9 ways to legally hide money from Centrelink Age Pension

[@MrMgblue22]

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]

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.

[@irenecakouros7640]

Tha age pension in Australia is a supplement, you are not entitled to it over a certain amount of assets.

[@DonFury-pi3dy]

@@irenecakouros7640 correct

[@spikey8085]

Politicians get big fat pensions for running Australia and Australians

[@AussiePom]

@@spikey8085 No they don't and the pension for life perk ended years ago. They have superannuation the same as the rest of us. I have a relative who works in government and they told me that politicians in Australia whether they be state or federal don't get a pension for life anymore like they used too. Many people still like to think they do but they don't.

[@victorsvoice7978]

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]

How did we let them get away with this highway robbery

[@petehoney1]

there pension difference should be taxed 👍

[@User0resU-1]

🤣🤣🤣🤣🤣🤣

[@BaxterThewall]

Politicians' pension scheme is obscenely generous.

[@jimmyriddle5246]

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

[@MichaelDrury-d9w]

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]

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

[@elementbeneteau1735]

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]

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.

[@taniavallorani9336]

🤣🤣🤣

[@taniavallorani9336]

@@elementbeneteau1735😂😂😂😂

[@kaypendergast5676]

Love your style. Love the fact you dont waste my time and just get to the point. Excellent video.❤

[@pixie3760]

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]

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]

@@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]

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.-]

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]

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

[@AussiePom]

An workmate of mine retired at 65 and because he owns two houses he gets $40 a fortnight in a state pension. But one of his kids lives in the other house he owns and that kid is buying that house off him interest free at $1200 a week. They tried going through a bank and it was a legal minefield, so they do it this way and shut the banks out. The kids pays him in cash so that's another good reason to keep cash because the transactions can't be traced. They've been doing it this way for over ten years. My dad bought my house as an investment and I bought it of him the same way because it gave him an increase in his retirement income and I paid him in cash and according to our solicitor is was all legal.

[@ezekielchariot]

Well, once a digital national dollar takes over from cash, such freedoms will be history as the govt will know how you got your dollars, who you paid and can also put a block on your transacting if you dont conform.

[@bobwilson4195]

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

[@mylesdickenson9060]

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]

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

[@jimclarke1108]

@@brianohehir9515 Exactly

[@ianking-jv4hg]

​@@brianohehir9515 invested in Ukraine?

[@absinth64]

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

[@joumanakaram8075]

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

[@camwells9726]

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

[@davetooes6179]

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]

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]

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]

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

[@agnescruz12]

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]

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]

sweden is

[@kerilockwood7819]

You assume that all people are born equal. This is not reality. The aged pension should not be means, asset or number of years worked tested.

[@kuldipsingh3959]

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!

[@marthanewsome6375]

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]

Stop whinging Work hard and invest in super

[@chrisknight8164]

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

[@88travels]

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

[@chrisstewart8259]

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]

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

[@johnnybgood3909]

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.

[@einfelder8262]

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]

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

[@ykook7000]

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]

Would rather starve than deal with Centerlink

[@michellewentworth9862]

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

[@COOLARUL]

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]

💯💯

[@Phantoma3]

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

[@COOLARUL]

@@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.

[@celerinanicholls9656]

​@@Phantoma3good plan if your young and healthy...most people on age pension has long list of health issues...lifetime maintenance of medications...Australia has the best health care system...better than most country...

[@kittykatt9163]

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]

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

[@johnnolang3734]

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]

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

[@johnnolang3734]

@@COOLARUL I went to University FIFTY years ago.

[@COOLARUL]

@@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.

[@Ride_on54]

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

[@garrypearson2731]

Grifters

[@stormstation8818]

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]

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]

For greedy money grabbing rich pigs who want it all

[@lous7382]

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]

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]

Hi Lou, how did I ever miss your message? sometimes KZbin 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.

[@blancamata5048]

How much mony can people have in the bank if they dont have a hause. When they are goint to retired.

[@shauncooper9942]

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!!

[@juliagregory5696]

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

[@anthonynixon6193]

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]

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

[@grantharding8868]

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

[@Fanta....]

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]

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

[@flormarinabecerraramirez8960]

Where and how can I sold silver

[@PennyEv4]

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]

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

[@TechnoCaveman1]

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]

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, 😆

[@michaelfisher9671]

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

[@johnfoster7626]

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

[@waffle_chair9269]

😂😂😂😂

[@Ninsidhe]

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

[@johnfoster7626]

@@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]

@@Ninsidhe Not in my superfund

[@ozcinemarob]

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.

