E10 Bank of Mum and Dad - some matters to consider

08/11/23 • 10 min

The Bank of Mum and Dad is a hot topic right now as we record this episode - July 2023

We know the media is talking a lot about this topic.

We have received a number of emails with questions from parents who are considering helping their kids, and in some cases their grandkids, financially

In this episode we offer some questions for your consideration

We also offer some possible and potential scenarios to consider as you and your family discuss and decide about the financial arrangements between the generations

Jacqui and Ingrid created Midlife Money Matters podcast to help Australian women understand what it takes to have a comfortable and financially secure retirement.

This is an important topic as affects later life financial security

If you have any questions or comments please email [email protected]

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.

The Bank of Mum and Dad is a hot topic right now as we record this episode - July 2023

We know the media is talking a lot about this topic.

We have received a number of emails with questions from parents who are considering helping their kids, and in some cases their grandkids, financially

In this episode we offer some questions for your consideration

We also offer some possible and potential scenarios to consider as you and your family discuss and decide about the financial arrangements between the generations

Jacqui and Ingrid created Midlife Money Matters podcast to help Australian women understand what it takes to have a comfortable and financially secure retirement.

This is an important topic as affects later life financial security

If you have any questions or comments please email [email protected]

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.

Previous Episode

E9 Accessing Centrelink Benefits in Retirement

Here in Australia the Aged Pension is managed through Centrelink

In this episode we walk through some of the basics when it comes to dealing with Centrelink

A few key points to take from this episode:

Start the process early - don't wait till you reach pension age
Gather all your documents together before you start the application process
Simplify your financial matters and assets - to help with the ongoing reporting obligations
Keep copies of documents you provide as well as copies of the information regarding your financial situation
If your assets change by more than $1000 you are obliged to advise Centrelink within 14 days

Jacqui talks about the different financial assessments which are carried out by Centrelink to determine the level of aged pension you might receive

We talk about the Commonwealth Seniors Health Card - which is different to the pensioner concession card

We talk about financial gifting and how that might impact your pension

This is a pretty dense episode with a lot of information, you may want to listen to it more than once.

So much to think about and prepare

There are thresholds to receiving the aged pension and there will be some listeners who have arranged their financial matters so that they are able to self-fund their retirement years. This is a terrific situation to be in

For those who need it, the aged pension is available

This episode will help you understand what it takes to apply and some tips on how to manage that process to make it easier for you to receive your pension

If you have any questions remember [email protected]

If you know someone who would find these episodes helpful, please share the podcast and we'd love if you are able to leave us a review wherever you listen to your podcasts

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.

Next Episode

E11 What is retirement? What will your retirement look like?

Midlife Money Matters is a podcast about money in retirement and helping you figure out how much money you need to live your best life when you finish working. So, today's topic is important

One of the important considerations is how are you going to spend your time? how will you keep your mind active? Who will be the people you spend time with?

In this episode we don't define retirement, what we offer is a variety of questions to consider and topics for discussion for you and your partner, as well as other members of your family

Your retirement will certainly impact different members of your family in ways they may not expect

As always we encourage you to please email any questions or comments to [email protected]

If you are enjoying the show please share with another woman who might find it helpful and leave us a review wherever you listen to your podcasts

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.