Online at http://www.financialcareservices.com.au/newsletters/vol-3-ed-9/

FINANCIAL CARE SERVICES
Independent aged care, lifestyle and financial advice for seniors
Volume 3 Edition 9 –30 September 2013

Hello

Remember FoFA, implementation is coming to you

The Future of Financial Advice, FoFA, reforms are being implemented gradually. The segment regarding ongoing ‘advice fees’ and Financial Services Statements become compulsory with effect from 1 July 2013.

Thus your financial planner must inform you of the actual amounts of ongoing ‘advice fees’ that you are paying. Your Financial Services Statement will also show what services you were entitled to receive and what services you actually utilised during the past year.

Your financial planner can only continue to charge ‘advice fees’ if you sign a new ‘service fee agreement’. The new fee agreement will only be valid for two years. Thus you would have a clear option to discontinue receiving advice regarding your existing investments and paying regular ‘advice fees’ or ‘advisory charges’ or ‘service fees’ at two yearly intervals.

Read more about Financial Services Statements http://www.financialcareservices.com.au/christine-hopper-insights/fee-disclosure-statement

Financial Care Services is a fee for service practice. Each client pays fees for the advice work that they request. Financial Care Services does not levy ongoing ‘advice fees’.
If you would like further confidential, independent and professional advice about Centrelink, lifestyle or financial advice, please contact Christine Hopper (03) 9808 0338.

Were you thinking of having a comfortable lifestyle on the Age Pension when you retire?

The Age Pension provides for a minimal ‘frugal’ lifestyle for those who are unable to work. If you do not have great financial resources, now could be a good time to revise your planning.

The Single Age Pension has just been increased to a maximum payment of $751.70 per fortnight plus a Pension Supplement of $75.40 per fortnight. Thus a Single Age Pensioner gets at most $21,500 from Centrelink for a full year. The combined maximum payment for a couple living together is $32,400 for a full year.

To be eligible for these maximum Age Pensions, Centrelink pensioners must have other income not exceeding $4,056 per year for a Single pensioner, or $7,716 per year in total for a couple.

Read more about the Age Pension means testing and the cut-off levels for Pension Supplement eligibility at http://www.financialcareservices.com.au/christine-hopper-insights/centrelink-disability-and-age-pension-increases-september-2013/

Self-funded retirees with moderate incomes could be eligible for the Commonwealth Seniors Health Care Card, read more at http://www.financialcareservices.com.au/christine-hopper-insights/self-funded-retirees-still-want-pensioner-concession-cards

Financial Care Services offers consultations to help you plan your finances for an active retirement. Your potential entitlements from Centrelink could be assessed and included in your personal financial plan. To book your appointment please call 03 9808 0338.

If you would like further confidential, independent and professional advice about Centrelink, lifestyle or financial advice, please contact Christine Hopper (03) 9808 0338.

____________________________________________________

Christine Hopper

Director
Financial Care Services Pty Ltd
Independent aged care, lifestyle and financial advice for seniors in Melbourne, Victoria, Australia
Australian Financial Services Licence Number
299570 (check this at www.search.asic.gov.au/fsr/flb.html)
Authorised Representative Number
252529 (check this at www.search.asic.gov.au/fsr/far.html)

Telephone – call +61 3 9808 0338
Email – contact info@financialcareservices.com.au
Address – mail or meet at 172 Warrigal Road, Camberwell Victoria 3124
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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.

© 2013 Financial Care Services Pty Ltd. All rights reserved.