The expectation of action in the Federal Budget on lower taper rates for retirees who have assets/income beyond the current Age Pension limits have been frustrated.
“Retirees seeking more income from the Age Pension were hoping for a more lenient tapering of their asset test to add to their income. This lack of action means that more retirees will be forced to dip into their superannuation more heavily to fund living costs at a time where markets are recovering from COVID gyrations. For many Age Pension-dependent seniors the COVID reduced minimum super drawdown rates are of no benefit as their costs still need to be met.
“An alternative form of income support is available through a loans scheme run by the Federal Government which provides access to fortnightly payments that do not impact senior’s Age Pension entitlements. In addition to income support, another benefit of the Pension Loans Scheme (PLS) is that it assists seniors to continue living in their homes for longer,” said Paul Rogan, Pension Boost Founder.
Downsizing is not for every retiree
Downsizing is not a fix-all for every retiree needing more cash to live on. This is supported by research that the majority of seniors prefer to live in their homes rather than downsizing, as a way to release equity to fund retirement. The resultant dislocation caused by moving to a new area away from their familiar surroundings and network of friends is stressful.
https://nationalseniors.com.au/uploads/09151399PAC_SeniorsDownsizing_Report_FN_Web.pdf
Downsizing may also have an adverse impact on seniors Age Pension entitlements.
Funding in-home care packages
The regular fortnight payment structure of the PLS is ideally suited to assisting with funding in-home care packages.
Pension Boost works with Centrelink on behalf of Retirees considering PLS
Pension Boost is a private commercial venture founded by Paul Rogan in 2019, and our purpose is to assist everyday Australian seniors to live a better life. There are 1.8 million seniors on the Age Pension who own property, with many struggling to make ends meet.
Pension Boost are specialists in the Australian Government’s Pension Loans Scheme (PLS). We act as your agent when dealing with Centrelink/DVA to take the hassle out of the process for you.
Some of the ways Pension Boost assists seniors includes:
- Raising awareness of the PLS (one of the government’s best kept secrets)
- Educating seniors on what the PLS is, its ‘rules’ and how it works
- Assisting seniors and their families decide whether the PLS may be of benefit to them
- Demonstrating to seniors via our Pension Boost Calculator what the PLS may mean for them and their families financially
- Determining the type of Pension Loan that best suits a senior’s individual circumstances
- We remove the hassle of dealing with Centrelink/DVA by acting as an ‘agent’
- Assisting seniors with their application for the Pension Loan
- Dealing with any questions or queries raised by Centrelink/DVA
Paul Rogan
Founder and CEO
Pension Boost
Sydney
M: (+61) 0423 780 113
paul@pensionboost.com.au
https://pensionboost.com.au