Centrelink & Social Security
Assessing your eligibility for the Age Pension and other Centrelink benefits can be a daunting and complicated task when there are many variables to consider, including how Centrelink assess your income and assets. Centrelink assess your income and assets under two separate Means Tests, but applies the Test which produces the lower entitlement.
Small changes to how you structure your income and assets can make a significant difference to your Centrelink entitlements and every dollar you receive from Centrelink is a dollar you don’t need from your hard earned savings.
A Luka Group Financial Adviser can help determine if you are eligible for Centrelink entitlements and advise you on ways you may be able to increase your entitlement.
Aged Care costs can be very high and could increase as our population ages.
The accommodation bond alone averages just over $230,000 nationally. On top of this there are other charges such as the basic daily care fee and daily income tested fee that can add up to a substantial sum of money.
Aged Care is a complex area that requires a solid understanding of how the rules interact with the broader tax and social security system. To add to the complexity the government has passed new legislation which will change the Aged Care frame work.
A Luka Group Financial Adviser can assist you to:
- Minimise costs,
- Maximise social security benefits,
- Choose suitable investments, and
- Plan for this distribution of your estate.
Contact a Luka Group Financial Adviser today to discuss Centrelink and Aged Care.