The Australian Government Economic Response to Covid-19
30 March, 2020
On 30 March 2020, the Australian Government announced a 3rd set of economic response to COVID-19 in addition to the initial two stimulus packages announced earlier in March 2020. The latest stimulus package to COVID-19 introduces a JobKeeper Payment which sees to benefit affected workers, businesses and the broader community. Read the JobKeeper payment summary here.
22 March, 2020
Further to the Government’s initial economic stimulus package announced on the 12 March 2020, the Government has further announced a second set of measures on 22 March 2020 to help the economy withstand the impacts of Covid-19. This response will see financial support to areas such as individuals and households, businesses, flow of credit as well as state based incentives. Read our full communication to clients here.
By Mark Teale, Retirement Strategies and Solutions Specialist, Centrepoint Alliance
As people approach their retirement, it is important that they
have a clear vision of how they want to live their life in retirement and how they will fund that lifestyle.
The following is not an exhaustive list of rules or guidelines but is a good starting point for those planning for their retirement life.
1. PREPARE – both financially and emotionally. What do you want to
do in retirement? How much will it cost? Retiring to sit in front of a TV is not life, it is a sentence. If you are not ready financially or emotionally, retirement will not be period of enjoyment it will be incredibly hard, boring and, I suspect, short.
2. LEARN – what lifestyle will your finances support? How are
they structured? What are your entitlements to any government
benefits? Do not rely on the neighbourhood expert. Talk to
someone who is qualified and in whom you can be confident that
the information they are providing is correct and in your best interest………..Continue reading
By Peter Kelly, Retirement Strategies and Solutions Specialist, Centrepoint Alliance
There’s a lot of news about the Retirement Income Review. But do you know the areas that they will be examining?
The Australian Bureau of Statistics (ABS) conducted research into the retirement intentions of Australians. Amongst other things, the research provides an interesting insight into the main source of income for those who have retired(1).
This is in contrast to the intentions of those aged over 45 years who indicated that they intend to retire(2).
It is worth highlighting, the figures quoted in the tables above represent the main source of retirement income. For many retirees, if not the majority, income will come from a combination of sources that include a government pension, superannuation, other savings including ongoing business interests or investments, and, in some cases, access to home equity………… Continue reading
By Miriam Herold, Head of Research, Centrepoint Alliance
Following retirement, a person’s objectives for their life savings and
the risks which they face are very different from those experienced
while still accumulating wealth. One of the biggest worries for people after they retire is the fear of running out of money. In fact, a recent study undertaken by Challenger and National Seniors Australia has found that 53% of Australians over the age of 50 are worried about outliving their savings.
The fear of running out of money has increased as life expectancy
has increased. Over the past 20 years, life expectancy in Australia
has increased around 2 years. Once Australian women have reached
the age of 65, they can now expect to live for another 22.3 year (to the age of 87.3) while the current life expectancy for Australian men at age 65 is currently 19.7 years (to the age of 84.7)…….. Continue Reading
Disclaimer: This article contains general information only. The information contained in this article is not designed to be a substitute for professional advice as such a brief guide cannot consider and cover all individual needs, objectives, circumstances and conditions applying to the law as it relates to these items mentioned in this article. No responsibility can be accepted for errors, omissions or possible misleading statements or for any decisions or actions taken as a result of any material in this communication. Appropriate expert advice should always be considered from a professional financial adviser prior to making any financial decisions.