Did you know that the ‘May 2018 Budget’ changes, to the way in which lifetime annuities are assessed by Centrelink for social security purposes has successfully passed through the senate?
This will change the current assessment of lifetime annuities. As of 1st July 2019 lifetime annuities will no longer have access to the current deductible amount assessment and will become fully assessed under the assets test.
It is important that you review your personal situation well before the 1st July 2019 to ensure that you lock in the Deductible Amount which is currently assessed by Centrelink for social security purposes, as the current rules will be grandfathered.
If you can answer ‘YES’ to any of the following, then we recommend that you seek professional financial advice to help review and optimise your retirement income.
I would like:
- to lock in my current FULL Aged Pension
- to INCREASE my current PART Aged Pension.
- an alternative to fully asset tested Bank Term Deposits
- guaranteed income and peace of mind while increasing Centrelink benefits or providing access to Centrelink at some point in the near-future.
If you and your partner would like to review your personal situation and retirement income strategy, please call us on 1300 241 242 to book in your initial appointment.
General Advice Warning: This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information.
Investment Performance: Past performance is not a reliable guide to future returns as future returns may differ from and be more or less volatile than past returns. Please seek personal financial advice prior to acting on this information.