An elderly Boomer couple has made waves online after a family member sought advice on their behalf asking how to keep their Social Security benefits despite having nearly $900,000 in bank shares in a stock portfolio.
The Australian couple in their 90s were concerned not only about losing their retirement benefits, but also associated benefits, such as the Pensioner Concession Card, and lower healthcare costs.
“With the market rising so much, they are afraid they will lose their pensions and benefits,” the family member asked financial expert Noel Whittaker about his statement. weekly financial column.
‘Is there anything they can do so they don’t lose their pension?
In his response, Whittaker said the couple was close to the $1.045 million threshold that would cut them off from a pension.
He suggested that the couple have their furniture appraised at garage sale prices instead of replacement prices, and that they get rid of assets by “paying for their funerals in advance, renovating their home or making a $10,000 gift.”
“If they were to give a larger sum of money to the children now, their pension would not be reduced because it would be held as a subordinated asset for five years but would not increase in value,” Whittaker wrote.
While the couple may be able to stay below the threshold, a number of Aussies became outraged after the column was shared on social media.
An older Boomer couple has infuriated Australians after they tried to find a way to keep their part-age pension despite having $890,000 worth of bank shares in a stock portfolio (stock image)
‘Why are 90-year-old millionaires afraid they will lose benefits?’ one questioned about X.
Aussies have lambasted the couple for trying to continue to benefit from government benefits as millions of people struggle to make ends meet during a cost-of-living crisis.
“The Boomers talk about the millennials being ‘entitled’ but who feels entitled in this situation,” one person wrote.
Another fumed: “It’s such a justified and strangely skewed position.
“Why do they want the government to benefit instead of supporting themselves?
‘They want to do everything they can to stay on the government teat’
One Australian congratulated the couple on having such a healthy retirement stash, but couldn’t understand “why their first thought isn’t just ‘wow, we have so much money’.”
Another commented: ‘They can always dig their heels in and spend it, wow, what a problem.
The family member asked how their elderly parents can stay below the $1.045 million threshold, which would cut them off from retirement and benefits like lower health care costs (stock image)
The column also caused outrage among people on benefits.
‘I’m going to work and earn money. How can I do that and still keep my Centrelink payments? Let me know,” someone asked.
But not everyone joined the wave of resistance.
Some pointed out that the couple’s portfolio was smaller than when they retired later, when health care and retirement home costs become a bigger problem.
One pointed out that it was common for Aussies to pay more than $500,000 for a bond placed in a nursing home, and that could be “why they’re concerned.”
“Who knows if you will have to go to a nursing home soon,” they wrote.
‘If they don’t have a pension and are completely self-funded, they’re looking at a huge amount of money to get into a house and an extra amount of money to pay per week.’
Another added that their mother had to pay $660,000 to go to a nursing home, on top of $1,600 a week and $140 if she had to go out for an appointment.
Others wondered if the adult child was simply “afraid that their parents would have to spend their hesitation.”
“It sounds like it’s the kids who are worried about having to spend their inheritance,” one user added.