Exempt Asset Limit remains unchanged at $13,500

From 1 July 2021 the Funeral Bond exempt asset limit remained at $13,500. Funeral Bond holders can have up to $13,500 of contributions in a Funeral Bond and the whole balance is exempt from the Age Pension asset and income tests. Conditions do apply, so contact KeyInvest or Centrelink for more information.

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Exempt Asset Limit increased to $13,500

From 1 July 2020 the Funeral Bond exempt asset limit has been increased from $13,250 to $13,500. Funeral Bond holders can now have up to $13,500 of contributions in a Funeral Bond and the whole balance is exempt from the Age Pension asset and income tests.

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Rush on KeyInvest Funeral Bonds

The pending changes to the age pension asset test that will leave hundreds of thousands worse off has prompted a rush on products such as funeral bonds and other asset exempt options as older Australians look to cushion the blow.

That’s the word from Andrew Meinel, General Manager of Financial Services at KeyInvest, who said the changes – along with financial advisors recommending funeral bonds as an effective safeguard – have seen a 25 per cent growth in this area over the past few months.

And, he predicts, the clamour will increase as the change date of 1 January 2017 nears.

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Rethinking client strategies

Legislative changes will mean that advisers need to re-assess the way they structure a client’s retirement portfolio. Advisers need the back up of more dynamic strategy support to stay ahead of the changes. Investors are expected to look beyond super to fund their retirement and this will affect the strategies that advisers utilise for their clients to deliver a customised solution based on the more complex and specific situation of their clients.

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