Question
Hi, I have a question regarding the assets test and calculating a couples pension (Australian Retirement). In this example, the couple are retired and one
Hi, I have a question regarding the assets test and calculating a couples pension (Australian Retirement).
In this example, the couple are retired and one of them is ill and looking for a retirement home, the home is going to cost $450,000 deposit. Neither of the couple work and draw 50,000 from their super in order to stay afloat. They have 20,000 and 562,000 in super combined, have a 900,000 dollar home. They also have 10,000 worth of home contents, a 15,000 dollar vehicle, and 55,000 cash in the bank. It is important to note they have 0 debt and everything is fully paid off.
Neither of them have ever received pension money or government support. Based on this information, what is the age pension entitlement each under the income or asset test? Also, what is the upfront and ongoing cost associated with reloacting to an age care facility?
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