What assets are included in Age Pension Assets Test. Understanding how the Assets Test work and what assets are included, how to maximise the Age Pension benefit can be a difference between a comfortable retirement with good level of income OR struggling financially. In this video I will explain all little details about Assets Test and why it is so important if you want to improve you Age Pension payments. I will go over all types of assets that are included in Assets Test and answer questions that I often get about treatment of different assets. I will cover the following: 00:36 Assets Test problem 01:48 Basics of Assets Test 02:57 Origin of Assets Test problem 05:38 Current Assets Test limits 06:48 What assets are included in Assets Test? 06:54 Personal Effects 07:41 Financial Assets 07:44 Superannuation 08:31 Income Streams 08:53 Annuities 09:31 Other assets 10:15 Real Estate 12:53 Retirement Village 13:21 Gifting 13:54 Assets You Control 14:54 Business Assets Feel free to download my book 12 PRINCIPLES OF INVESTING: Contact details: Katherine Isbrandt of About Retirement Website: Email: katherine@aboutretirement.com.au Or connect with me: FSG: My Adviser Profile: #KatherineIsbrandt #AboutRetirement #AgePensionAssetTestLimits...(read more)
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Age Pension Assets Test - THE TRUTH REVEALED! Australia has a comprehensive social security system designed to provide financial support to older Australians who have reached retirement age and do not have enough income to sustain themselves. One of the key components of this system is the Age Pension, a regular payment made by the government to eligible individuals. However, in order to determine eligibility and payment amounts, the government uses an Assets Test. There have been many misconceptions and misunderstandings surrounding this test, so it’s time to unveil the truth about the Age Pension Assets Test! First and foremost, let's understand what the Assets Test actually entails. The Assets Test examines the value of an individual's assets to determine how much pension they are eligible for. Assets can include real estate, investments, superannuation, and other valuable possessions. The test aims to ensure that those who have accumulated significant wealth over their lifetime and have sufficient assets to support their retirement do not receive the same level of government support as those who are less fortunate. Contrary to popular belief, the Age Pension Assets Test is not a means to confiscate or punish individuals for having assets. Its purpose is to distribute limited resources fairly and effectively within the social security system. The government aims to strike a balance between providing adequate support to those in need and ensuring that the system remains sustainable in the long run. To debunk some common misconceptions, let's address a few points: 1. The Assets Test does not disregard the value of the family home: There is a “homeowner exemption” meaning that the value of the primary residence is not included as an asset under the test. This ensures that retirees can maintain their primary residence and have a secure place to live. 2. The Asset Test thresholds are adjusted regularly: The government understands that the cost of living and the value of assets can change over time. Therefore, the thresholds are adjusted periodically to reflect this. This ensures that the test remains fair and up to date with the economic climate. 3. The Assets Test applies to assets over a certain threshold: The government acknowledges that individuals may need some assets to maintain their standard of living, and only assets above a certain threshold are taken into account. This means that retirees can still have some assets while receiving the Age Pension. It is important to note that the Age Pension Assets Test is just one part of the eligibility criteria for receiving the Age Pension. Other factors, including income, residency, and age, also play a role. In conclusion, the Age Pension Assets Test is a vital component of Australia's social security system, aiming to distribute resources equitably and sustainably. However, it's crucial to understand that the test does not seek to punish or confiscate assets, but rather ensure that government support is directed towards those most in need. The government regularly reviews and adjusts the Assets Test thresholds to reflect changing economic circumstances, providing retirees with a fair and realistic assessment of their eligibility for the Age Pension. https://inflationprotection.org/unveiling-the-truth-about-the-age-pension-assets-test/?feed_id=119106&_unique_id=64b8abb5c5253 #Inflation #Retirement #GoldIRA #Wealth #Investing #AboutRetirement #AgePensionAssetTest #AgePensionAustralia #AgePensioneligibility #AgePensionIncomeTest #AgePensionmeanstest #AgePensionpaymentslimits #eligibilityforpartpension #financialplanningMelbourne #howtomaximiseAgePension #howtosaveforretirement #IncomeandAssetTestlimits #KatherineIsbrandt #retirementageAustralia #retirementincomestream #RetirementPlanningAdvice #retirementplanningguide #savingforretirementat60 #RetirementPension #AboutRetirement #AgePensionAssetTest #AgePensionAustralia #AgePensioneligibility #AgePensionIncomeTest #AgePensionmeanstest #AgePensionpaymentslimits #eligibilityforpartpension #financialplanningMelbourne #howtomaximiseAgePension #howtosaveforretirement #IncomeandAssetTestlimits #KatherineIsbrandt #retirementageAustralia #retirementincomestream #RetirementPlanningAdvice #retirementplanningguide #savingforretirementat60
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