Age Pension Asset Test for better clarification kzread.info/dash/bejne/h4inm9ewc8Szdqg.html

@dilmaorellana6944

2 жыл бұрын

Thanks Katherine, I'm not very good with understanding this topic and I am a bit confused. My Dad is not a home owner, but few people have told him he can only have $5000 in the bank as per the centrelink page? I'm so confused. Can you clarify please. Thanks

@AboutRetirementTV

2 жыл бұрын

@@dilmaorellana6944 I have no idea what those people are talking about. Rules are very clear, please don't listen to what people say, there is lots of confusion, but often that's people who have no knowledge that speak the most. As a non-homeowner, your dad could actually have up to $487,000 based on assets test, but if he had that much, Age Pension would be slightly reduced under Income test. If you are unsure, just contact me directly on 1300 274 731, so we can chat privately. If I don't answer, it means I have an appointment, so just leave a message and I will return your call. All the best Dilma

@dilmaorellana6944

2 жыл бұрын

Thank you so much, I will be in touch 😊

How does receiving an inheritance affect seniors dsp?

@AboutRetirementTV

2 жыл бұрын

Hi Michelle, it effects in the same way as Age Pension, but this is a great suggestion for a new video, which I have been planning to prepare for some time. So please just be patient and I will get to this subject very soon 😀

My elderly disabled mother had her pension cut 9 years ago because she was 20k over threshold and too grieved to understand. She is also not eligible for disability because she is older than 65!

Hi Katherine. Thanks for your information. Say you have too many properties and cash. So if you give away all of them to your children except one property for residency purpose and simply wait for 5 years, then you are entitled to receive full payment? And if you have too much savings in your bank account, say $1m, why don’t you just withdraw all of them and simply keep it in a safe at home?

@AboutRetirementTV

2 жыл бұрын

HI Jae, thank you for watching and your question. To answer your first question, yes if one gives away assets of any value, after 5 years all those assets will not be counted under Income and Assets Test for Age Pension purposes. The 5 year period has been chosen to discourage people to give assets away, as it is very difficult for any retiree to survive with no income from assets given away. Not to mention that one is giving up all legal rights to such properties. Also I would not recommend keeping 1M under the pillow at home. Not only it can be easily stolen, there is no income earned, so a huge waste of money and on the top or it is still the person's responsibility to disclose such assets.

@jaechun7074

2 жыл бұрын

Thanks for your reply. Much appreciated

@Fanta....

2 жыл бұрын

If you are quiet about it, and have a second safe as a diversion to keep your big stack safe (maybe have the decoy safe above ground and use a floor safe for the large amount) then I can't see why not. The key is to have something for the thieves to take in a robbery, but you absolutely must stay quiet and tell nobody. Also consider buying gold and silver, as generally they will go up over time and should hold their value. you may even be able to trade directly with it.

@thebob3712

2 жыл бұрын

@@Fanta.... Or maybe just live off your own $1m instead of trying to get a few $s from the government. Sickens me that people who can afford to live off of their own savings try and leach from the gov, think they are entitled to something, the "I paid taxes all my life" doesn't cut it and you sound like a slimy c..t decoy safe, haha

@soup-nazi6824

Жыл бұрын

Why would you keep 1 million dollars under a pillow when you could put it in a bank in a tax exempt place like the Caribbean 😅

Hi Katherine, love the video. Can I clarify with you how a gift of $30k to my daughter would be treated by Centrelink? Have not previously gifted any other funds. Thank you.

@josephj6521

2 жыл бұрын

Good question. 👍

@barrymcdonald9868

2 жыл бұрын

double check this ... can only gift $10k per annum, anything above that will remain to be considered an asset for the pensioner, even if they no longer hold the funds

@mickryan2450

2 жыл бұрын

Do it in cash over a period of time

@AboutRetirementTV

2 жыл бұрын

Hi Ian, the full video to answer you question is coming out on 16 June 2022. Please watch and it will make the issue so much more clear.

@mickryan2450

2 жыл бұрын

What i used to do is take out 800 here and there and hide it then silver then well u work it out

Oh my, this is my worries... I have too much savings. I may have to deposit my money into Don King's account for safe keeping.

We should follow the UK pension system. If you work and pay your taxes you’re entitled to your pension regardless of your assets when you retire. It’s a simple, fairer system. It would save the Australian Government tens of millions in administrative fees.

