Patricia and Greg Williams, both aged 67, have recently retired. In considering their retirement plans, Williams have decided to do an audit on their current financial situation. On 1 July 2019, they both purchased lifetime annuities for $60,000 each. These provide a $6,000 pension each per annum. In addition, they held the following assets as at 1 July 2020:

Home................................. $750,000

Mortgage on home ..........$100,000

Prepaid funeral ....................$50,000

Term deposit at 5% ..............$330,000

Managed fund .......................$80,000

Direct shares ..........................$60,000

Rental property .....................$350,000

Motor vehicles ........................$40,000

Antiques ...................................$50,000

Jewellery ...................................$45,000

On 1 August 2020, the Williams decided to give $100,000 (i.e., $50,000 to each of their two children) to help them with the purchase of their first homes. Greg has decided to take a part-time job with his local art dealer and expects to earn $100 per week. The Williams have come to see you for advice on 3 August 2020.

Are there any other strategies that you can suggest assisting the Williams to maximise their pension entitlement?