Elements and Performance Criteria
- Identify trends and issues relating to retirement and retirees
- Research key financial issues and risks in retirement
- Identify the key financial risks for people in retirement
- Analyse the implications of adverse financial circumstances that can impact on an individual approaching retirement
- Review a range of post-retirement product types and their relationship to managing financial risk
- Analyse regulatory requirements relating to the provision of financial advice
- Identify sources of general information and guidance relating to financial issues and risks in retirement to provide to clients
- Outline the role and key features of the social security system impacting on retirees
- Research current information on aged benefits, payments and services and advise clients to contact Centrelink to gauge their eligibility’
- Describe how account based and non-account based income streams and annuities operate within superannuation and other private income streams
- Describe the relationships and links between government aged pension and superannuation and other private income streams
- Describe the impacts government benefits can have on an individual’s income in retirement
- Provide general information on aged care options and issues to clients
- Provide information and outline the significance of estate planning to clients
- Explain the nature and purpose of an estate plan to clients
- Outline general information on tax issues and consequences for dependants of retirement income stream products including lump sum payments and reversionary pensions to beneficiaries
- Outline the legal requirements and issues relating to wills, powers of attorney, trusts and other estate planning matters to clients
- Explain general estate planning and death benefit options using language and terminology that the client can understand