Thread: Grey nomad stingy money saving habits

Buy a Lathe & Milling machine . Make your own LandRover parts you will save a fortune. Mine has paid for itself many times over.

[QUOTE=DiscoMick;2952328They are supposed to approve which ever assessment gives the best results for you [/QUOTE]

That is not true - you need to pass both the Income Test and the Assets test - also noting that if you have assets earning income this counts as income and even if these assets are not earning income the deeming rate applies.

Garry

Yes, the limits have to be passed, but they say they pay which ever method gives the best result for the person.

Originally Posted by DiscoMick

Yes, the limits have to be passed, but they say they pay which ever method gives the best result for the person.

Unless the rules have changed since I worked there, the policy was that the method, either income or assets, that gave the lower rate is what was used. If your assets are assessed as under the threshold then the income test applies. If your income is sufficient to preclude payment of a pension then you may request assessment under the assets test. In my times as a complex assessor little regard was given to someone with this level of income. Remember, the government's policy has always been that the Commonwealth is the payer of last resort. Citizens are expected to support themselves using their own resources before asking for government payments. If you can find it somewhere the preamble to the original legislation creating the Age Pension states that the pension was to assist people who through misfortune or incapacity were unable to fully provide for themselves in old age. Note the use of the word "fully" showing clearly that parliament expected the citizenry to make some provision for themselves.

This still holds for Sickness Allowance which is paid to people who are employed and totally unable to work because if illness or incapacity of a temporary nature. The applicant must have used ALL their leave entitlements before being paid Sickness Allowance.

Originally Posted by 101RRS

Yeah why didn't you plan for your retirement so that my tax dollars dont have to pay for your pension.

I planned for my retirement and am not sure it was a good idea - been retired for 11 years and not got one $ from the government. Only get about the same as the pension but none of the benefits and have to pay tax (probably now paying your pension) because I planned ahead.

I should have ****ed it all against the wall and got the pension and overall would be in about the same economic position.

We will be the same,planned ahead,worked our arses off,went without,didn't **** it all against the wall(just some of it),took some big risks,inherited nothing,and will get absolutely nothing from the government,but will continue to help pay for everyone else.

Oh well,such is life...

Every case is different. I'm not posting personal details.
All I'm going to say is you have to get good advice, plan well ahead, particularly in relation to superannuation and assets, upload the right information and study the rules. If you're not happy with the results, revise your planning and ask for a review.
I had nil experience with Centrelink as I've worked full time for 46 years and had no dealings with them.
We did all that and still didn't get as much as I had hoped, but the process was fair. I must also say the Centrelink staff I have dealt with have been excellent.

What Mick said & but in our case we took Super out quite late & that, plus an excellent Financial Planner (GOD) sorted out the rest. We both get a small fortnightly part pension, Bus pass (not that we ever use them) & rebates on certain other Govt charges, (Emergency Services Levy, Council Rates & a couple of other things, had some spare cash from the sale of our old home which went into a couple of small investments & the FP looks after all changes & form filling & calls at our home 6 monthly to keep us up to date with things. although it may be the good coffee & Muffins that entices him.

But really, one has to plan early especially with Super.

Originally Posted by Ancient Mariner

Sell your mirrors as most who drive at 80 k don't use them

AM

And don’t forget, when you get to any straight “passing” stretch of road, or specific “passing lanes”, speed up to **** off everyone behind you that’s been held up for the last ten or so clicks.