[@rogerdodger8813]

Don’t they look back 5 years and see what you originally had??

[@COOLARUL]

@@ozcinemarob Only works for your main residence, and it’s a bit hard to sell that 4th bedroom or 3rd bathroom to pay for the groceries.

[@nickmoore6727]

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]

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]

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

[@yarpos]

@@ykook7000 I dont think you really thought that through or understand what happens here when you receive and overseas pension.

[@triarb5790]

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]

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

[@VanLe-ex8hr]

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]

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.

[@barrymcdonald9868]

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]

Define 'need?

[@barrymcdonald9868]

@@jonahtwhale1779 Need>Greed

[@ljdperth4608]

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

[@gazzaeabc3805]

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]

That includes the Government!

[@alfiewashere.695]

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]

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]

to your credit

[@rogerramjet6429]

@@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]

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

[@alexlanning712]

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

[@MataH1]

Very useful video, thanks. Except the music at the end is covering your voice without bringing anything useful. I have a couple of questions. 1) Can you have access to the details of what has been counted as your income/assets. i.e, if it sounds incorrect, how can you verify it? 2) If you ask for a revision of your age pension, how far back is your income/asset going to be calculated? Thanks! 😊🙏

[@danielphilips2226]

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

[@AboutRetirementTV]

Thank you

[@gregshepherd489]

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]

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

[@SuperTambo69]

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).

[@COOLARUL]

@@SuperTambo69. It’s a little more complex than that. For starters that person that migrated at 40, would be required to apply for any overseas pension and if they receive one it may reduce their Australian age pension. Second both the Australian born and the Migrant may not qualify for the age pension because they would have assets in Superannuation (compulsory since 1992), which may reduce or eliminate the age pension welfare payment. This is exactly what Super is meant to do, give you a better retirement and reduce the taxpayers age pension welfare bill.

[@janettedavis6627]

In Sweden everyone gets the aged pension . No asset tests. Nursing homes no huge deposits needed.

[@Zar2244]

Are the poor and unhealthy who cannot work looked after?

[@fixeywong2516]

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

[@AboutRetirementTV]

another great subject - noted and thank you 😀

[@michaellincoln3739]

You forgot No 10 - hide cash at home.

[@downtoearth1950]

With the move to digital transactions it gets harder

[@primafacie5029]

The govt and banks are working hard to remove cash

[@AnneMelb2010]

@@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]

Cashless society is coming

[@johnfoster7626]

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.

[@swolath]

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]

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.

[@clareloney]

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

[@clareloney]

What is your AFSL number please?

[@clareloney]

I found it thankyou on website.

[@AboutRetirementTV]

@@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]

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

[@desertdaisymarie6951]

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

[@eeiko321]

Very useful. Will this also apply for Centrelink unemployment benefit payments? Also gifting can be anyone in the family?

[@AboutRetirementTV]

NO, unfortunately Job Seeker has a completely different set of rules

[@eeiko321]

@@AboutRetirementTV I see, so thats not a field in which you specialise or offer guidance with?

[@jameswatson5261]

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]

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]

I agree

[@bumscorchos1070]

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

[@kathrynletchford5114]

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]

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

[@christinamitrovich7554]

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

[@AboutRetirementTV]

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

[@christinamitrovich7554]

@@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]

​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]

​​ 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]

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

[@christineturner1457]

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..

[@garrypearson2731]

There is another strategy that might be of interest to some. The Granny-flatting provision in the Centrelink legislation. My daughter lives with me so I can give her my house (it will only exceed the $ limit slightly so will not affect the gifting rules), then as non-home owner I can increase my asset limit. This also removes the asset from a potential contesting of my will in future.

[@AboutRetirementTV]

Hi Garry, thank you for the information. Yes it would be the way to go for some, but it depends on family dynamics, relationship and many other financial factors. So just like any other strategy, might work for some but not for others.

[@marktierney2986]

Katherine I am a disability pensioner now since turning 65. Prior to 65 I was insured with income protection. I am now 66. Centre link has my assets for my pension. But most if not all of my money is in Super and so is my wife’s money. We each have about 1mill inSuper. Can I withdraw $750,000 from my Super and deposit in to her Super account. Both of us are with the same super fund. Or would this cause a deeming problem. Thank you.

