Retirement income

Retirees welcome interest rate rise

Self-funded retirees welcomed this week’s announcement of a 25 basis point increase in interest rates.

Commenting on the announcement by the Reserve Bank of Australia, National Seniors chief executive Michael O'Neill said that often self-funded retirees are dependent on interest from their savings to make ends meet.

“Many will have seen interest rates fall and other investments suffer during the global financial crisis, so they will welcome any increase in the interest rate,” he said.

Seniors hit back over ‘selfish’ boomers

Older Australians have hit back at Queensland's Shadow Minister for Infrastructure and Planning, David Gibson, over his claims this week that baby boomers are “incredibly selfish”.

The Courier Mail reported that at a community forum on the Sunshine Coast Gibson said, “It never ceases to amaze me when I listen to the baby boomers who are just incredibly selfish in expecting that other generations will pay for their retirement.”

Retirees Needs and Their (In)Tolerance for Risk

The most important financial needs for Australian retirees are:

- meeting their medical expenses;
- having their income last for their lifetime; and
- making sure their purchasing power keeps pace with inflation.

Addressing these three goals provides peace of mind to senior Australians, particularly when their essential living expenses are covered by regular income. 

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