Retirement income

Seniors more savvy about retirement income

A report by National Seniors Australia and Challenger.

The National Seniors Australia (National Seniors) study reported here was an online survey designed to collect information as part of the 2017 National Seniors Social Survey (NSSS)
(Wave 6).

It asked participants about their experiences, intentions and attitudes across a range of areas including health and social wellbeing, finance, work, and retirement.

Melbourne seminars help to boost financial know-how

Victorian members of National Seniors can boost their financial knowledge at seminars in Melbourne on Monday, 9 October.

National Seniors Financial Information Desk senior officer Basil La Brooy will be presenting information aimed at helping people understand their own situation and resources.

Topics include opportunities for those who will be fully self-funded in retirement, Government Income Support (GIS) and equity release products.

Pension payments to rise from 20 September

About 4.7 million Australians will receive an increase to their welfare payments from 20 September as part of the government’s six monthly indexation of pensions and allowances.

Minister for Social Services Christian Porter said pension payments, including the Age Pension and Disability Support Pension, would rise by $6.10 a fortnight to $894.40 for singles and $4.60 a fortnight to $674.20 for each member of a couple.

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.

Featured Article