@COOLARUL

2 ай бұрын

We do now, it is called Supeannuation.

@alanphillips9124

2 ай бұрын

I agree that Superannuation is an excellent system. My point was that the Aussie state pension system is overly complicated by layers of new rules and costs a small fortune to administer.

if its legal, why hide it?

@AboutRetirementTV

2 жыл бұрын

just a "play of words"

Would love for you to clarify. From what I understand. If I receive a life annuity from oversees, as long as it’s life, it won’t affect my age pension. However, if once I start taking my super, it will? Seems like the government wants people to spend, whereas years ago it encouraged them to save. Seems counter intuitive if not for their agenda.

@johnwelch461

3 жыл бұрын

Thankyou,can't wait bye.

@AboutRetirementTV

2 жыл бұрын

Hi Dossie, apologies, but somehow I missed your comment. I cannot speak for your overseas annuity and its treatment by Centrelink, not knowing what exactly it is, Super however has very clear rules and it is counted regardless if you take it as an income-stream or not once you reach your Age Pension age. The ideal of drawing income from your own money when your reach your Age Pension age is that you provide yourself with an income support from your own savings, regardless of the amount of Age Pension support.

All the pension related rules are available in free government publications in many languages…do your research.

Just remember.. Spending $5 of your own money to get $1 from the government is silly in my view.

Leave the age pension for those who don't have money...why do you think taxes are so high. Leave the larger homes for families to buy instead of cramming into small over priced units bc there's a housing shortage. Yes we all "pay into the system" but there is no pension fund for the future beside superannuation, it's spent & we are in debt. We have more people than ever that are claiming benefits that weren't born here or haven't lived here all or most of their lives doing this very thing.. driving up inflation, raising taxes & creating shortages in all area's while the people who need these services suffer the most. Did you know it cost over $500,000 to pay for a room in a nursing home ! Most have to rent it... if they are lucky enough to get one.

Hello Katherine, could U please advise me if there is any way to get away or simplyfy filing out Age pension application form ? Thanx in advance.

@AboutRetirementTV

3 жыл бұрын

Hi Dipak, unfortunately there is no shortcut or easier way than the actual full application for Age Pension. There are couple of companies that can assist in the process, so they will complete the application based on info provided by you, submit to Centrelink, but you still have to gather all details, all evidence. So the short answer is, no I don't believe there is any way to make it easier than what it is now. Sadly it is hard work that application, I know.

@dipakdesai3173

3 жыл бұрын

Thank you kindly Katherine !

@philgray1023

2 жыл бұрын

It will only take 15 minutes. Except that it will be 15 minutes that takes a whole day and a half.

I think only people who really need help should access centrelink and not the greedy ones

The lengths some will go to to get a free buck amazes me. A recent case is a 66yo man with a terminally ill wife lived in a $2million house, owned a $1.5million investment property and had some super, about $400thousand. He decided he deserved an age pension so sold both properties and bought a new one for $3.2million and paid ~$300thousand CGT. Bingo - he was eligible for the pension. But he's struggling to pay the rates and taxes on the new place and his wife has since died so he only gets the single pension. I advised him to stay in the house, sell the other property, pay the CGT, put $300,000 into his super and invest the remaining ~$900,000 at 5% and forget about the pension as he would be far better off - he could spend the $45,000 (no income tax split two ways) and spend the capital at will. Then there was $700,000 super providing a private pension. This man couldn't see any benefit here as he "wouldn't have a pension", but would have ~$100,000 income stream tax free. Maybe it's me that's stupid?

@Fanta....

2 жыл бұрын

Some people are just greedy disgusting human beings. Perhaps he has a terminally ill wife because karma is a bitch.

@einfelder8262

2 жыл бұрын

@Michael He's not in a nice position - can't afford the rates on his new house. But yes, his beneficiaries will enjoy receiving whatever the house fetches when the prices have fallen........ rather than the capital stable investment he could have made instead.

@lyndarowe3441

Жыл бұрын

Too funny for words Lol🤗

I am on age pension have allways worked generally factory work i own everything etc. I am of the opinion that a person who has paid his taxes no matter if he earned 50k or 500k a year. The ones i object to is the ones who have been on benefits most of their life , druggies, dole bludgers they are out there. Thry are treated like gods by centrelink.

@BaxterThewall

3 ай бұрын

Disability bludgers... protected species.

