Wilma, 66, was turning Age Pension age three months after her annual review date.

She has always been very independent and likes to do everything herself at home. Unfortunately, just after retiring, she suffered multiple strokes, and whilst thankfully ok, Wilma has lost a lot of self-confidence as a result.

She is also now having to take lots of medication, which, among other things, has become incredibly expensive for her.

As part of her annual review, we discussed in detail her eligibility for the Age Pension.

Wilma was ineligible because of her level of assets, but our projections based on her current situation showed that she was likely to be entitled to start getting an Age Pension in three years.

We discussed the concept of using a lifetime annuity after the recent changes to the means testing and other benefits of the product, such as protection against market and longevity risks that impact all retirees.

We also discussed the available Home Care Packages, and although Wilma was reluctant to start, she agreed to see her doctor to help initiate the application process.

Wilma adopted all our recommendations, including purchasing a lifetime annuity as part of her retirement strategy.

As a result, she received her first Age Pension payment straight after turning 67.

In speaking to Wilma since, she appreciates the level of certainty that a lifetime annuity provides, and she has also noticed the difference in her spending now that she has the pensioner concession card.

Wilma also met with her doctor and eventually got her Level 1 home care package approved. She feels that accepting help isn’t anywhere near as bad as she thought it was going to be.