QUESTION ONE Mrs and Mr Abbott, both aged 67, supply the following information in relation to determining their eligibility for the Age Pension. Their assets include the following: Asset Value House (principal residence) $950,000.00 Savings account $35,000.00 Share portfolio $108,000.00 Term deposit $40,000.00 Car $3 Contents $92,000.00 Jewellery $45,000.00 Managed fund $70,000.00 Funeral bonds $7,500.00 Rental property $280,000.00 Income sources include the following: Income Asset Savings account Share portfolio Term deposit Managed fund Rental property $480.00 $8,700.00 $12,000.00 $4,600.00 $12,000.00 REQUIRED: (a) Assess and calculate the Age Pension entitlement for the Abbott couple under the Assets Test, including Pension Supplement and Energy Supplement. (b) Calculate the Age Pension entitlement for the Abbott couple under the Income Test, including Pension Supplement and Energy Supplement. (c) Under which test would the Abbott couple receive a Centrelink Age Pension? Explain why. (d) Discuss three main retirement issues that the Abbott couple need to consider. QUESTION ONE Mrs and Mr Abbott, both aged 67, supply the following information in relation to determining their eligibility for the Age Pension. Their assets include the following: Asset Value House (principal residence) $950,000.00 Savings account $35,000.00 Share portfolio $108,000.00 Term deposit $40,000.00 Car $3 Contents $92,000.00 Jewellery $45,000.00 Managed fund $70,000.00 Funeral bonds $7,500.00 Rental property $280,000.00 Income sources include the following: Income Asset Savings account Share portfolio Term deposit Managed fund Rental property $480.00 $8,700.00 $12,000.00 $4,600.00 $12,000.00 REQUIRED: (a) Assess and calculate the Age Pension entitlement for the Abbott couple under the Assets Test, including Pension Supplement and Energy Supplement. (b) Calculate the Age Pension entitlement for the Abbott couple under the Income Test, including Pension Supplement and Energy Supplement. (c) Under which test would the Abbott couple receive a Centrelink Age Pension? Explain why. (d) Discuss three main retirement issues that the Abbott couple need to consider