Volume 2 Edition 7 Newsletter
Online at http://www.financialcareservices.com.au/newsletters/vol-2-ed-7/
FINANCIAL CARE SERVICES
Independent aged care, lifestyle and financial advice for seniors
Volume 2 Edition 7 – 24 September 2012
INCOME SUPPORT FOR VETERANS AND WAR WIDOWS
Veterans who were exposed to danger from the enemy in World War II or later conflicts can apply for a DVA Disability Pension and/or Service Pension.
The surviving spouse of a veteran who died as a consequence of his operational service becomes entitled to a War Widow Pension. The War Widow Pension is a form of compensation benefit and is not subject to any financial means testing.
DVA War Widow Pension increased to $783.60 per fortnight, $20,374 per annum effective from 20 September 2012. An additional means tested Income Support Supplement (ISS) of up to $234.40 per fortnight, $6,094 per annum, is available.
Thus a War Widow could receive a maximum of $26,468 for 26 fortnights which would allow for a modest lifestyle in retirement.
Read more about income support for veterans and their widows, and widowers at http://www.financialcareservices.com.au/2012/09/11/pensions-for-australian-veterans
COMMONWEALTH PENSION RATE INCREASES SEPTEMBER 2012
Centrelink Age Pensions have recently increased to $772.60 per fortnight, $20,088 per annum, for a Single person.
Couples at Centrelink can receive a combined maximum of $30,284 per annum. Remember, any two adults who share domestic arrangements and present socially as a ‘couple’ could be treated as a ‘Couple at Centrelink’.
The Age Pension supports a frugal lifestyle for retirees who own their own homes. Retirees in private rental accommodation might be eligible for some Rent Assistance from Centrelink but they could be struggling financially.
Hint: Owning your own home and having some savings allows for a less constrained lifestyle in retirement.
Read this article to learn more about the new rates of Centrelink and DVA Pensions
Financial Care Services Pty Ltd
Independent aged care, lifestyle and financial advice for seniors in Melbourne, Victoria, Australia
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299570 (check this at www.search.asic.gov.au/fsr/flb.html)
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252529 (check this at www.search.asic.gov.au/fsr/far.html)
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Disclaimer: The information contained in this newsletter is of a general nature only and does not constitute “financial advice”. You should obtain your own personal financial advice before investing any money or moving in to any retirement village, lifestyle community or aged care facility. Financial Care Services is licensed to provide financial advice to individual clients based on their personal situations.
© 2012 Financial Care Services Pty Ltd. All rights reserved.