@COOLARUL

2 ай бұрын

The Parliament has never agreed with you. Prior to 1909 there was no aged pension in Australia, yet people payed taxes (mainly to the states). If you were old, could not work and had no family support, you starved to death. This is why the Aged pension was introduced in 1909, as a means tested welfare payment. It always has been a welfare payment designed to help our poor elderly. Are you are happy for Kerry and James Packer and Rupert Murdoch and the Pratt family and Gina Reinhart and Andrew Forest, all who are (or were) Billionaires to receive this aged pension welfare payment from your taxes?

Why do I lose pension funds as my partner who works. We are in a defector relationship Centrelink are contacted fortnightly with her income why should I have monies taken when I have paid my way all my life.When I informed Centrelink of our relationship they deducted a further $200 a fortnight from my single pension . If I was to work part time / casual they would hit me up again?

@brendanlinnane5610

2 жыл бұрын

All Centrelink payments are based on the combined income and assets of a couple. It has always been this way.

@COOLARUL

2 ай бұрын

Defacto relationship is treated the same as married couple under Social Security legislation. Centrelink is only following the law treating you the same as a married couple.

if you retired with over 3 million in assets outside your home would you bother trying to get the pension and miss out on tax free earnings in super?

@COOLARUL

2 ай бұрын

Imagine that giving up $95,000 in super pension, to receive $29,000 in aged pension. Maths is clearly not a strong point of some of the people here.

Why not be a lifter and fund your own retirement.

@sharonmercer3549

2 жыл бұрын

I am a lifter funding my own, however what incentive is there to be a lifter, self funded retiree.

@robynjones6831

2 жыл бұрын

That would be great….. can I have all the exorbitant tax I’ve paid for 40 years back?

@triarb5790

2 жыл бұрын

I have paid tax all my working life i HAVE been a lifter. Time to be a receiver.

@COOLARUL

2 ай бұрын

@@sharonmercer3549 Getting $95,000 in a super pension rather than $29,000 in aged pension sounds like good incentive to me. I know which one I would rather get.

Take a trip to the casino with your relative. . You buy $x in chips, your relative buys $y in chips. Hand your chips to your relative. Bearer Cashes them in. Odd how you are such a problem gambler and your relative is such a successful gambler!

@AboutRetirementTV

Жыл бұрын

maybe not 😆

After age 60, you can withdraw the entire amount in your super in cash, providing you tell them you are not working. It may be difficult to hide a super balance from centrelink, but very simple to hide or claim cash was spent.

As long you know how to budget, I think you will be ok living on the pension if you don't have a mortgage or not paying rent.

In a 75 year old Australian born person who has worked since I was 14. I have a nice property and I have tried to get the aged pension but I fail every time because they tell me I can make money from my property. Did I mention I am 75! My property is a now designated koala corridor, so no, I can’t make money off the property. I still work or I would starve and I still pay taxes So actually the last thing I need at the moment is a foreigner telling me how to rip off the Australian government.

@COOLARUL

2 ай бұрын

Have you considered selling your property, moving to a smaller property and investing the difference? Alternatively , with so many koala’s are you allowed to start an eco tourist business?

@Bynggo

2 ай бұрын

@@COOLARUL I have considered, but I am familiar with the location and haven’t moved in over thirty years. The thought of going through that ‘trauma’ again is more than I ever want to do again. Plus I need a reasonable amount of land for my horses. Plus, plus, plus, the powers that be would then say I had too much money to get any government handouts. I think I’ll just live with the status quo…. Me working and then hearing foreigners telling people how to rip off Australian taxpayers. Remember it’s the taxpayers who give the government money. The government actually doesn’t work or toil.

@COOLARUL

2 ай бұрын

@@Bynggo So you do have an alternative, you just choose a lifestyle? It is OK to choose that, but you should not then blame the Government for your choice, your decision. At least you can make that decision here, In some foreign countries your land would be taken from you with little or no compensation.

@Bynggo

2 ай бұрын

@@COOLARUL maybe so, but I don’t live in another country. The point I missed is my neighbours who are similar circumstances, and on properties the same size, are on the pension. I actually like to work so I am not only forced into that choice, I also prefer to do that rather than have the authorities peeking over my fence. It’s difficult to write my situation here and have the clarity of verbal interaction. My major point in all this was, I am offended by this woman explaining how to rip off Australian taxpayers.