Finance

National plan to address elder abuse

National Seniors has welcomed Attorney-General Christian Porter’s announcement to develop a national plan by the end of 2018 to address the growing issue of financial, emotional and physical abuse of older people.

Mr Porter told the fifth National Elder Abuse Conference in Sydney this week the Commonwealth and state ­attorneys-general had agreed to work together in response to a report by the Australian Law Reform Commission (ALRC).

Seminar to help Sydney seniors plan their financial futures

Sydney residents can learn how to better fund their retirement at a National Seniors seminar at Parramatta on Tuesday, 27 March.

Co-presenter Basil La Brooy from National Seniors Financial Information Desk (FID) will be exploring ways to make the transition from work to retirement, take stock of resources, set financial goals and understand retirement income streams.

Hope for the best, plan for the worst? Insights into our planning for a longer life.

Australians are enjoying among the longest life expectancies in the world, a trend which is expected to continue.
They are also being asked to do something not previously required of their parents and grandparents, namely, to save for a longer life than expected. However, there is limited availability and take-up of financial products that can assist individuals to efficiently manage the risk of outliving their savings. The growing fear that Australians’ saving behaviour is not keeping pace with increasing life expectancy is also now a major issue around the world.

'Renovesting' the trend in 2018

Australia’s property market is set for single-digit growth, apartment oversupply and ‘renovesting’ in 2018, according to some property and economic commentators.

Graham Cooke of comparison website finder.com.au said interest rates were expected to change little until the second half of 2018, after the Reserve Bank of Australia (RBA) this Tuesday left the official cash rate on hold at 1.5 per cent at its final meeting of the year.

ATO warns SMSF trustees about tax avoidance schemes

The Australian Taxation Office (ATO) is warning self-managed superannuation fund (SMSF) trustees and retirees about the risks of illegal tax avoidance schemes.  

ATO Deputy Commissioner James O’Halloran said the ATO knew most people did the right thing and worked hard to save for their retirement.

“If a taxpayer becomes involved in any illegal arrangement, even by accident, they may incur severe penalties, jeopardise their retirement savings, and risk losing their rights as a trustee to manage their own fund,” Mr O’Halloran warned today.

Australians struggle under credit card burden

Australians considering a credit card balance transfer have an average of $12,067 of debt.

Figures from the Reserve Bank of Australia (RBA) put the average credit card debt in Australia at $3,069.

But a survey by comparison site finder.com.au revealed those considering a balance transfer were struggling under a debt burden almost four times this amount.

The site examined data from 9,500 users trying to shift debt to a zero per cent balance transfer credit card and uncovered the average balance on their existing cards.

New housing laws provide better protection for Qld seniors

New laws passed by the Queensland Government last night will deliver greater certainty and security for seniors signing up for retirement villages and other types of accommodation, according to National Seniors Australia.

National Seniors Research Director Professor John McCallum said today the new laws would strengthen protections for older Queenslanders, who were often confused and unclear about the contract terms and conditions associated with retirement villages and residential parks.

CBA abolishes reverse mortgage fee

National Seniors Australia has welcomed the Commonwealth Bank’s announcement earlier this week that it is removing monthly account fees for thousands of seniors who unlock the equity in their home after retirement.

Commonwealth Bank customers who have the Equity Unlock for Seniors (EQFS) loan will have their monthly account fee of $12 removed, effective immediately.

Featured Article