Ted and Sandra are a retired couple. Ted is aged 70 and used to play for Essendon in the 1960s, but when he retired from football, he worked as a courier. Sandra is aged 67 and worked at Qantas until she was laid off recently because of the COVID19 pandemic. After Sandra was unemployed, they both decided to sell their house in Sunbury and move to Echuca, in Northern Victoria where they built a new home. Their assets are now:  Family home valued at $752,000 with no mortgage.  Term deposits valued at $52,000 with ANZ Bank,  Contents worth $35,600  Motor cars (two) valued at $46,000  Share portfolio valued at $168,230  Superannuation valued at $426,954 (Ted)  Superannuation valued at $135,652 (Sandra) All assets other than the superannuation funds are jointly owned. Both superannuation funds were converted into account-based pension funds when they retired. Their current income is made up of: Interest and dividend income of $8,932 per annumm Account based pension to Ted of $21,344 Account based pension to Sandra of $6,783 Total income for the year was $37,059 You are their financial adviser. Ted and Sandra have a zoom meeting with you in which they have asked you for advice on the following matters: 1. Are they entitled to the age pension? 2. Should Ted retain the life insurance policy in his superannuation fund? The premium is currently $22,890 per annum and comes out of his superannuation fund 3. The income is not enough to live on. Is there some scheme whereby the Government can lend us or give us extra money to live on? 4. Can they draw down on their home to access the equity as they would like to provide their daughter Larissa a lump sum, so she has a deposit to buy her own home. They are not keen on a traditional mortgage to the bank where they have to make regular repayments on the mortgage and would be interested in other options available.  REQUIRED: 1. Calculate under the assets test and the income test how much, if any, of the Age Pension they would be entitled to and what amount the Government if any would pay them as an age pension. 2. As both Ted and Sandra have no debts, should Ted keep his life insurance cover under his super fund, reduce it, or cancel it altogether? 3. Does the Government provide additional funds to people like Ted and Sandra who need additional income to live on?