Adam Braithwaite and his wife Marcie have come to seek your advice about any Centrelink benefit they may be entitled to now that Adam has decided to retire.

Adam is 67 and has finally decided to retire after working as an electrician. Both Adam and Marcie are Australian citizens and have only ever worked in Australia. Adam has had his pay and superannuation contributions finalised and this is all included in thefinancialinformation he has provided you below.

Marcie is 62 and has not worked since 2000 as she has early onset dementia. Although she is currently able to live at home with only Adam for support, she worries that she may one day need more care and how this will affect their finances.

Adam and Marcie provide you with the following financial information:

Home in Bondi worth about $2.35million which they have just finished renovating - the

mortgage was paid out 5 years ago so they have no debt on the property (joint names)

Credit card with $13,200 currently owing

Home contents insured with AAMI for $200,000 total replacement value (joint names)

Adam's 2020 Subaru insured for $45,000

Marcie's 2011 Holden insured for $13,000

$35,000 in the NAB savings account earning 0.15%pa interest (joint names)

$110,000 in a NAB 6month term deposit earning 1.15% pa interest (Marcie's name only)

CommSec account holding $250,000 in VDGH (joint names)

Adam's accumulation superannuation account $590,000

Marcie's accumulation superannuation account $180,000

Adam intends to transfer his accumulation super benefit to an account based pension to provide them with a regular income now he has retired. Marcie has never really thought about her super fund butsays she will just do the same thing as Adam does with her accumulation super benefit, but is happy to hear your thoughts on this.

Adam does not really care about what level of fortnightly pension that he may get from Centrelink, he just wants to make sure he 'gets something each fortnight' so he can get a pension card and the benefits that that will provide him. He thinks they have enough money to live on from his super and other savings and says he can always sell his home if they look like they will run out of money.

They have no firm plans in terms of what level of income they require in retirement and have no firm plans requiring any large lump sums of cash but would like to know they can access funds if they need to at any point in time.

Based on the information provided:

1. Determine what (if any) Age pension Adam and Marcie will be entitled to receive from Centrelink based on the Assets Test and Income Test current thresholds given their current assets and intentions with their super funds.