[@AboutRetirementTV]

Hi Mark, plesae contact my office for the advice on this issue. No, you cannot contribute that much to you super, as it would breach the contributions limits. You really need to plan this correctly if you wish to keep any government benefits

[@COOLARUL]

This is not an easy question to answer, simply because you are limited in the amount of money you can put back into your spouse’s super fund. You really need to speak to a superannuation expert.

[@anthonynixon6193]

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

[@AboutRetirementTV]

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.

[@petercollins3137]

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]

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]

Many people are assed by Centrelink.

[@ykook7000]

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

[@bretthorwood9396]

Upsizing your home has got associated problems where generally your rates on the house will be higher because rates are based on the homes block size and value .its better to renovate your existing home so it will last well into retirement so your costs of maintence are not going to come up for years when your on.a lower income ,this dlso gives you a time to save up slowly so you have a cash buffer if you need further repairs at a higher cost due to inflation later on

[@davidchiang1092]

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

[@AboutRetirementTV]

Thank you David

[@duraelene]

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]

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.

[@alexlanning712]

if its legal, why hide it?

[@AboutRetirementTV]

just a "play of words"

[@Wog68]

Considering the current prices of real estate and big ticket items such as cars, caravans and boats, i don’t think it would help to get life pension if you have over $750K in assets nor can you survive retirement on life pension if you have not accumulated enough assets, which is the case with most Australians.

[@AboutRetirementTV]

I have many clients who live very comfortably in retirement with lower assets that $750K. It is a matter of setting up assets correctly in the first place to secure the income required but with certainty and predictability, then you don't have a worry in retirement

[@NeilC1963]

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]

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

[@Artificial-Influencers]

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

[@borisj4054]

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]

" "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]

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

[@thecelt4807]

@@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]

@@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]

Are you still in Australia?

[@eugenewu2202]

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

[@hermangouw]

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]

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

[@kayamesbury9764]

Katherine If we give away our Home to our kids, how does that affect our pension payment

[@barrymcdonald9868]

in short...can only give away $10k market value of the property per year, the rest is still treated as your asset for centrelink pension calculation purposes.

[@triarb5790]

@@barrymcdonald9868 I thought your home was not counted in your assets? Fk this stuff is SO confusing.

[@AboutRetirementTV]

Hi Kay, I have just completed a new video about gifting and your question is part of it as well. so Please watch my next video coming out 16 June 2022

[@AboutRetirementTV]

@@triarb5790 Hi Tri, yes those rules are confusing, and unfortunately it will not change any time soon. and yes, giving away your family home or any asset above $10K per annum, up to $30K in 5 years this is all you are allowed to do. If you give more, than it is regarded as deprivation of assets and will be counted for 5 years, as if you had it. My new video about gifting is coming out next week on 16th June 2022, so feel free to watch.

[@SmithKF8]

@@AboutRetirementTV Katherin, I reall enjoy your videos. But....I seem to have made a serious blunder int aking out a reversse mortgage in order to pay my grandchildren's school fees.Is there any way of minimising the deeming costs?

[@MichelleGissara]

How does receiving an inheritance affect seniors dsp?

[@AboutRetirementTV]

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 😀

[@davechalmers7175]

Hi Katherine, love your videos very helpful. I have a question. When you gift money or renovate your home to reduce your assets, do you have to inform centrelink or are you assessed annually by them and your pension adjusted according,. Thank you

[@AboutRetirementTV]

Hi Dave, if you spend money for any reason, especially bigger lumpsum for renovation, do not wait for any review, just update your cash balance with Centrelink immediately as it will increase your Age Pension immediately. You can do it via MyGov, call or visit the Centrelink office, but do not wait.

[@davechalmers7175]

@@AboutRetirementTV Thank you for that information Katherine

[@rab61au]

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]

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.

[@MrProsailor]

I was told by centrelink, they, before i could get my age pension, would send a valuer to my house, and value it, and all of my house contents, if my primary house is exempt, why would they want to send a valuer around to value it?

[@AboutRetirementTV]

I have never heard of such a thing. My guess your were talking with someone with no experience at all. As you said, your home is exempt and Centrelink never does inspection of home, unless they want to check the separated couple living under the same roof.

