Ursula Boorman

Blog

August 25, 2016

Will there always be an age pension?

With all of the talk about the need to be self-sufficient in retirement it’s not surprising that many people assume that the government-funded age pension will be phased out altogether sometime in the future. But will it? Both sides of politics have committed to retaining the age pension “for those in need”. The age pension is means tested using both an income and an assets test – the test that pays the lowest pension is the one that is used. Conclusion – The age pension will remain, but not for everyone There are two other aspects to the government’s retirement […]
August 18, 2016

Protecting your Will against challenges

Everyone understands the importance of a Will, but how do you ensure your wishes are carried out when you’re no longer around? Who can contest your Will and what are their chances of success? Maud’s four children hadn’t visited in years so she left her fortune to an obscure charity for wayward arachnids. An extreme example, certainly, yet many would argue that Maud’s wish to bequeath her estate to spiders should be respected. Fundamentally, Maud’s situation is common: lonely elderly person, charity, disgruntled family members. Who could challenge Maud’s Will and under what circumstances? Firstly, it’s important to note that […]
August 11, 2016

Loans and encumbrances; a pension minefield

For most people, being debt free in retirement is a priority. Others find the concept of ’good debt’ in retirement less stressful. From an age/service pension perspective the correct structuring of good debt is important to ensure that any entitlement you may receive is not adversely affected. When it comes to the Social Security Act – loans and encumbrances can be complicated and, in some cases, a little illogical. It is very important to understand that the taxation rules relating to debt are not necessarily the same as social security rules. For example; real estate investments can be considered. So […]