How to protect your financial wellbeing

As we get older, we become more aware of our finite financial resources and managing our money becomes a priority. Below, we cover some of the reasons why you might need the help of a Financial Information Consultant. 

Unfortunately, older Australians are often targeted by scammers and misled by inaccurate financial information. It’s essential to stay vigilant, avoid scams, and seek trustworthy advice to protect our hard-earned money. 

Scammers frequently exploit the trust and financial stability of seniors. In 2023 alone, Australians aged 65 and over reported over 72,500 scams, resulting in losses exceeding $120 million. 

These scams can involve fraudulent investment opportunities, fake tax schemes, and misleading superannuation advice. 

To safeguard yourself: 

• Always cross-check financial advice with relevant and reputable sources such as the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC), and the Australian Competition and Consumer Commission (ACCC). 

• Avoid sharing your personal information via unsolicited emails, phone calls, or messages. 

• Monitor your bank and superannuation accounts for any unusual activity. 

Understanding the complexities of taxation and superannuation is crucial. Many retirees miss out on benefits due to misconceptions about eligibility. 

For instance, some people wrongly believe they aren’t entitled to the Age Pension, especially if they:

• Own their home 
• Have money in a superannuation fund
• Work part-time.  

You may be surprised to learn how much you can have in savings and assets while still being eligible for at least a part-pension. You could also be entitled to government concessions – this can be calculated here. 

It's vital to stay informed about your tax obligations, superannuation rules, and government benefits. 

Navigating the financial landscape can be challenging, but you don’t have to do it alone. National Seniors Australia (NSA) offers resources to help older Australians manage their money. 

By becoming an NSA member, you gain access to our Financial Information Consultant service, which provides independent, reliable information to help you make informed decisions. 

Protecting your finances requires vigilance and access to trustworthy information. By staying informed and seeking professional advice, you can navigate the complexities of tax, super, and other financial matters with confidence. 

As a member, you’ll also enjoy a range of exclusive benefits designed to inform, empower and reward you, including:

• EAT | PLAY | SAVE discounts app – thousands of Australia-wide discounts on dining, takeaway, shopping, gift cards, entertainment, and local services, powered by our partnership with Frequent Values by Entertainment.
• Our Generation online magazine – insightful stories, expert advice and inspiring features delivered straight to your inbox.
• Regular member newsletters – keeping you informed and updated on issues impacting you.
• Exclusive member-only discounts – including discounts on travel, health, and life insurance.
• Invitations to local community branches – connect with like-minded members and get involved in your community.
• Advocacy and campaign updates – stay informed about the issues that matter and the impact we’re making together.
• Access to trusted tools and resources – including expert guides to keep you safe from scams and support your financial wellbeing.

Consider joining NSA to access valuable resources and support tailored to your needs. 

For more information, visit National Seniors Australia. 

Disclaimer: This article and any links provided are for general information only and should not be taken as constituting professional advice. National Seniors is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how any information provided relates to your unique circumstances.