FinanceNZ HeraldHow a relationship with a big age gap can affect your financial decisions
Age-gap couples in New Zealand face serious financial risks around aged care costs, as both partners' assets are assessed together even if kept legally separate.
Let’s talk age-gap relationships. Personally I’ve always thought a 15- or 20-year age gap means when you’re in your retirement prime, ready to travel and...
A financial and legal explainer warns that age-gap couples face unique risks when one partner needs residential care, because assets are pooled for subsidy purposes.
Lawyer Kerry Reed notes that MSD treats spouses as one economic unit, so even separately held or inherited assets can be counted when assessing care subsidy eligibility.
Couples of any age gap are urged to set up enduring powers of attorney and a solid will now, before a health crisis forces rushed and costly decisions.
New Zealand's Residential Care Subsidy asset threshold is $164,731 excluding the home and car, and MSD can count both partners' assets regardless of any contracting-out agreement.
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