Jim is single, aged 67, has just retired and wants financial planning guidance.  His assets are listed as follows:

 

 

Required: 

1. Explain Jim's options for Centrelink and calculate level of entitlements.

2. Assess affordability of retirement based on spending needs of $40,000 net per annum,  and investment objective: inflation +2%, where inflation 3% per annum.

 3. Explain the potential future aged care living options for Jim.

Asset Family home Furniture Bank savings account Aware superannuation Current Value $820,000 $32,000 $12,000 $420,000