The Meeting Place

Property ownership and the aged pension

I own a property with the title in my name only, that was purchased years before we married. My husband and I own a property jointly that we live in. I receive rental income that I declare each year and my husband does not have an income and does not work, we live off the income from my rental. I am 61 and my husband is 59.

I understand I will not get the aged pension but am unsure if my husband will. I can't find and information online regarding this situation. Does anyone know where we will stand?

My assets and income is above the limits for the aged pension but my husbands is not. We both have Super but do not want to use it. Because we are married and living together will my wealth effect his eligibility?

8 comments

I think you will be assessed as a couple with income and assets combined. That’s how it was for my hubby and I but best to get your info directly from a Centrelink financial advisor.

Like Robi said, best to check with a financial advisor, but probably the short answer is - yes. 

Your wealth will affect his eligibility.  Even though you have to list everything, assets and income, separately you will still be assessed as a couple. 

Keep in mind though that the house you own jointly (and live in) is your principal place of residence and currently will not be counted in the assets test.  The rental house, of course, will be. 

The rent you receive will be counted as income, but if that is the only income you have, you might be surprised to find you actually do qualify for a part pension.  It all depends on the value, (or equity if there is a mortgage), of the rental property and the amount of rent you receive. 

It's worth checking it out because even the smallest amount of pension can open up other benefits.  If you do qualify for a part pension, it will also be paid separately, even though you are assessed as a couple.

 

 

 

Neither of you will qualify for the age pension until you are 67. This gives you time to seek financial advice and put plans in place for retirement. Your total assets and income will be assessed by Centrelink as a couple. They don’t care if the rental property is only in your name. Therefore, if your rental property plus any other assets you both hold (except the home you live in) exceed the Centrelink threshold neither of you will receive a pension. Centrelink have free financial service officers who will tell you all about their rules. You need to make an appointment but I’ve found them good.

Yes, and you may have to use your super, it is meant for retirement after all

What about trying to find a job? Just saying.

Says he who boasts about owning a stack of gyms and a private zoo! You know nothing about the circumstances of others so shut up!

What an incredibly rude outburst, are you feeling guilty about something?? You should apologise to Reagan after you've read this Robiconda.

Australians have one of the highest life expectancies in the world and forecasts show that’s only going to increase over the next four decades.

To put it into perspective, around 40 years ago, the number of Australians over age 85 was 80,000 and in about another 40 years that number is projected to reach around two million.

While longer life may be welcome news to many, it does raise questions about how people will fund a longer retirement, particularly one that could potentially span 25 years or more.

Longer retirements come at a cost

Increased life expectancy does mean more time to pursue things you’re passionate about, but the catch is, more years in retirement will come with a price tag.

On top of that, research indicates numerous Australians will not have the funds to live comfortably in the years after they’ve finished working, which is why you may need to consider working for longer to boost your retirement savings.

Meanwhile, if you’re pinning your hopes on living off the Age Pension—that’s if you’re eligible for it—keep in mind the government has proposed increasing the eligibility age to 70 by 2035. And, the money you’ll receive from it will reportedly cover less than a modest lifestyle.

The country is already buckling under the cost of welfare.

 

You should shut up too Micha. No one is interested in your cut and paste waffle 

Silly little Missie Google 

Olbaid, will you stop with the rudeness. Soon it will be 2019 and surely the forum deserves to have less of yours and robiconda's rudeness. Thank you.

It is rude for you to continually call me “Robiconda” when my name is “Robi” Micha. You do it to align me to a snake, as most know, so you are hardly one to give lectures about rudeness. 

 

But, you chose that name yourself. Nobody gave you that name. What is your problem?

Image result for robiconda/yourlifechoices

Bicha - my name is not Olbaid.

But Bicha suits your personality perfectly must say

Have a great Christmas olbaid.

Might be a good idea for the mods to remove all rude comments.

Wow Micha, I’m flabbergasted that you have been keeping photo snaps of long ago past comments. Why would anyone do that??? It’s creepy.

You know very well that I changed my name years ago because you and your friends on here kept calling me an anaconda and throwing up snake pictures with your bullying attempts. 

My name is Robi. Please have the decency to call me that.

Wow robiconda, I’m flabbergasted you think anyone in their right mind would keep screen shots of your empty-headed posts old gal. Naaah, it takes a few seconds to find hundreds of posts with members addressing you as “robiconda” on the internet. I did not “align” your name with any “snakes”, it was the members you ran off the forum, that did that, not me. Ask Pete! Btw as the screen shot clearly shows, a year ago, you were using the name “robiconda” and to be precise, you did not “change your name”  silly robiconda, you used a shortened version!  Again I ask, what is your problem?? No one uses a real name on here anyway, call me whatever you like, I don’t care. Moral of this story is: don’t tell lies, Mr Google will always catch you out! Hey lottie(olbaid) stop lurking in the shadows, come and say something stupid. 

I shortened my name well before Gerry died in January 2017. One year written under the avatar means anything up to two years.

I have run nobody off the forum but I know of many who have left because of you, Sophie, Ray, Reagan and Banjo. 

If everything remains on the net unchanged from the past then I guess all of your own record in which you and your friends/relatives continually call me “anaconda” and taunt with pictures of snakes would all be on there too?  So I can throw your quote back at you: “Moral of this story is: don’t tell lies, Mr Google will always catch you out!”

It is pointless communicating with any of you because you are such liars.

FGS get a life, will you!

Thanks Micha for sticking up for me after robiconda's attack on me further up the page. I saw it but decided not to reply, not worth it.

How’s that Bin 707 CabSav going? So you ran out of the home made stuff you and your bro in law made? LOL

 

You have a few more years yet to reach poension eligibility.

In ant case you are currently both living off your investment income, and you both have super , so what's your worry? 

You must be a labor supporter 

You have your investment property and your super to support you till death do you part. Lucky you 

When you reach pension eligibility age you will be forced to use your Super as part of your income. If your assets or income are above the cut off rate for pension eligibility neither of you will receive one.

One point Robi you may have inadvertantly mislead. Once you reach pension age you are not forced to use your superannuation. My wife and I, both aged 75,  live off my super and keep her industry super fund in accumalation phase earning , or at least it was, a better return than any bank investment. I want her to keep it there so if/when I drop off the planet she will have her super income to keep her comfortable. I understand that Centrelink assesses her super as a financial asset but as we do not get an OAP we are not subject to their rules. We made personal mcontributions to top up her super but once she turned 75 that was no longer available to us.

 

 

Eddy, thank you, I didn’t know you could do that. I thought my husband and I both had no choice but to access our super as pension income when we turned 65. Now I’m wondering if we were mislead? We were applying for a part pension at the time so maybe that made the difference?

No Robi, you were mislead. We live off my husbands pension with a small part pension. I’ve left my Super in accumulation phase. It’s not much and counts towards the Asset test but it’s a nest egg for the future 

Thanks Sundays. My husband said he also didn’t know you could do that so I don’t think we were told it was an option. Oh well....what’s done is done.

I believe you can have several rental properties and still receive the OAP as long as the cost such as interest on the loans etc balance out the rental income say to Nil amount ??

8 comments