Applicable in Australia

Bill Toscadedes and his wife Pauline have come to seek your advice about any Centrelink benefit they may be entitled to now that Bill has decided to retire. Bill is 68 and has finally decided to retire after working as a bricklayer since he arrived in Australia from Greece with his parents over 50 years ago. Bill has Australian citizenship and has only ever worked in Australia. He has had his pay and superannuation contributions finalised and this is all included in the financial information he has provided you below. Pauline is 63, was born in Sydney and has lived here all of her life. Pauline has not worked since 2015 and now Bill has retired she has absolutely no intention of returning to the workforce. Bill and Pauline provide you with the following financial information: Home at North Rocks worth about $1.2million which they have just finished renovating - the mortgage was paid out 5 years ago so they have no debt on the property (joint names) Home contents insured with IAG for $140,000 total replacement value (joint names) Bill's 2018 Subaru insured for $45,000 Pauline's 2016 Hyundai insured for $25,000 $45,000 in the NAB savings account earning 0.25%pa interest (joint names) $120,000 in a NAB 6month term deposit earning 1.55% pa interest (Pauline's name only) Direct share portfolio (IAG, TLS, CBA and WOW shares) worth $135,000 (joint names) Bill's accumulation superannuation account $540,000 Pauline's accumulation superannuation account $260,000 Bill intends to transfer his accumulation super benefit to an account based pension to provide them with a regular income now he has retired. Pauline has never really thought about her super fund but says she will probably do the same thing with her accumulation super benefit, but is happy to hear your thoughts on this. Bill 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) pension Bill and Pauline will be entitled to receive from Centrelink based on the Assets Test and Income Test current thresholds. Bill Toscadedes and his wife Pauline have come to seek your advice about any Centrelink benefit they may be entitled to now that Bill has decided to retire. Bill is 68 and has finally decided to retire after working as a bricklayer since he arrived in Australia from Greece with his parents over 50 years ago. Bill has Australian citizenship and has only ever worked in Australia. He has had his pay and superannuation contributions finalised and this is all included in the financial information he has provided you below. Pauline is 63, was born in Sydney and has lived here all of her life. Pauline has not worked since 2015 and now Bill has retired she has absolutely no intention of returning to the workforce. Bill and Pauline provide you with the following financial information: Home at North Rocks worth about $1.2million which they have just finished renovating - the mortgage was paid out 5 years ago so they have no debt on the property (joint names) Home contents insured with IAG for $140,000 total replacement value (joint names) Bill's 2018 Subaru insured for $45,000 Pauline's 2016 Hyundai insured for $25,000 $45,000 in the NAB savings account earning 0.25%pa interest (joint names) $120,000 in a NAB 6month term deposit earning 1.55% pa interest (Pauline's name only) Direct share portfolio (IAG, TLS, CBA and WOW shares) worth $135,000 (joint names) Bill's accumulation superannuation account $540,000 Pauline's accumulation superannuation account $260,000 Bill intends to transfer his accumulation super benefit to an account based pension to provide them with a regular income now he has retired. Pauline has never really thought about her super fund but says she will probably do the same thing with her accumulation super benefit, but is happy to hear your thoughts on this. Bill 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) pension Bill and Pauline will be entitled to receive from Centrelink based on the Assets Test and Income Test current thresholds