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Selling up to move into a Retirement Village

Dorothy and her husband are looking forward to their new life in a retirement village but would like to know how much cash they can keep in their bank account before their pensions are affected.

Q. Dorothy
My husband and I are both pensioners and we are considering selling our home and moving into a retirement village when we sell our home and have bought into a retirement vilage we will have some money over to help with the expenses for the forseable future what we are not sure about is how much money can we have in our joint bank account before our pensions will be affected. we donot have any investments only our bank accounts.

Could you please clarify this for us so we can proceed with our plans

A. Supplied by Hank Jongen, General Manager, Centrelink
Before you and your husband make any decisions, I strongly recommend you make an appointment to see a Centrelink Financial Information Services Officer (FISO).They can look at your individual circumstances and provide information about the impact this may have on your Centrelink payments.

Centrelink’s Financial Information Service is free and confidential and helps people to make informed decisions about investment and financial matters for their current and future financial needs. To make an appointment to speak with a FISO call 13 2300.

In the meantime, here are links to some useful information about the Assets & Income Tests available on the Centrelink website. I’ve also included a link to a factsheet about Deeming Rates, as any interest earned off the money in your bank account will be considered income and may affect the rate of your pension.

Centrelink website – Income & Assets Test for Age Pension
Centrelink website – Deeming factsheet

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