[@guzzimk5lemans565]

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]

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]

@@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]

@@guzzimk5lemans565 absolutely, smart strategy. all the best

[@bellac466]

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!

[@dogdooish]

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

[@lolatheng]

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.

[@UserHilux579]

Nanny state citizen problems.

[@stevendevlin9181]

How does having a family Trust work with the pension?

[@COOLARUL]

If you have a family trust, why do you even need a pension?

[@aussieauntynette6892]

​@@COOLARULYou can be named in a family trust but not receive anything, or almost nothing from it. The named people in the trust don't necessarily get equal payments. Some can get most, some a little and some get nothing. It is entirely up to the choices made by the executor of the trust.

[@COOLARUL]

@@aussieauntynette6892 The way the question was asked, “having a family trust” does not imply merely being a named beneficiary. but rather a more significant role, such as the appointer (the person who set up the trust) principal or the trustee. This is different to being a beneficiary.

[@christinamitrovich7554]

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

[@garyblack6994]

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

[@michaelcalder9089]

Yep that's what the Chinese and Indians do.

[@BenState]

@@garyblack6994 traceable

[@COOLARUL]

@@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.

[@COOLARUL]

@@garyblack6994 Fine if you want to lose purchasing power via Inflation. Since 1980, that tactic of yours would have cost you. Better off buying income producing property or shares in profitable companies.

[@serb8335]

How much money can you have in the bank on career pension fulltime if you own a house?

[@AboutRetirementTV]

I think you refer to carer payment. if yes, this is subject to the same Assets Test as Age Pension

[@barrymcdonald9868]

$270,500 all assets (not just bank) if a homeowner currently

[@jaechun7074]

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]

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]

Thanks for your reply. Much appreciated

[@Fanta....]

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]

@@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]

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 😅

[@colinmead8996]

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

[@AboutRetirementTV]

😅

[@billhackett6715]

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]

Beware of the gifting rules

[@AboutRetirementTV]

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]

@@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.

[@julieweir5777]

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

[@georgiakerek7999]

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

[@BenState]

they don;t determine their pay

[@COOLARUL]

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]

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

[@elvirafeher4254]

​@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]

@@elvirafeher4254 its an independent Tribunal that decides muppet

[@Achala148]

My mum gets a full pension and has savings. She would like to gift those savings to her kids, can she gift without that affecting her income seeing as she gets a full pension anyway with or without those savings? I dont see why gifting should be a potential penalty if it doesn't result in getting more from the Government.

[@AboutRetirementTV]

You are correct, a pensioner on a full Age Pension will not be penalised by gifting more than allowable, as the gifting has not impact on the level of Age Pension paid to her.

[@kisbushcraftdownunder]

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....]

Winning!

[@AboutRetirementTV]

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

[@JefferyRoberts-h5s]

So you want the battlers to pay tax so you can have some more ?

[@GLPayne1]

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]

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]

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]

@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.

[@YuckFoutube-e1z]

They just want the stamp duty.

[@iandarwent1656]

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]

Good question. 👍

[@barrymcdonald9868]

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]

Do it in cash over a period of time

[@AboutRetirementTV]

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]

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

[@nihilmiror6312]

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

[@Bynggo]

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]

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]

@@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]

@@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]

@@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.

[@SheridanMellor]

Seems like maybe you do need her advice 🤔

[@cluen1]

Hi, Katherine. I have given my son $100,000 for him to buy a house last year. Now I am about to apply for aged pension, does it mean that sum is going to go into my assest test? Also, my husband and I are totally financially independent. We don't have any money transactions between us and his mobey has nothing to do with me.. He is still working and I am retired. Would Centerlink consider that when doing my assessment?

[@AboutRetirementTV]

Yes, Centrelink will calculate $100K as deprivation of assets for the period of 5 years, therefore if you gave the money away last year, it will be 4 more years of this asset being counted under Income and Asset Tests. You will need to explain your personal relationship to Centrelink for them to decide if you are a couple or you are separated

[@donellefeltham]

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]

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]

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]

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

[@donellefeltham]

@@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]

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.

[@theheartofbrunswickisyourc2696]

I have a question, my unisuper accumulation 1, is an asset is that right?, when you reach retirement age, I'm 66, Centrelink have asked me to transfer over to age pension, As im on jobseeker allowance, I do have savings, and I'm a little over, I think, the limit, that $280.000.00 is that right? I've listened to one of your video, and I think it should be tax free, as I didn't touch my Super, I've started to fill out the online sections, but I'm not completed it yet, I need to update a few things like a better car, that will keep me under the limit of $280.000, anyway, I've got to March 20, to complete it, thanks if you can help

[@AboutRetirementTV]

just contact our office to book the time for a consultation if you need assistance with your Centrelink forms.

