Hi everyone,
I am writing in relation to my mother who is a retiree and receives the age pension. She is 73 years old and a single pensioner. She has one son, me.
She owns her own home, and 5 years ago she sold her investment property and put the proceeds into a managed fund. The fund actually went down 30% in the first 2 years due to the share market correction, but the last few years has absolutely boomed.
The outcome is a great result for her since she has made a lot of money.
The "downside" she perceives (since she is used to receiving the pension all her retired life) is that she has lost most of her age pension entitlements.
Her question is, is there any way she can have a large sum investment and still keep the majority of her age pension?? (or is there a particular financial structuring she can do to make this possible, and also to decrease the amount of tax she has to pay?)
(she has been told to find a good financial advisor, so anybody that knows one in eastern suburbs of Melbourne, perhaps specialising in retiree income, please feel free to give their details)
Thanks all for your help, very much appreciated.
I am writing in relation to my mother who is a retiree and receives the age pension. She is 73 years old and a single pensioner. She has one son, me.
She owns her own home, and 5 years ago she sold her investment property and put the proceeds into a managed fund. The fund actually went down 30% in the first 2 years due to the share market correction, but the last few years has absolutely boomed.
The outcome is a great result for her since she has made a lot of money.
The "downside" she perceives (since she is used to receiving the pension all her retired life) is that she has lost most of her age pension entitlements.
Her question is, is there any way she can have a large sum investment and still keep the majority of her age pension?? (or is there a particular financial structuring she can do to make this possible, and also to decrease the amount of tax she has to pay?)
(she has been told to find a good financial advisor, so anybody that knows one in eastern suburbs of Melbourne, perhaps specialising in retiree income, please feel free to give their details)
Thanks all for your help, very much appreciated.