Planning for retirement

Australians intend to work longer

Australians are retiring later, in keeping with the continuing trend to stay in the workforce for longer, new data shows.

The Australian Bureau of Statistics (ABS) said that on average in 2016-17, around 13 per cent of people aged 45 years and over were intending to continue in the workforce until they were 65, up from a decade ago when nine per cent of Australians said they would retire at 63.

“This is consistent with the continuing trend of people staying in the workforce for longer,” the ABS’s Bruce Hockman said.

Retirement villages approaching capacity

A new report shows Australia’s retirement villages are almost full, highlighting a need for more age-appropriate housing for seniors in their local communities.

The results of the annual PwC/Property Council Retirement Census show increasing numbers of older Australians are living in retirement villages, taking advantage of hotel-style services, visiting health professionals and cash left over from the sale of their family home.

Older women living and working longer

Australia’s older women are living and working longer, rate their health as excellent more often than men, and are more likely to live alone, according to new research released by National Seniors Australia.

Its annual social survey, which was completed by 5,819 members, revealed that women were also more likely to downsize their homes as they aged, and to worry about outliving their savings and investments.

Retirement funding on agenda for Albury seniors

National Seniors Australia is coming to Albury to help older people improve their knowledge about how to better fund their retirement.

Basil La Brooy, from National Seniors Financial Information Desk, will present a seminar next Wednesday, 8 November, for those thinking of giving up paid work and people who are already retired.

Win tickets to self-managed super fund event

National Seniors has 30 tickets to the Self-Managed Super Fund in Focus event to be held in Sydney on 30 October.

Hosted by the Self-Managed Super Fund Association, the event will be held between 9am and 4pm at the Aerial UTS Function Centre, UTS Building 10, Level 7, 235 Jones St, Ultimo.

The event is designed for SMSF trustees to ensure they are up to date with their obligations.

It will help trustees to: 

Financial advisers to meet new standards

National Seniors has welcomed a new authority set up to oversee the standards and ethics of financial advisers.

Former Chief Executive of National Seniors, Michael O’Neill, is one of three directors with consumer advocacy experience who have been appointed to the Financial Adviser Standards and Ethics Authority (FASEA).

The other five directors include three with financial services experience, an ethicist and an academic.

Women short-changed on super

New research shows women are being short-changed on super as well as earning lower wages than men.

Marking International Women’s Day (Wednesday, 8 March), Industry Super Australia said that an analysis of the latest data from the Australian Tax Office (ATO) reveals women working for wages and eligible for the Superannuation Guarantee were underpaid $1.84 billion in super contributions by their employers in 2013-14.

The average shortfall was $1,550.

Plan now for pension assets test changes

National Seniors is urging its members to check if they will be impacted by the Age Pension assets test which comes into force from 1 January 2017.

Media reports this week have said that affected pensioners will not be officially notified until Centrelink sends them a letter shortly before Christmas.

National Seniors Chief Executive Dagmar Parsons said some older people are very anxious and need help to understand how the changes will affect them, so they can consider their options.

Age Pension inadequate, research shows

New research has supported what most people living on the Age Pension already know - that it is inadequate for their needs.

Everald Compton, chairman of the Longevity Innovation Hub, which helped compile The Adequacy of the Age Pension in Australia, said the report was the first scientific assessment of the day-to-day living costs of pensioners.

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