Early planning can take away a lot of the stress and uncertainty that can arise when considering aged care at home or a residential aged care facility, for yourself or perhaps for your parents / grand-parents.
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People aged 65 or over may be eligible to make additional super contributions of up to $300,000 per person from the proceeds of the sale of their home from 1 July 2018. These are known as ‘downsizer contributions’ and they can be made on top of the existing contribution caps, without having to meet certain contribution rules and restrictions.
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The Government announced measures in the Federal Budget that are aimed at assisting age pension recipients to increase their fortnightly income without affecting their pensions and to encourage retirees to consider the use of lifetime retirement income products.[…]