Lantern Financial Group

Merry Christmas and a Happy New Year.

📢 Exciting News for Youth, Students, and Carers! 📢 Starting January 1, 2025, over one million Australians will see an increase in their support payments thanks to the latest round of indexation! 🎉 Here are some key highlights: • Youth Allowance: Single recipients with dependent children will see an increase of $30.60, bringing the maximum rate to $845.80 per fortnight. • Austudy: Payments for single or partnered recipients with no dependent children will rise to $670.30 per fortnight. • Carer Allowance: Over 600,000 carers will receive an increase of $5.80, making the new rate $159.30 per fortnight. • ABSTUDY Living Allowance: For Masters and Doctorate students, the maximum rate will increase to $1,285.40 per fortnight. • Parental Income Test Threshold: For Youth Allowance, this will increase to $65,189 a year. These changes are part of the Albanese Labor Government's commitment to helping Australians manage cost of living pressures and ensuring a strong social security safety net. 💪 For more details, check out the full announcement here. https://lnkd.in/gSuzJ3h8 #YouthAllowance #Austudy #CarerAllowance #ABSTUDY #SocialSecurity #CostOfLiving 

📢 Exciting News for Youth, Students, and Carers! 📢 Starting January 1, 2025, over one million Australians will see an increase in their support payments thanks to the latest round of indexation! 🎉 Here are some key highlights: • Youth Allowance: Single recipients with dependent children will see an increase of $30.60, bringing the maximum rate to $845.80 per fortnight. • Austudy: Payments for single or partnered recipients with no dependent children will rise to $670.30 per fortnight. • Carer Allowance: Over 600,000 carers will receive an increase of $5.80, making the new rate $159.30 per fortnight. • ABSTUDY Living Allowance: For Masters and Doctorate students, the maximum rate will increase to $1,285.40 per fortnight. • Parental Income Test Threshold: For Youth Allowance, this will increase to $65,189 a year. These changes are part of the Albanese Labor Government's commitment to helping Australians manage cost of living pressures and ensuring a strong social security safety net. 💪 For more details, check out the full announcement here. https://lnkd.in/gSuzJ3h8 #YouthAllowance #Austudy #CarerAllowance #ABSTUDY #SocialSecurity #CostOfLiving 

⚠️ Big Powerball Draw Tomorrow? Think Financially Smart! ⚠️ With $100 million on the line, excitement is sky-high—but a win this big needs serious planning. 💸 Whether you're hoping to hit the jackpot or just dreaming, it's essential to know how to manage life-changing amounts. A good financial advisor can help you: ✅ Protect your winnings 🛡️ ✅ Invest wisely 📈 ✅ Plan for the long-term 🌱 Get the right advice before making big decisions! Read more here: https://lnkd.in/gyBsZsHg #Powerball #FinancialPlanning #DreamBigPlanSmart

📢 Aged Care Reform: Comprehensive Overview of the Aged Care Bill 2024 Today, the Aged Care Bill 2024 passed Parliament, bringing transformative changes to Australia's aged care sector. These reforms aim to enhance service quality, provider accountability, and affordability, with most changes effective from July 1, 2025. 🏠 Residential Aged Care Reforms 1. Accommodation Changes: • Retention of RAD Payments: Providers will retain 2% per year of a resident’s Refundable Accommodation Deposit (RAD) or RAC for up to 5 years. • Indexed Daily Accommodation Payments (DAPs): DAPs will be adjusted twice annually to reflect cost changes. • Increased Accommodation Pricing: The maximum price that providers can charge without government approval increases from $550,000 to $750,000 (effective January 2025). 2. Fee Updates: • Hotelling Contribution: A new means-tested fee of up to $12.55 per day will apply. • Non-Clinical Care Contribution (NCCC): Replaces the current means-tested care fee. NCCC can be up to $101.16 per day, with a lifetime cap of $130,000 or a maximum of 4 years. 🏡 Home Care Reforms 1. New Classification System: • 8 Care Levels: Replaces the current 4-tier system with 8 classifications, providing more personalized and specific care options. • Short-Term Options: Two new classifications for restorative and end-of-life care will also be introduced. 2. Fee Structure Changes: • Means-Tested Contributions: Clients will contribute a set percentage of service costs, determined by the service type (clinical, independence support, or everyday living) and the client’s financial status (pension eligibility). Broader Impacts: • Consumer Rights: The new legislation enshrines the rights of older Australians, improving care standards, transparency, and access. • Provider Accountability: Stricter financial and service accountability ensures public funds directly support care quality, not administrative overhead. For full details, visit: My Aged Care.

