Tell me about the Pension Bonus Scheme
June 28, 2008 by admin · Comments Off
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Q. On your radio segment on the 1st June 2008 I only heard the end of a comment about pension age people who are not taking the pension but are being rewarded somehow.
As I missed the bulk of the conversation would you be able to provide some more information or direct me to a website. Some background for you.
My pension age parents and myself are farmers and as my parents have a large asset base they are inelligible for the age pension amongst other benefits.
As the farm is to be handed down to me, the “asset” is really a business. They refuse to give any asset away before the execution of their will and as such haven’t planned ahead for this situation.
A: You are referring to the Pension Bonus Scheme (PBS) which has been in operation since 1998 and just like yourself very few people have even heard of it.
The PBS is to reward people who work past age pension age, currently 65 years if Read more
Living on the Pension: Podcast
April 17, 2008 by admin · Leave a Comment
Do you know anyone Living on the aged Pension or are you trying to get by on the pension yourself?
There’s really not a lot of money to live on…so how can you do it? Well in this episode your very own Certified Financial Planner Josie Kay, looks at life on the Pension and shares her valuable insight with Talking Back the Night radio host Nerissa Pace. Read more
My Allocated Pension is losing me money. Do I take it out?
March 17, 2008 by Josie Kay · Leave a Comment
Question. I have approx $44,000 in allocated pension super fund. I am losing money. At present, I draw $300 a month. If market stays volatile for say 5 years I probably will only have say, $20,000 let. I am thinking of taking funds out and putting into term deposit at bank. Is this the way to go? Will I lose much from Centrelink Age Pension? Thanks for considering. Marlene
Josie’s answer: Marlene, I can understand why you are very concerned at the moment. Sharemarkets around the world are going up and down like a yo-yo.
For your info, after a big fall it is not unusual to see big gains (just don’t know when!). The situation is worse for you as you are drawing income from your allocated pension, which means that you are withdrawing funds when the unit price has fallen, therefore crystallising any losses that you may have incurred. Based on history, I believe it is highly unlikely that the market will stay volatile for 5 years, but remember nobody has a crystal ball. Read more
.
