Jim is single, aged 67, has just retired and wants financial planning guidance. His assets are listed

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Jim is single, aged 67, has just retired and wants financial planning guidance. His assets are listed as follows:

Required:

1. Explain Jim's options for Centrelink and calculate level of entitlements.

2. Assess affordability of retirement based on spending needs of $40,000 net per annum, and investment objective: inflation +2%, where inflation 3% per annum.

3. Explain the potential future aged care living options for Jim.

Related Book For answer-question

Personal Financial Planning

ISBN: 978-1305636613

14th edition

Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk

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Posted Date: Jun 22, 2023 01:51 AM

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Jim is single, aged 67, has just retired and wants financial planning guidance. His assets are listed

Question:

Asset Family home Furniture Bank savings account Aware superannuation Current Value $820,000 $32,000 $12,000 $420,000 Asset Family home Furniture Bank savings account Aware superannuation Current Value $820,000 $32,000 $12,000 $420,000

Expert Answer:

1 Jims Options for Centrelink and Calculation of Entitlements Jim being retired may be eligible for certain benefits and entitlements through Centrelink in Australia The specific entitlements Jim may ... View the full answer

Personal Financial Planning

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