💡 The Power of Long-Term Investing💡 What if I told you that investing just $5 a day could shape your future? 🤯 Here's a quick comparison: - Investing $5 a day for 1 year at an 8% return: 💸 You’ll have around $1,825. A solid start! - Investing $5 a day for 40 years at that same 8%: 💰 You’ll have a whopping $534,000+. Yes, you read that right! Starting early makes a HUGE difference. ⏳ By consistently putting away a small amount, you can set yourself up for a comfortable retirement. 🎯 But if you haven’t started yet, it’s not too late! The best time to invest is always now. Start small, but start today. Let’s secure your financial future together. Reach out if you have questions or need guidance! 📈💼 #InvestSmart #LongTermWealth #FinancialFreedom #StartToday

🌍 World Mental Health Day 🌍 At Lantern Financial Group, we believe that mental health is just as important as financial health. Today, on World Mental Health Day, we want to remind everyone that taking care of your mind is crucial for overall well-being. 💡 Did you know? Financial stress is one of the leading causes of anxiety and depression. Managing your finances effectively can significantly improve your mental health. Here are a few tips to help you maintain both financial and mental wellness: Create a Budget: Knowing where your money goes can reduce stress and help you feel more in control. Build an Emergency Fund: Having a safety net can provide peace of mind and reduce anxiety about unexpected expenses. Seek Professional Advice: Sometimes, talking to a financial adviser can help you navigate complex financial situations and relieve stress. Remember, it’s okay to ask for help—whether it’s from a mental health professional or a financial adviser. Let’s work together to create a balanced and healthy life. #WorldMentalHealthDay #FinancialWellness #MentalHealthMatters #LanternFinancialGroup

💡 Aged Pension Card (PCC) vs. Investing: Which Is Better for Your Future? 💡 As you approach retirement, you might be wondering whether it's smarter to spend or gift your savings to qualify for the Aged Pension Card (Pensioner Concession Card - PCC). While the PCC offers valuable savings, is that the most beneficial financial move? 🤔 Let’s break it down: The PCC can save you up to $2,042 per year, based on a NSW resident, with benefits including: 💧 Water: Up to $604 (Sydney Water) 🔌 Energy: Up to $350 🚗 Car Registration: Up to $438 (Large car renewal) 🏠 Council Rates: Up to $250 🚦 License Renewal: Up to $220 (based on 5-year renewal fee) However, if you have $50,000 invested at a 5% annual return, you would earn $2,500 in interest 💰—that’s $458 more than the total value of the PCC savings, and you retain your savings for future use! 🌱 Why keeping your money invested might be a smarter move than gifting or unnecessary spending: ✅ Your money continues to grow and generate income year after year. ✅ You have access to your funds for emergencies or new opportunities. ✅ You avoid having to reduce your wealth just to meet the asset limits for the PCC. While the Aged Pension Card offers important savings, maintaining your investments could give you more financial freedom, flexibility, and long-term security. 👉 Need guidance on making the right decision for your future? Contact Lantern Financial Group today! We’ll help you navigate the best approach to balancing pension concessions and investments. 💼 Sources: - NSW Government Concession Schemes - Sydney Water - Centrelink Concession Cards - Example based on a 5% return on investment #AgedPensionCard #PCC #InvestSmart #LanternFinancialGroup #RetirementPlanning #FinancialPlanning #KeepYourMoneyGrowing

📢 Exciting News for Income Support recipients! ✨ Starting September 20, 2024, over 5 million Australians will get a boost in their income support payments! 🙌 Here’s a quick rundown: 🔹 Age Pension: - Singles: +$28.10/fortnight - Couples: +$42.40/fortnight (combined) 🔹 Disability Support Pension & Carer Payment: - Singles: $1144.40/fortnight - Couples: $862.60/member/fortnight 🔹 Commonwealth Rent Assistance: - Singles: +$23/fortnight - Families (1-2 kids): +$27.02/fortnight For JobSeeker Payment: 🔸 Singles: +$15.30, totalling $786.80/fortnight 🔸 Those with partial work capacity: $849.50/fortnight Parenting Payment Single: +$19.80, totalling $1026.30/fortnight For the full details, check out the updated rates list below. https://lnkd.in/gN_NCaAJ. #CostOfLiving #SupportBoost #FinancialRelief #financialplanning