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Pension and government assistance considerations
Costs and contracts

Pension and government assistance considerations

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Pension and government assistance considerations

Moving into a retirement village can take a lot of financial planning, so it's vital to understand the impact this may have on any government supports you may be entitled to. Many retirees will want to know how an Age Pension, carer payment, or disability pension might be affected by a move into a retirement village.

You should carefully review the terms and conditions of your retirement village contract with an independent financial advisor. Understanding the details of entry and exit fees, ongoing service fees, and how these financial arrangements might impact government support payments is crucial for effective financial planning.

How the Age Pension can be impacted by a move into a retirement village

Some people who receive the Age Pension might see their payments impacted when making the move into a retirement village. This is because retirement village properties can sometimes be considered a homeowner asset.

Your eligibility for income support is means-tested. This asset test determines whether you're eligible to receive support like the Age Pension, Disability Support Pension, Carer Payment, Rent Assistance or other supports.

The rules for determining your entitlements depend on how much you pay as an entry contribution into the village, and whether this will class you as either a homeowner or a non-homeowner. If you pay more than the extra allowable amount as your entry contribution, you will be classified as a homeowner.

The asset threshold for homeowners will determine when your payments will be reduced. This limit depends on your income situation.

See Services Australia for up-to-date information on the asset threshold here: Assets test for Age Pension.

When your assets reach more than the threshold for your situation, your pension may start to reduce.

If your entry fee is equal to or less than the extra allowable amount, you would be considered a non-homeowner and your income support entitlements may not be impacted.

Government assistance for retirement village fees

Ongoing village fees can often be a worry for retirees, but if you’re assessed as a non-homeowner by Centrelink, you may be able to get Rent Assistance. The level of assistance you receive is based on ongoing fees in the retirement village and your personal financial situation.

You will usually only be considered for government Rent Assistance if your retirement village contract is a leasehold or licence. You must also be receiving the Age Pension to be able to get Rent Assistance.

If the property value is below a certain threshold and you receive the Age Pension, you may be eligible for rent assistance to help cover the monthly service fees. Find out more about rent assistance and retirement villages on the Services Australia webpage: Rent Assistance: Special rules for people living in a retirement village.

Depending on your circumstances you might also be able to get additional support, including Disability Support or a Carers’ Allowance.

Ultimately, understanding how a move into a retirement village impacts any government supports is a vital aspect of financial planning. Each person’s situation is unique, and seeking personalised advice from an independent financial advisor will help you make an informed decision that aligns with your individual financial goals and circumstances.

Getting help from Services Australia

It’s a good idea to contact Services Australia (Centrelink, Australian Tax Office) to set up a meeting with its Financial Information Service (FIS). The FIS Officers can help you learn more about how any government payments, such as the Age Pension or Rent Assistance, can be impacted by a move into a retirement community.

You can phone Services Australia on 13 23 00 and say “Financial Information Service” when asked why you’re calling.

It’s important to consult with an independent financial advisor as well, to discuss the implications of retirement living on your broader financial position. They will be able to spend time reviewing your circumstances and calculate any impacts.

The information provided is current as at April 2024 and is subject to change. It is general in nature and is not personalised for your unique needs, objectives or financial situation. Aveo encourages you to seek independent legal and financial advice about your particular circumstances before moving to an Aveo retirement village.

Moving into a retirement village can take a lot of financial planning, so it's vital to understand the impact this may have on any government supports you may be entitled to. Many retirees will want to know how an Age Pension, carer payment, or disability pension might be affected by a move into a retirement village.

You should carefully review the terms and conditions of your retirement village contract with an independent financial advisor. Understanding the details of entry and exit fees, ongoing service fees, and how these financial arrangements might impact government support payments is crucial for effective financial planning.

How the Age Pension can be impacted by a move into a retirement village

Some people who receive the Age Pension might see their payments impacted when making the move into a retirement village. This is because retirement village properties can sometimes be considered a homeowner asset.

Your eligibility for income support is means-tested. This asset test determines whether you're eligible to receive support like the Age Pension, Disability Support Pension, Carer Payment, Rent Assistance or other supports.

The rules for determining your entitlements depend on how much you pay as an entry contribution into the village, and whether this will class you as either a homeowner or a non-homeowner. If you pay more than the extra allowable amount as your entry contribution, you will be classified as a homeowner.

The asset threshold for homeowners will determine when your payments will be reduced. This limit depends on your income situation.

See Services Australia for up-to-date information on the asset threshold here: Assets test for Age Pension.

When your assets reach more than the threshold for your situation, your pension may start to reduce.

If your entry fee is equal to or less than the extra allowable amount, you would be considered a non-homeowner and your income support entitlements may not be impacted.

Government assistance for retirement village fees

Ongoing village fees can often be a worry for retirees, but if you’re assessed as a non-homeowner by Centrelink, you may be able to get Rent Assistance. The level of assistance you receive is based on ongoing fees in the retirement village and your personal financial situation.

You will usually only be considered for government Rent Assistance if your retirement village contract is a leasehold or licence. You must also be receiving the Age Pension to be able to get Rent Assistance.

If the property value is below a certain threshold and you receive the Age Pension, you may be eligible for rent assistance to help cover the monthly service fees. Find out more about rent assistance and retirement villages on the Services Australia webpage: Rent Assistance: Special rules for people living in a retirement village.

Depending on your circumstances you might also be able to get additional support, including Disability Support or a Carers’ Allowance.

Ultimately, understanding how a move into a retirement village impacts any government supports is a vital aspect of financial planning. Each person’s situation is unique, and seeking personalised advice from an independent financial advisor will help you make an informed decision that aligns with your individual financial goals and circumstances.

Getting help from Services Australia

It’s a good idea to contact Services Australia (Centrelink, Australian Tax Office) to set up a meeting with its Financial Information Service (FIS). The FIS Officers can help you learn more about how any government payments, such as the Age Pension or Rent Assistance, can be impacted by a move into a retirement community.

You can phone Services Australia on 13 23 00 and say “Financial Information Service” when asked why you’re calling.

It’s important to consult with an independent financial advisor as well, to discuss the implications of retirement living on your broader financial position. They will be able to spend time reviewing your circumstances and calculate any impacts.

The information provided is current as at April 2024 and is subject to change. It is general in nature and is not personalised for your unique needs, objectives or financial situation. Aveo encourages you to seek independent legal and financial advice about your particular circumstances before moving to an Aveo retirement village.

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