How the 2021 Budget affects those in their 60s, 70s and over

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How the 2021 Budget affects those in their 60s, 70s and over Older Australians will benefit from several measures in the Federal Budget aimed at increasing workforce participation and fixing retirement incomes. Ian Yates, Chief Executive of COTA Australia, welcomed the expansion of superannuation payments to workers earning less than $450 a month, saying the
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Should you start a pension before 1 July 2021?

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Should you start a pension before 1 July 2021? What to weigh up in deciding whether or not to start a pension before 1 July 2021 The conventional wisdom is that most people who can start retirement phase pensions should do so as soon as possible. They come with great tax breaks (the fund stops
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Risks involved in being a ‘sophisticated investor’ for uneducated retirees

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Risks involved in being a ‘sophisticated investor’ for uneducated retirees Inexperienced investors are losing their life savings and retirement nest eggs through a regulatory loophole being sold dodgy fixed income and equity accounts offering high returns. Each year hundreds of investors, many retirees, lose millions of dollars through fund managers and advisers scamming the unwary
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Age Pension to increase for mid-March 2021

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Age Pension increase for mid March 2021 Nearly 2.6 million older Australians will be receiving an increase to their Age Pension payment following a mid March indexation increase to social payments. From 20 March, 2021, all social security payments will be increased, including the Carer Payment. Pensions last rose in March 2020 by $10.20 per
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6 Superannuation contribution tips for 65s and older

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Six super contribution tips for 65 and older When it comes to the constantly changing superannuation environment, the last thing you want to miss out on an opportunity that you didn’t know existed or may coming up. Whilst superannuation rules can be confusing, there are six opportunities where getting your head around the fine print
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The basics for how the Age Pension works in Australia

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How the Age Pension works To qualify for the Age Pension in Australia you must have reached Age Pension age (which depends on your date of birth but is currently 66), satisfy Australian residency rules, and pass both an income test and an assets test. Depending on your level of income and the assets you
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When leaving super to estate is a better fit

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When leaving super to estate is a better fit If your beneficiaries are adult children and there is no spouse, there are five big tax savings. When you pass on, there are rules about how, and to whom, your superannuation benefit can be paid. In a typical nuclear family, a super benefit can be paid
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Making super contributions after the age of 67

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Making super contributions after 67 years of age Reaching age 67 is now one of life’s big milestones, as that’s when most Aussies will become eligible for the Age Pension. But unfortunately, when it comes to the super system, it’s also the age when the super contribution rules start to tighten up. Once you hit
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2020-21 budget provides $250 cash payments for aged, family, disability welfare recipients and self-retirees eligibility

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2020 Budget provides $250 cash payments for aged, family and disability welfare recipients Criteria confusion for self-funded retirees – Seniors urged to check their eligibility Cash payments totalling $500 are about to line the pockets of around 5.1 million pensioners and other eligible recipients. Two $250 payments — to be paid in December this year
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Australians Over 55 lose 260 million from scams in 2019 | 60 Plus Club

Australians Over 55 lose $260 million from scams in 2019

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Scams cost Australians $634 million last year Total losses from scams in Australia are doubling year-on-year Australians lost more than half a billion dollars to scammers in 2019, according to the latest figures in the Australian Competition and Consumer Commission’s (ACCC) Targeting Scams report released last week. Total reported losses exceeded $634 million. That’s $141
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The 3 most common types of investment scams | 60 Plus Club

The 3 most common types of investment scams

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The 3 most common types of investment scams Don’t be fooled into thinking you can’t be fooled Australians lost more than half a billion dollars to scammers in 2019, according to the latest figures in the Australian Competition and Consumer Commission’s (ACCC) Targeting Scams report released last week. Total reported losses for 2019 reached $634
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$750 payments to pensioners due from 31 March 2020 – Coronavirus stimulus

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Coronavirus stimulus: $750 payments to pensioners due from 31 March 2020 Aged pensioners will get a one-off $750 payment as part of the Federal Government’s stimulus package announced last week. 6.5 million people are expected to receive the payment, including 2.4 million pensioners. This includes people on the Age Pension, Newstart, the Disability Support Pension,
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Pensions Loan Scheme for older Australians who are asset-rich but income-poor

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Pensions Loan Scheme for older Australians who are asset-rich but income-poor The Pensions Loan Scheme (PLS) is broadly available to retirees of Age Pension age who own Australian property and meet pension eligibility requirements. The PLS is a scheme that lets older Australians get a voluntary non-taxable fortnightly loan from the Australian Government, which can
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