Connect with us
Byron Bay News and Weather copy
Mt Warning News and Weather copy
Kyogle News
Grafton News and Events copy
Byron Bay News and Weather copy
Mt Warning News and Weather copy
Kyogle News
Grafton News and Events copy
previous arrow
next arrow

Seniors News

A SOCIAL LIFELINE FOR SENIORS

Published

on

A SOCIAL LIFELINE FOR SENIORS
Advertisements
Alumy Creek Angus - Stud Angus Sires Tenterfield - Top of the Range Angus Genetics

A SOCIAL LIFELINE FOR SENIORS

Councils and not-for-profit organisations can apply for a share of $600,000 to run programs aimed at reducing social isolation among seniors.
Member for Coffs Harbour Gurmesh Singh said these grants can provide a social lifeline for seniors who live alone.
“No one likes to be alone or feel disconnected from their community, especially not our seniors,” Mr Singh said.
“This funding is about helping foster environments where people can come together, meet new people and enjoy themselves in their local community.”
There are three funding categories. One for new innovative projects, one specifically for local councils and one for existing or established projects for seniors.
“There are grants up to the value of $50,000, $30,000, and $20,000 under round three of the program,” Mr Singh said.
“Across NSW, there were 50 projects in the previous two rounds that successfully promoted social inclusion, reduced seniors’ isolation and loneliness, and provided meaningful opportunities to help older people connect with each other.”
Round three will have three funding categories to deliver a more flexible program. The categories include:
• Category 1: $30,000 grants for known or existing projects
• Category 2: $50,000 grants for projects or partnerships run by local council
• Category 3: $20,000 grants for new or innovative projects.
Applications are open until Monday 19 September. For more information and to apply, please visit, www.facs.nsw.gov.au/seniorsgrants.

Advertisements
Tenterfield-The Bowlo

Local News

Slash Red Tape to Save Thousands of Retirees Super Fees

Published

on

By

Retirees Super Fees
Advertisements
Alumy Creek Angus - Stud Angus Sires Tenterfield - Top of the Range Angus Genetics

Slash Red Tape to Save Thousands of Retirees Super Fees

 

The Australian Government should reduce regulatory burdens on superannuation accounts in retirement to save tens of thousands of retirees from paying multiple sets of super fees and to provide greater flexibility for those who wish to continue working in retirement, according to the Super Members Council.

Currently, a cumbersome rule forces Australians who wish to engage in part-time work after retirement to open an additional super account for their contributions. This prevents them from making payments directly into their existing retirement super accounts.

To simplify and enhance flexibility in retirement, the Government should end the prohibition on receiving contributions from part-time work or other sources into retirement (decumulation) phase accounts.

The Super Members Council estimates that approximately 100,000 retirees would benefit from this change.

This outdated law adds unnecessary complexity to retirement, causing some retirees to pay two sets of fees and often more tax than necessary. Recent consumer research commissioned by the Super Members Council found that one in four Australians continues to work into their early 70s, highlighting the need for a more adaptable system.

“As more than 2.5 million Australians approach retirement in the next decade, the focus needs to be on making the system easier, simpler, and more flexible,” said Super Members Council CEO Misha Schubert.

“Increasingly, many Australians want to dip back into the workforce from time to time after they start their ‘capital R’ retirement. But instead of making that process easy, they currently must open a second super fund account, face the administrative hassle of transferring money, and pay extra fees—potentially more tax—than necessary.”

“The easy fix is to legislate for Australians to make super contributions from part-time work and other sources directly into their retirement account. This simple reform would make retirement easier and more flexible for tens of thousands of Australians.”

Deidentified data from a large Super Members Council member fund shows that around one quarter of their members in retirement set up new accounts to accept contributions and then commute to a new retirement income account. The number of members doing this increased by 45% between 2022 and 2023.

The change would require a minor legislative update to the Superannuation Industry Supervision Act and adjustments to associated regulations. The Super Members Council does not propose changes to the pre-tax super contribution settings.

To streamline retirement while maintaining flexibility for retirees, the Government should:

  • Swiftly consult and legislate the retirement and super component of the financial advice reform package before the end of this year.
  • Make it easier for members to switch into retirement products and end the current ban on adding contributions to a retirement-phase super account.
  • With member permission, notify super funds about their members’ eligibility for pensions and other government supports, enabling tailored information on maximising retirement income.
  • Develop a comprehensive retirement test for super products that measures investment performance, flexibility in accessing funds, and control over the level of risk.
  • Avoid mandating the use of annuities for members. Trustees are best placed to create investment strategies for their members.

The Super Members Council advocates for over 11 million Australians, managing more than $1.5 trillion in retirement savings through profit-to-member superannuation funds. The council aims to protect and advance their interests, ensuring that superannuation policy remains stable, effective, and equitable.

 

For more seniors news, click here.

Advertisements
Tenterfield-The Bowlo
Continue Reading

Local News

Australians Pushing Retirement into Their 70s Amid Cost of Living Crisis

Published

on

By

NSW-Northern-Rivers-Breaking-News
Advertisements
Alumy Creek Angus - Stud Angus Sires Tenterfield - Top of the Range Angus Genetics

Australians Pushing Retirement into Their 70s Amid Cost of Living Crisis

 

New research commissioned by Equip Super reveals that only a quarter (26%) of Australian workers plan to retire at 65, with many Australians pushing retirement to work longer due to financial pressures. On average, those delaying retirement are extending their working years by six, often pushing retirement into their 70s. Nearly four in ten (39%) cited the rising cost of living as the primary reason for this delay.

