Seniors are being encouraged to look hard at how they will finance their retirement, rather than give away lump sums to help their children.
The latest research report from National Seniors Australia, Seniors more savvy about retirement income, shows the vast majority of older people are saving for their retirement, including aged care and medical expenses. Read the report here.
“Skyrocketing living costs and the need to provide for their own future care are forcing many older people to rethink the bequests they may once have left to their children,” said Basil La Brooy of National Seniors Financial Information Desk.
“Most seniors are well aware how hard it is for younger people to get a foot on the housing ladder and would like to help. But these parents and grandparents also realise it could leave them short of funds later in life when they need them most.
“That’s why National Seniors has been holding seminars in major cities to help older people find ways to meet their financial needs in retirement.”
The next two seminars will be held on Monday, 9 October, 2017 in Melbourne.
Mr La Brooy will address ways to help older people understand their own situations and resources; opportunities for those who will be fully self-funded; and Government Income Support (GIS) and Equity Release products.
Co-presenter Nathan Burgess from the Australian Taxation office will discuss super changes, income streams, transfer balance caps, concessional and non-concessional caps, spouse tax offset and low income super tax offset.
+ The 7am-9am seminar is aimed at those still working.
+ The 10.30am-12.30pm seminar is aimed at retirees.
Both seminars will be held at Rydges on Swanston, 701 Swanston Street, Carlton, on Monday, 9 October.
Price: $14 for National Seniors members, $29 for non-members.
For more information and bookings, telephone 1300 76 50 50 or go to the website.