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IND USTRY EXPERTS PENSION HELP
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Finding the work, pension balance
Who gets your super when you die?
Just because you work, doesn’t mean you automatically fail to qualify for a part age pension. As always, it is all about the numbers. It seems there are a lot of older Australians who have chosen to continue to work beyond age pension qualifying age. While retirement is not for everyone, I am also seeing potential retirees needing to delay their retirement after the financial and economic challenges of the last 10-15 years. My partner also is above age pension qualifying age and chooses (or not, as I hand out the jobs) to continue to work. Sometimes the inquiry is about work-pension balance and finding that sweet point or the combination of working to supplement your income and receiving a part age pension. If you are over the age to qualify for a pension and your income (including investment income) is below $82,243.20 as a couple or $53,731.60 as a single person, then you may qualify for a part age pension. Contact CAPA Services if you would like to discuss your age pension eligibility.
People are becoming increasingly aware of the importance of a Binding Death Benefit Nomination (BDBN) to dictate who receives their superannuation on death. Your superannuation is not an asset of your estate. The Trustee of your superannuation fund will determine how benefits are paid on your death – unless you have prepared a BDBN to override any discretion of the Trustee. Recently, the Queensland Supreme Court had to consider the ability for an Attorney (under an Enduring Power of Attorney) to prepare a new BDBN where the member had lost their mental capacity. The Court examined: 1. the superannuation fund’s Trust Deed; and 2. whether there was any specific authority allowing the Attorney to take steps with respect to a BDBN. The Court found that the Attorney was authorised to prepare a BDBN for the incapacitated member. It is important that you regularly review and update your estate planning and consider whether your Enduring Power of Attorney should enable your Attorney to make a BDBN to ensure that your best laid plans are not disrupted.
TREND GROWS TO BETTER INTEGRATE AGEING LIFESTYLES SLOWER growth in Australia’s population will boost the size of ageing communities but emerging housing and planning solutions will better integrate older Australians into our cities, according to a leading urban planner. Craig Christensen, Queensland principal at Hatch RobertsDay, an awardwinning urban planning and design practice, said Australia’s immigration shutdown in recent months would result in 1.1 million fewer people by 2031 than previously forecast, which would see a larger proportion of older Australians. But, he said, it was encouraging to see living for over 55s rapidly evolving to enable older Australians to live in smaller dwellings while enjoying more integrated and independent lives, through accessible and inclusive housing, amenities, infrastructure and support. “Over 55s living has evolved to the point that it has become an attractive model for Australia’s population overall,” he said. “There is a nexus between the housing needs of an individual working from home and those looking to scale back their careers.” Mr Christensen said it was as much about housing as to how neighbourhoods were designed. “Maintaining a house is expensive and demanding,” he said. He listed seven living trends that will help the ageing population integrate independently into their communities: 1. Mixed-use developments and apartment buildings. Integrating over-55s housing more closely with the rest of the community will help older Australians avoid isolation and loneliness and be independent longer. An emerging trend is the incorporation of over-55s and aged-care living in major mixed-use masterplanned communities. The new Ripley Town Centre (pictured) south-west of Brisbane is designed to include residential lots, retail space, underground train station, hospitality venues, community spaces, hospital, senior living and aged care. 2. Multigenerational housing. One in five Australians live in a multigenerational household. “Expect to see a growing trend whereby grandparents move into a granny flat or tiny house on their property – or a self-contained floor of the main house – while kids move into the main house with their families.”
NARELLE COOPER DIRECTOR CAPA SERVICES CENTRE FOR AGE PENSION ADMIN SERVICES 07 5354 0144 OR 1300 043 197 ADMIN@CAPASERVICES.COM.AU
Sunshine Coast
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TRENT WAKERLEY PARTNER, KRUGER LAW LEVEL 4, OCEAN CENTRAL, OCEAN STREET, MAROOCHYDORE 5443 9600, KRUGERLAW.COM.AU
3. Universal housing design. Building more “livable” housing with the inclusion of more accessible doorways and stairs, grab rails and step-free entrances could reduce the need for care and promote greater independence. If 20 per cent of new homes in Australia included
universal housing design, the Australian health system could save up to $54 million a year. Mr Christensen predicts that we will see better residential designs that meet the needs of people during all life stages, but which particularly helps the older population “age in place”. 4. Aged living above shopping centres or in CBDs. Mobility is an important part of over-55s living, as it helps live independently while integrating with the local community. “We expect to see a trend for retirement units being built above shopping centres, giving residents community access while ensuring shops remain busy during off-peak times. “We will also see over-55s living in CBD and central areas, allowing residents to be within easy walking distance of theatres, shopping precincts, restaurants, and health facilities.” 5. The rise of urban gardens. Expect to see further growth in the number of urban community gardens. These are mentally and physically beneficial for older residents who live in garden-free housing. 6. Age-friendly precincts. Mr Christensen predicts a growth in age-agnostic infrastructure, amenities and services in local communities. Some examples are public transport that is more accessible, widespread street furniture for pausing and resting and public facilities (especially toilets), parklets and piazzas, and level, shaded and wider footpaths, which can encourage older Australians to feel safe in their community. 7. Age-friendly businesses. While many town and neighbourhood centres are seeing revitalisation, the abundance of youth-focused retail and entertainment is missing the opportunity to serve one of our biggest markets, older Australians. For example, we can encourage food and beverage venues to undertake fit-outs that reduce reflected noise and provide comfortable seating, or entertainment venues that are accessible, themed and programmed for older tastes. Visit robertsday.com.au March 2021 / YOUR TIME MAGAZINE 31
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