Q. I am 62 years old and employed full-time. I have just received an inheritance but intend to divide it between my four nephews and two sons. But I am looking at retirement in the next couple of years, and the cash component of the inheritance I give them will definitely be over the $30,000-over-five-years limit that’s set by Centrelink for gifting. How will this impact my super or Age Pension?

A. The gifting provisions for pension purposes allow gifts of $10,000 a year, with a maximum of $30,000 to be gifted over five years. For a person born after January 1, 1957, the pensionable age is 67, so based on the information given regarding your current age, you will have to wait five years before becoming eligible for the Age Pension. Therefore, if you give the whole lot of the money away now, it should cease to be counted for Centrelink purposes in five years – theoretically in time for you to apply for the pension without impact.

Q. I am 63 and was wondering: if I spend most of my superannuation, will I still qualify for the Age Pension at 67 years of age?

A. Provided you spend the money on things such as travel and renovations to the home, or even changing houses, it will not be taken into account by Centrelink. However, if you give money away or make loans, that may be an issue. So, make sure you take expert advice before any action!