Seniors who have been made redundant may discover it nearly impossible to find a new job, even though they have not yet reached retirement age. This can zap their savings, leaving them in a stress full and desperate financial situation.
We’ve all got to face up to it – one day we’ll be 60 and thinking about money and retirement (unless of course we’re lucky enough to have made an early break for freedom…).
If you are a low-income earner, it is possible that you may have paid more money in taxes than you owed on your tax return. In addition, you may be eligible for certain tax offsets to reduce you overall tax burden.
Once many seniors reach retirement age, they find themselves stuck with a home that is too large and too hard to maintain. After all, their children have moved out of the home and now have homes of their own. At this point, many seniors consider downsizing to a smaller home that cost less and is easier, and cheaper, to manage.
Beginning 1 July 2014, the new regulations to Age Care services in Australia have changed. These changes will directly impact nearly every senior in the country at some point. The changes were designed to help improve senior’s ability to live in their home longer, while providing greater options.