Retirement income

Seminars step up seniors' financial literacy

National Seniors is helping older people boost their financial literacy with two seminars later this month in Tasmania, where nearly one in five people are aged 65 and over.

National Seniors Financial Information Desk senior officer Basil La Brooy said 2016 census figures showed 19.4 per cent of the Tasmanian population was aged 65 and over, up from 16.3 per cent in 2011.

$100,000 pension windfall for former UK resident

A former UK resident, now retired in Australia, has been awarded a lump sum of $100,000 and a pension of $750 a month from Britain’s Department of Work and State Pensions.

Jim Tilley, from British Pensions in Australia (BPiA), said the woman had discovered she was entitled to the UK pension she should have requested 27 years ago.

“Recently she has received a considerable back payment of more than $100,000 from the UK,” Mr Tilley said.

Update your financial knowledge over breakfast

National Seniors is urging its Northern Territory members to update their financial knowledge at breakfast seminars next month.

The seminars, in Alice Springs on 3 August, and in Darwin on 4 August, are designed to improve investment and other financial information available to older Australians, before they give up paid work and in retirement.

You can learn more about Government Income Support (GIS), opportunities for fully self-funded retirees, and potential use and types of equity release products.

ACCC inquiry into retirement village operator welcomed

National Seniors Australia has welcomed news reports this week that the ACCC will investigate retirement village giant Aveo, following what Federal Minister for Aged Care Ken Wyatt labelled “alarming allegations” about contracts and fees.

ACCC chairman Rod Sims reportedly told The Australian Financial Review the investigation would look into the more serious matters raised in relation to Aveo, and a wider regulatory review of the sector involving ASIC and state regulators was also 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.

Vic & NT budget wins for seniors

National Seniors Australia has welcomed the Victorian and Northern Territory Governments’ decisions to maintain concessions to tens of thousands of aged pensioners in their budgets delivered this week.

National Seniors Australia Chief Advocate Ian Henschke said the decisions would ensure many older Victorians and Territorians continued to have access to cheaper utilities, including electricity, gas and water.

The concessions for Territorians would be worth almost $44 million next financial year, and for Victorians $18 million for each of the next four years.

Older homeowners need downsizing options

A proposal to change superannuation concessions for older Australians who downsize their homes will not be effective on its own, according to National Seniors Australia.

Ahead of the 9 May Federal Budget, the Federal Government is believed to be considering tax concessions for retirees who downsize by selling the family home.

But National Seniors Australia Chief Advocate Ian Henschke said this week that the proposal was too narrow on its own.

“Our Rightsizing proposal would benefit more Australian seniors,” Mr Henschke said.

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.

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