Retirement

A retirement age no longer exists

A retirement age does not exist. It is whenever you like and, most importantly, when you can afford it.

Putting yourself in a position to afford it can be difficult. The options are many, complex, and confusing. Age pensions should not be seen an income stream, and are subject to governmental changes and means tests. Plus, every investment and strategy comes with a risk.

“Potential retirees need to be armed with as much information as possible about how to fund their financial needs,” explains Basil La Brooy from the National Seniors Australia Financial Information Desk.

Home care system needs more work to prevent failure

The Federal Government’s consumer-directed home care program has a risk of failing, despite almost universal support for it among older people.

National Seniors’ Research Director Professor John McCallum said 98 per cent of its members believed choice of home care services was important, regardless of their age, with those living on the Age Pension most likely to say it was ‘extremely important’.

National laws needed as 5.5 million baby boomers retire

National Seniors will continue its campaign for national reform of the retirement village industry, following Queensland Government moves to toughen consumer protection for residents.

Chief Advocate Ian Henschke said the Queensland Government was leading the way with its announcement last weekend that it would take urgent action to ensure fairness for seniors living in retirement villages and residential parks.

"Given that many of these retirement village companies operate nationally, we think it's only fair that people should have national laws," Mr Henschke said.

Seniors want consistent laws on retirement villages

National Seniors has repeated its long-standing calls for uniform legislation governing retirement villages to protect vulnerable seniors from exploitation.

Chief Advocate Ian Henschke said the Four Corners/Fairfax Media program on ABC TV on Monday night and other news reports had shown the sector was in dire need of a makeover to overcome piecemeal state laws that left older people locked into increasing fees and charges, including exit fees.

He said a simple, standard, fair, universal contract and a commissioner to oversee any complaints were clearly needed.

Financial squeeze can cancel out joys of retirement, study shows

A new study has found that retirement can be just as stressful as working in a lower-paying job.

The first study to measure stress levels before and after retirement, rather than asking people how they felt, took five saliva samples throughout the day from 1,143 high-, middle- and low-grade public servants working in London.

Most expect to work into retirement years

New research shows most Australians in paid employment expect to be working in some form well into their retirement.

A total of 61 per cent of workers surveyed believed their working life would continue into their retirement years.

Seventy per cent said they expected to draw a government pension in retirement.

Galaxy Research’s Ready to Retire Study, commissioned by News Corp Australia in partnership with Industry SuperFunds, found many workers were concerned about how much they would need in retirement savings to live stress-free.

One in two households set for comfortable retirement, report shows

Only one in two Australian households are expected to have enough money for a comfortable retirement, a new report shows.

The latest CommBank Retire Ready Index released this week shows that 53 per cent of households would have enough combined super, personal assets and the Age Pension.

But when the Age Pension was removed, the number of households able to afford a comfortable retirement dropped to 17 per cent, and to a meagre six per cent when based on superannuation only.

Breakfast seminars discuss retirement finances

If you are newly retired, transitioning to retirement or about to give up paid work, National Seniors’ breakfast seminars may help sharpen your financial focus in 2017.

The seminars will be presented by National Seniors Financial Information Desk.

Topics covered include understanding your own situation and the resources you can use, opportunities for fully self-funded retirees, Government Income Support (GIS) and the potential use and types of Equity Release Products.

A question and answer session will follow each presentation.

Survey shows Australians delaying retirement

A new survey has found the average age that Australians intend to retire has risen from 58 to 61 in the last two years.

But the Roy Morgan Single Source survey of 50,000 people also showed that the average gross wealth per person, excluding owner-occupier homes, was just $286,000 in 2016, up just 3.6 per cent since 2014.

The overall conclusion from the survey was that on average, intending retirees will be relying on some government benefits for some time to come, even with the changes to the eligibility rules.

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