Financial Advice

Too many assets for the Age Pension?

Too many assets for the Age Pension?

Are you in retirement (or thinking about entering retirement soon) and unsure if you are eligible for any of the Age Pension? Perhaps you have too many assets and you cannot receive any government assistance. We are here to tell you that with the right financial advice, you may be able to give yourself another income stream and receive some of the pension or a senior health care card.

Retirement may be one of the most significant life changes you will go through, and managing finances in retirement can be complicated. Due to this, it is not surprising that six out of ten Australian seniors turn to financial advisers for advice and information on how to structure and make the most of their finances.

Our financial advisers at OzPlan Financial Services use a range of different products and techniques, coupled with their extensive experience to potentially rearrange your assets so you can receive some government assistance. 

Self-Funded VS Income Support

You have a few options on how you can fund your retirement.

Self Funded

You have your self-funded income streams, which can include bank accounts, share investments, superannuation, and properties other than your own home. 

Income Support

Then you have your Income Support in the form of government assistance, for example, Age Pension, Health Care Cards, and DVA Pension. 

The more money we can help you squeeze from Income Support, the less of your Self-Funded income you need to spend!

What is the next step?

If you are in a position where you have too many financial and non-financial assets which exceed the asset test threshold limits, you may be the perfect candidate for our financial advisers to help you rearrange and reorganise your assets. Using our specialist knowledge and tools, we can suggest different avenues which may allow you to then qualify for some age pension, allowing you to have the freedom of using your own self-funded retirement money longer.

If you are interested, please get in touch with us to arrange a meeting on 03 5831 1233.

Published 1 May 2023.
The information provided in this article is general in nature only and does not constitute financial advice.

The information provided on this website is general in nature only and does not constitute personal financial advice. OzPlan Financial Services (AFSL 221235, ABN  35 005 391 202) do not take into account the objectives, financial situation, or needs of any individual. We recommend you obtain financial, legal, and taxation advice before making an investment decision. Before acting on information on this website you should consider the appropriateness of the information to your situation and needs. OzPlan Financial Services do not guarantee investment returns or the repayment of capital.