Timothy Sumer

What is Age Pension Income Test? Income Test is not just as simple as checking your pay slip, or the level of income you earn from your investments, because every type of earned income is included in the test and each might be calculated differently. Income Test includes: • your employment income if you continue working full-time or part-time, • any money your earn from your business • Income received from overseas pension funds • Income earned from your rental property or your investment properties, • Income received from your retirement income streams • plus all assessable assets, so all your financial assets such as your bank accounts, managed funds, shares, superannuation, business assets. and each might be under different income assessment rule. Sometimes you might feel like you would have to be Einstein to understatement and follow those rules. How much income can I earn before it affects my Age Pension Payments? How does Age Pension reduce under Income Test? What i...

Retirement overseas and the Age Pension entitlement are some of the big issues for many retirees. Overseas retirement has been a big trend over the last few years in Australia, and this trend is only growing. People are searching for a new place to live outside of Australia, especially for their retirement years. So in today's video we will continue taking about retirement overseas, reasons for it, and specifically issues you have to deal with, if you wish to receive or continue receiving your Age Pension payments. But this is just the beginning. Over time, we will dive deep into this topic and maybe even go country after country to help you make this transition of your life from Australia to another country a bit easier from legal and financial standpoint. So first review the main reason for such a big decision as leaving the country you spend your lifetime in, and moving to a new, unknown environment: 1. Returning to the place where you were born - you want to reu...

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...

When should I apply for Age Pension if I just retired from work and I earned more then the Income Test allows? This is the question I keep getting very often and there is no place to find any answers, so here is mine. The fact that you earned more that the Income Test allows, because you were working for part of the year, has no bearing on the outcome of your Age Pension application.  This is one time, when Centrelink is looking only at your situation at the time of your application and not your past.  This is because Centrelink is working on the basis of the fortnightly earned income and not full financial year. Unlike ATO, Centrelink is not interested how much money you've earned for the year, only what is your income in the fortnight you are being assessed.  If you've just completed your employment, please organise with your employer the letter confirming your retirement.  Therefore, when completing your Age Pension application, you will be required to provide t...

Lifetime Annuities and Aged Care Annuities have become very sophisticated income instruments, that if used correctly can improved your retirement income, its security and reliability and consequently the quality of your life. Lifetime Annuities: The simplest way of explaining an annuity is that this is kind of a trade-off you make with a life office: you invest a lumpsum of savings, either as your private money or superannuation money, so many from your super fund. In return the life office will provide you with usually a predetermined and pre-calculated income for life. Kind of buying you own wages for the rest of your life. So before you apply, you will actually receive the full quote as to the level of income to be received year after year, what is the death benefit and how long it is payable for, as well as what is the withdrawal value at any point in time. All those benefits have been calculated for you by an actuary and once accepted by you, are guaranteed for life a...

How to legally HIDE YOUR ASSETS from Centrelink Age Pension if based on assessment, you know, that you just simply have too much money. So here you are, getting ready for the exciting day, when you can finally say, “I can retire now and where is my Age Pension?”, and then to your horror, you find out you have too much savings. My very first recommendation is: organise your money before your first visit to the Centrelink office or completing your application online. Prepare your assets in advance, so you know your entitlement before Centrelink even comes back to you with the reply. It is so much easier to deal with Centrelink when you know the application is final and you do not have to go through changes, updates, fixing mistakes, reshuffling of money etc. So what can you do if you’ve calculated that you do have too much savings, but your goal is to get at least part Age Pension, if for no other reason, but at least to have access to the Health Care Card with all its benefi...

After every market crash all pensioners and retirees are always worry how to prolong the life of pension fund, how to make their retirement income stream or their super last longer. In this video I introduce 6 steps you can take to make your income stream, your pension , your super or your investment last longer and perform better. I also mention the issue of Longevity and necessity to be prepared with your money to support you for as long as possible. This is the video mentioned: Other video listed: The best Retirement Income Stream, How to improve my Allocated Pension & What is retirement pension: Should I reduce my pension payments and why? You can connect with me via my: Website: or Email: hello@aboutretirement.com.au or connect with me: FSG: My Adviser Profile: #KatherineIsbrandt #AboutRetirement #RetirementPlanningAdvice... ( read more ) LEARN MORE ABOUT: Retirement Pension Plans REVEALED: Best Investment During Inflation HOW TO I...