The research also highlights that 85% of Australians are becoming more cautious about their spending. Paul Stocker, Head of Advice at Equip Super, emphasised the importance of strategic financial planning in meeting retirement goals. “Coping with the escalating cost of living is a shared concern for many Australians. We understand the financial difficulties people encounter while planning for retirement, and we sympathise with those who are delaying retirement. By adopting strategic planning efforts, we aim to help Australians retire when they choose to, rather than when they are forced to.”

“In times like these, it’s essential to have a solid financial plan in place, and managing your super is a crucial aspect of that plan,” said Mr. Stocker. “All Equip Super members have access to free general super advice at no additional cost as part of their membership. Members can also consult financial planners to design a comprehensive financial plan. These tools help navigate uncertain times, and alongside regular contributions to your Super account, a retirement plan provides confidence that you can meet your retirement goals, enabling a comfortable retirement at whatever age you decide.”

Survey respondents listed their current top financial priorities, with covering living costs and growing savings at the forefront, followed closely by mortgage repayments. The results also showed that three-quarters (75%) of Australians view their super as a crucial part of securing their financial future.

Diane Benham, a 70-year-old Sydney resident, shared her experience of delaying retirement. “I started working at 15, and now at 70, I am still working 20 hours a week. While our financial situation is generally stable, there are things we’d like to do when we retire, like travel. Delaying retirement wasn’t always part of my plan, but with expenses rising, it’s slightly worrying to think about life without an income. We just don’t know what’s around the corner. Although we’re fortunate to own our home, there are ongoing maintenance costs, and everything from shopping to car expenses keeps increasing. Every time you go to the shops, it seems to cost more money. When I finally decide to retire, it is essential that my superannuation provides me with a secure future, but also allows us to enjoy it.”

Mr. Stocker acknowledged the anxiety surrounding retirement savings in challenging economic times but urged individuals to seek expert advice to plan for a successful next chapter of their lives. “If people take the right steps today, they should not have to work longer than they want to,” he said.

Equip Super’s survey, which questioned over 2,000 Australians randomly selected across the nation, illustrates the financial pressures being felt by many households due to rising inflation, interest rates, and higher costs of living.

 

For more seniors news, click here.

Advertisements
Tenterfield-The Bowlo
Continue Reading

Health News

NSW Seniors Urged to Book Free Flu Vaccine Amid Rising Respiratory Illnesses

Published

on

By

free influenza vaccine
Advertisements
Alumy Creek Angus - Stud Angus Sires Tenterfield - Top of the Range Angus Genetics

NSW Seniors Urged to Book Free Flu Vaccine Amid Rising Respiratory Illnesses

 

People aged 65 and over are being strongly urged to book their free influenza vaccine as respiratory illnesses continue to rise across NSW.

The latest NSW Health Respiratory Surveillance Report, released today, indicates a rapid increase in influenza activity in NSW, with COVID-19 transmission also reaching high levels.

NSW Chief Health Officer Dr. Kerry Chant reported a 27% increase in influenza notifications and a 23% increase in COVID-19 notifications for the week ending 25 May compared to the previous week.

“While everyone aged six months and over is urged to get their influenza vaccine as soon as possible, it is particularly important for those at higher risk of severe illness from the virus,” Dr. Chant said.

“Influenza immunisation rates aren’t where they need to be. Less than half of people aged 65 and over in NSW have received their influenza vaccine this year. We really need to see that number go up, especially as people in this age group are among those most at risk of severe illness.

“We expect the number of influenza cases to quickly increase in the weeks ahead, so now is the time to get vaccinated if you haven’t already done so.”

The influenza vaccine is free and readily available for those at higher risk of severe illness from influenza. It is available through GPs for any age group and through pharmacies for everyone aged five years and over.

Sydney Children’s Hospitals Network (SCHN) Infectious Diseases Paediatrician Dr. Phil Britton noted that influenza notifications are increasing across all age groups, particularly among young children aged three to four years.

“In recent weeks, we have seen influenza cases rising among young children. The best thing parents can do to keep their kids well this winter, and reduce the risk of them being hospitalised due to influenza, is to ensure their children receive a flu vaccine,” Dr. Britton said.

Free Flu Vaccination Eligibility:

  • People aged 65 and over
  • Children aged six months to under five years
  • Aboriginal people from six months of age
  • Pregnant women
  • Those with serious health conditions such as diabetes, cancer, immune disorders, severe asthma, kidney, heart, and lung disease

Steps to Protect Yourself and Others from Respiratory Viruses:

  • Stay up to date with recommended influenza and COVID-19 vaccinations
  • Stay home if you are sick and wear a mask if you need to leave home
  • Gather outdoors or in large, well-ventilated spaces with open doors and windows
  • Avoid crowded spaces
  • Consider doing a rapid antigen test (RAT) before visiting people at higher risk of severe illness
  • Talk with your doctor now if you are at higher risk of severe illness from COVID-19 or influenza to make a plan about what to do if you get sick, including what test to take, and discussing if you are eligible for antiviral medicines
  • Don’t visit people who are at higher risk of severe illness if you are sick or have tested positive for COVID-19 or influenza
  • Practice good hand hygiene, including regular hand washing

For more information and to book your vaccination, visit your local GP or pharmacy.

 

For more seniors news, click here.

Advertisements
Tenterfield-The Bowlo
Continue Reading

NRTimes Online

NGULINGAH LALC MEMBER’S MEETING

Advertisement

National News Australia

Latest News

Verified by MonsterInsights