Will inheritance affect my Age Pension?

Will inheritance affect my Age Pension?
As we know, in retirement if you become eligible for the Age Pension, it is not just a payment that you are entitled to, but also this magical special Concession Card, that does provide lots of benefits such as medical, pharmaceutical, transport or accommodation concessions.
Watch those previously mentioned videos to fully understand all the benefits the Concession Card can provide for you.
Also, as I explained in number of my videos, Centrelink carries out two test to establish your eligibility for Age Pension payments and how much you will actually receive: Income Test and Assets Test. Whichever of the two give the lower outcome of your pension entitlement, this is what you are going to receive.
A sudden increase in value of your assets due to receiving an inheritance, will usually impact both of those tests and consequently can result in a reduction or even a loss of your Age Pension entitlement together with your Concession card.
Video mentioned:
Real Value of Age Pension in Australia • Real value of Age Pens...
Centrelink Concession Card for your Retirement • Centrelink Concession ...
Pensioner Concession Card - the best • Pensioner Concession C...
To download the book 12 PRINCIPLES OF INVESTING:
ebook.aboutret...
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[@AboutRetirementTV]

Have you received any inheritance lately?

[@tecnaman9097]

New Zealand doesn't have an income and assets test for the pension or "superannuation" as they refer to it. We're in the wrong counrtry for retirement folks! Thanks for another informative vid Katherine.

[@AboutRetirementTV]

I know, lucky country

[@Nikki-xl1wr]

Love how you explain everything so clearly in every video made.

[@spassimirvassilev5172]

great job!!

[@hugonardini790]

But how we can talk to you from Sydney?

[@AboutRetirementTV]

if you have a computer or a laptop, we can chat via Zoom online

[@munnopara]

Can you give a gift of money from an inheritance to a child without it affecting your pension?

[@AboutRetirementTV]

HI, the usual gifting rules apply, therefore you can give away $10K annually up to $30K in any 5 year period.

[@munnopara]

@@AboutRetirementTV thank you.

[@maurotolari9215]

You did not give any examples of a non home owner .I think their asset limits are much higher.

[@vivianwu1763]

Will the inheritance need to be taxed as a normal annual income?

[@AboutRetirementTV]

It depends where the money came from and what the beneficiary will do with their share of inheritance. This is very much a tax advice and will be different depending on circumstances

[@lindabennett4842]

Could the inheritance be transferred into some form of annuity? Would a 5 year wait period apply even if the annuity is in your own name?

[@AboutRetirementTV]

I don't really follow this. If the annuity is on your name, then you have not really transferred any assets. If you give the inheritance to another person, then yes, absolutely the 5 year rule of asset deprivation will apply.

[@lindabennett4842]

@@AboutRetirementTV So, if you transferred the funds from your own bank account if you've just been paid, or from the solicitor's account direct into an annuity, would this affect pension payments?

[@AboutRetirementTV]

@@lindabennett4842 yes, it will, as this is an additional investment/asset that you own.

[@hugonardini790]

If I inherited half of the house that belong to my partner after his death plus some money how this can be counted. I also have half of the house where we lived while he was sick and I have may town house?

[@AboutRetirementTV]

that is becoming more complex to be able to reply here. the best is to organise a meeting with me via my calendar - check my website and during the meeting I can go over the details and advise you correctly.

[@brutexrp7207]

Just take the money and spend it, maybe buy a better house. You are better off while you have the cash. Once it has been spent, you will be eligible for the pension😅 again.