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Mcbains to maximise their pension entitlement

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Reference no: EM133272765

Julie and Kevin McBain, both aged 68 years, have recently retired. In considering their retirement plan, the McBains have decided to do an audit of their current financial situation. On 1 July 2021, they both purchased lifetime annuities for $60,000 each. These provide a $6,000 pension each per annum. In addition, they held the following assets as of 1 July 2021:

Home $1,750,000

Mortgage on home $300,000

Prepaid funeral $50,000

Term deposit at 2% $30,000

Managed Fund $20,000

Direct shares $50,000

Rental Property $500,000

Motor Vehicles $40,000

Antiques $50,000

Jewelry $45,000

On 1 August 2021, the McBains decided to give $100,000 to their children (ie, $50,000 to each of the two children) to help them with the purchase of their first homes. Kevin has decided to take a part-time job with his local art dealer and expects to earn $100 per week.

The McBains have come to see you for advice on 3 August 2021.

Question

Are there any other strategies that you can suggest to assist the McBains to maximise their pension entitlement and whether there are any risks in his using these strategies?

Reference no: EM133272765

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