If you are receiving a pension, a large sum of money can affect your eligibility and the amount you receive. The Australian pension system is means-tested, which takes into account your income and assets.
Please consult a financial advisor or Centrelink to understand how your unexpected earnings could impact your pension and explore strategies to minimize any negative impact.
By taking a measured approach, using safe investment options such as term deposits, seeking professional advice and considering your overall financial situation, you can make the most of this fortunate event.
Proper planning will ensure that your windfall improves your financial well-being and helps you achieve your long-term goals.
