Hi in a few years my wife & I will be selling every thing and buying our dream motorhome with our super, but a friend tells me because we have super we might not get the aged pension because we have money in are super.But if we buy our dream and wipe this money out, would we get the pension then ? ?
Best you talk to Centrelink Jacko to get it right, as the rules keep changing. Don't give your name, just call into an office & make a general enquiry. Trading your real estate home for a mobile one shouldn't affect your pension, it will be a question of what other assets (incl super) you have that will determine whether you are eligible, so best you discuss the ins & outs with Centrelink first.
If you have reached age pension age you are allowed so much in assets and so much in the bank to get the age pension. You really need to discuss this with centrelink as every case is different.
Not sure if they do it everywhere, but Centrelink runs Finacial advice seminars for those planning retirement. Your Superannuation wont stop you getting a pension ordinarily, but you need to convert it into an income stream when you turn 65, and the pension may be a bit reduced by this.
I echo everybody else... go and see Centrelink... just go in and ask for an appointment. Do this before you reach pension age to help you make very important decisions. They are very helpful.
If you end up with any cash out of your super, you would be best to put it in the bank and declare the income from interest to centrelink. I have a feeling they don't take the lump sum into account, but the interest earned. Newsflash an hour ago, If Labour get back into power they are inclreasing the amount pensioners are allowed to earn. It will be $6,500 a year which I think works out to an average of $125 a week. Not sure what it is at the moment.
It's very good to see the person at Centrelink well before you retire, as you are not asking for money now but may at some time in the future. They will be extremely gentle and helpful.
I just made an appointment and toddled down there with nothing as i just wanted to know stuff and I roughly know what I've got and it may change before I retire.
Collect the booklets, about retirement off the display which will be in the waiting area amongst the seats and tables....sure most Centrelink Offices are similar when you make appointment...I wanted to check out first....to be sure they wouldn't devour me.
Spent nearly an hour with a perfectly human person, only too happy to help me get sorted, I had stressed for nothing.
Glad I went. They do hold seminars but I work at night and what I was interested in wasn't in the day until 2011 and I wanted to know now.
Regarding rent assistance if you have no other home, try ....Search.........it's above almost top of this page on a darker blue line as this was very clearly discussed recently, just put rent assistance in search, it's spot on.
-- Edited by countryroad on Saturday 14th of August 2010 10:14:56 PM
Centrelink have what they call FIS Officers for the sole purpose of offering financial advice to clients.
Wife used to work at Centrelink and knows all the terminology. Cant help with financial advice though, that is a specialised field. She was an admin officer at their internal staff training section.
