Q: I retired at 66 due to ill health. I am single with no children to worry about. I have converted my industry superannuation to an income stream with a current balance of around $270,000. I own two properties: a city home I’ve lived in for more than 10 years worth about $700,000 and a country property I lived in for seven years and rented out after I moved to the city to work. This house is worth $375,000-$450,000, and I realise I will have to pay some capital gains tax if I sell it. There is no longer a tenant, and I am improving the house for possible sale, although I am not sure which to keep and which to sell. My concern is eligibility for a government age pension when I turn 67. Are my assets too much and how can I rearrange things? My income stream is draining fast as this is my only capital and income, apart from about $250 per week in a UK State pension. Diana
A: Like many Australians approaching or entering retirement, a major challenge you face if you wish to consider your eligibility for the government age pension is calculating the value of your savings and assets.
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