[@COOLARUL]

My understanding is the limit for the full age pension for all your assets (not including your home ) is now $301,000 to receive the full age pension. Besides if you are only a little bit over you only lose a little bit of your age pension. This happened to my parents for 12 months. After 12 months because of the increase in the thresholds, they were on the full age pension again.

[@dianneblazley1166]

It's called the AGE pension.( not AGED).

[@COOLARUL]

@@dianneblazley1166 Fixed.

[@beebee1676]

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.

[@SheridanMellor]

I agree here some what. What needs to happen is the assets amount needs to be raised from centrelink so retires can sell the bigger homes. So raise the asset test amount, and we won't have such a housing problem. We should all be allowed the age pension as that's what was promised in paying high taxes in this country. Why should you be penalised for working harder than others? I do agree if you have say 10 million+ but a couple of mil is nothing now particularly if you want to pass some wealth on.

[@SheridanMellor]

Also, money printing and and insurance is raising inflation. Don't believe they government when they say its retires. They just want to implantment a death tax. Be careful what you watch and listen to ❤

[@beebee1676]

@SheridanMellor I agree, it should be available to all Australians, that's what we/ our family units pay for. My issue is subsidising newer arrivals, giving them money they have no right to at the expense of Australians. My dad came from India (70yrs ago) worked hard, built a home & raised a family. Never took a cent from the government, no family tax benefits or anything back then. Sold our family home, cashed in he super & savings etc all to cover a nursing home room & live on a pension amount that is handed out to anyone for any reason, I believe even unemployment is the same or close to the aged pension. He has passed now sadly and his dream of passing on his wealth after being taxed & penalised at every turn was upsetting to him. The government would penalise him for gifting to his children, they set a limit so he couldn't even say, buy each a car before he died. He would be taxed on tax on tax... to subsidies others. Public housing goes to immigrants 1st now, the waiting list went from about 10 to 30 yr wait list. The money is being pilfered from our system.

[@lindamiles3123]

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?

[@thoughts7107]

very informative. Thanks. :)

[@AboutRetirementTV]

happy you found the video helpful and informative 😀

[@dipakdesai3173]

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]

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]

Thank you kindly Katherine !

[@philgray1023]

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

[@garrymccorriston1995]

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]

Disability bludgers... protected species.

[@COOLARUL]

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?

[@johnpro2847]

My rellies are on a pension..they are on their 9th sea cruise and the latest one is for 30 days...should the Australian tax payer really be subsidising this kind of lifestyle..?

[@jf9979]

So they're not suppose to enjoy their retirement? I think you're being very selfish. Their assets which they saved hard for and could've been spent in their work life is penalising them in their retirement. The pension should be an unconditional entitlement for everyone who paid taxes all their life. Your jealousy of people at the end of their life is pretty sick.

[@dilmaorellana6944]

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]

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 kzbin.info/www/bejne/i4XWaqiteMaAfKc

[@dilmaorellana6944]

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]

@@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]

Thank you so much, I will be in touch 😊

[@Sally-i8c]

I never want to retire because the pension is too low, not enough to live on or go on holidays.

[@alanphillips9124]

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]

We do now, it is called Supeannuation.

[@alanphillips9124]

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.

[@dayriderschat]

Usefull information ...thanks a lot lovely lady xxxxxxxxxxxxxxxxxxxxxx

[@ronaldcassar3143]

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..

[@pwagzzz]

What if you buy a financial instrument for $100,000. It pays no annual interest, and for 5 years it's redeemable value is only $10,000. After 5 years it can be redeemed for $200,000. Would this "hode" $90,000 for 5 years?

[@pjacobson8189]

Such a clear and well done vid! Thanx

[@JediJan]

Who would be best to discuss existing assets, and gifting towards a child to hopefully qualify them for a first home, when someone is over 67 and receiving carer pension and allowance? Centrelink has not done a review in years and have saved substantially well since the Covid lockdowns even though we had purchased two new vehicles. Should be inheriting another substantial amount also.

[@raulp1035]

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]

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