‘If I sell my house, how long do I have to buy another one before I lose my Age Pension?’
Answer: The short answer is 2 years, maybe 3. Late in 2022 the Social Services and Other Legislation Amendment (Incentivising Pensioners to Downsize) Act 2022, made a number of significant changes to the way the proceeds of your home are treated for calculating your pension while you are waiting to buy or build your new home. The […]
Supersize your downsize
For many, the term “downsize” conjures images of a more compact, less expensive dwelling. Yet, downsizing doesn’t necessarily equate to moving into a micro-residence. In reality, it’s less about square metres and more about finding a home that aligns with the next exciting chapter in your life! Yes, at times downsizing means a smaller garden […]
Pensions set to increase on September 20
Mark your calendars for September 20th! It’s not just the usual indexation to pensions we’re looking at; this date also brings significant reforms to JobSeeker and Rent Assistance. These updates stem from the recently announced 2023-24 Federal Budget. Let’s delve into the specifics. Age Pension overhaul You’ll be happy to hear that Age Pension payments […]
More retirement villages ditch capital gain sharing in contract revamp
Retirement village contracts are undergoing a significant shift, moving towards prioritising certainty and flexibility for residents over offering them a portion of the capital gain on their units. The latest data from the 2023 Retirement Living Census reveals fascinating insights about the evolving nature of these contracts. If you’re considering the move to a retirement […]
Four steps to take before downsizing your home
For many Australians approaching their golden years, the family home starts to feel like the “forever home”, a place to spend the serene retirement years. However, the choice to downsize can be a monumental one, requiring thorough research and introspection. Step 1: Understanding the ‘why’ behind downsizing The reasons for downsizing are as diverse as […]
How much does it cost to move to a retirement village
When considering the move to a retirement village, one can easily become overwhelmed with the intricate financial details. Numerous fees and costs make it a daunting process for many. Nevertheless, by segmenting these fees into ‘ingoing’, ‘ongoing’, and ‘outgoing’, the task becomes much more manageable. Here’s a breakdown of five essential steps to navigate the […]
