You are a financial adviser helping your clients make financial decisions and plan for the future. You specialise in retirement planning. A referral has been received from an existing client and a fact find meeting was conducted with Bob $($Robert$)$ and Ann Sackley on the $3$rd of January $2024.$ During the meeting you find that Bob and Ann are both $67,$ considering their retirement plans and decided to undertake a review of their current financial situation.

On $1$ July $2023,$ 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 of $1$ July $2023$:

Home $$850,000$

Mortgage on home $$150,000$

Prepaid funeral $$50,000$

Term deposit at $4\%$ $$350,000$

Managed fund $$70,000$

Direct shares $$80,000$

Rental property $$450,000$

Motor vehicles $$40,000$

Antiques $$50,000$

Jewellery $$45,000$

On $1$ November $2023,$ the Sackley$$s decided to give $$100,000$ from their investments $($i$.$e$.,$ $$50,000$ to each of their two children$)$ to help them with the purchase of their first homes. Bob has decided to take a part$-$time job with a local art dealer and expects to earn $$100$ per week.

You prepare responses to the following questions and have been asked by the principal to record, demonstrating a client presentation for training purposes.

$1.$ Calculate the Sackley$$s assessable assets.

$2.$ Calculate the Sackley$$s financial assets.

$3.$ Calculate whether Ann and$/$or Bob are eligible for the Age Pension and$/$or other benefits.

$4.$ Are there any other strategies that you can suggest assisting the Sackley$$s to maximise their pension entitlement?