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Turning 30 is often accompanied by a degree of increased financial responsibility. It’s an important milestone that generally means you have a little more financial experience under your belt. If you’re lucky, you’ve earnt your money a few different ways and probably even found more ways to spend it. So, how can your 30 something self be in the best position financially? Here are three money saving mantras to get you started. Remember your super is super While superannuation and retirement savings might sound uninteresting because you can’t touch it, it’s important to remember your super is “real money” and it’s yours! Investment earnings within super are concessionally taxed at a maximum rate of 15%, which may be lower than the tax you pay on investment earnings outside of super. This may mean more goes toward your future than if you were to invest outside of super.1 Generally, employers are required to contribute 11.5% of your ordinary salary and wages into a super fund on your behalf. If you are employed or self employed you can also choose to contribute extra amounts into your super via salary sacrifice, personal deductible contributions or after tax contributions, depending on your eligibility and caps on the amount you can contribute. If you are in your 30s you currently have to wait until your 60s before you can access any amount you have saved or contributed to super, however this presents a real opportunity to set things on the right course now to allow your savings to grow into the future. Most individuals can choose the super fund they want their super contributions paid into – and you can also choose how it’s invested. If you’re not sure how your super is currently invested, check your latest member statement or login to your super account online. Don’t forget to safeguard your assets Your 30s often bring with it the added responsibility of dependants such as a partner or family who can be reliant on you and what you bring to the household financially. So if you have people in your life who rely on you financially, it’s important to consider how they would cope if something unexpected were to happen you. Meeting household living expenses, mortgage or rent payments, plus increased care and medical costs may become more difficult without your ability to earn an income. There are four main types of insurance which can help protect you and your dependents in these circumstances. Life cover, total and permanent disablement cover (TPD), trauma cover and income protection insurance. Life, TPD and trauma cover all pay a lump sum amount if you suffer an illness or injury and the insurance conditions have been met. Income protection insurance generally replaces a percentage of your insured income in the event you meet the insurance definition of being unable to work due to illness or injury. In certain cases you can look to hold some of these insurances through super which can be both a cost and tax effective strategy. However, keep in mind your super balance would be used to fund your insurance premiums, which would generally result in a reduced accumulated balance overtime. Spend less than you earn The first steps to improving your financial position and increasing your financial choice and autonomy is to make sure you’re not spending every dollar you earn. While it sounds pretty simple, putting aside a small amount on a regular basis could make all difference over the longer term. It’s good to start saving a percentage of your income to provide you with a safety net if something unexpected crops up – such as taking time off work, protecting yourself from increased expenses such as interest rate rises, or meeting unexpected health or medical expenses. And finally … Don’t forget to take the time and do your research so you can make informed decisions around your goals and objectives. You might also consider speaking to a financial adviser if you think you need a hand to make any decisions with confidence to make sure you move forward financially. Australian Government Australian Securities & Investments Commission. “Tax & Super”. ASIC’s MoneySmart, 1 July 2021, www.moneysmart.gov.au/​superannuation-and-retirement/​how-super-works/​tax-and-super. Source: BT

Private credit is increasingly popular with investors but do you really understand what you’re buying? A boom in private credit demand as investors chase higher yields and portfolio diversification is raising concerns around how asset managers are handling valuations, fees and transparency. The fast growing Australian private credit market is estimated to be worth some $40 billion, prompting scrutiny from the Australian Securities and Investments Commission (ASIC) amid concerns that some private credit investments remain untested in market stress scenarios. It’s important for investors to get ahead of any regulatory changes and do their own due diligence on their private credit investments to ensure they capture the attractive returns offered by private credit without taking on unnecessary risk. It is important for investors to be asking questions. It’s only when there is real market distress that it will really become an issue – but it’s something many investors haven’t been thinking about and probably should, ahead of that time. Transparency, valuation ASIC is seeking feedback on how private markets should be regulated, noting concerns about transparency, valuation of illiquid assets and how managers are dealing with potential conflicts of interest. Traditionally the preserve of institutional investors, who are presumed to be better placed to look after their own interests than retail investors, private credit is increasingly popular among retail investors through managed funds and superannuation. Valuation questions Investors should look closely at their private credit exposure to understand how their manager is handling valuation, fee structures, credit ratings and potential risks that may not be immediately apparent. There is evidence of managers leaving asset valuations unchanged despite broader market downturns – with some managers leaving asset values at par even during periods of extreme dislocation like the pandemic. The question to ask is: are your assets marked to market? When assets become impaired, are you marking them down to reflect that? This is the kind of thing that’s fine until it’s not. Failing to appropriately mark down distressed loans can pose even greater risks for investors if managers are perceived to be hiding losses. This is important for investors. – If they are marking them above what they could actually sell them for, then managers create a risk of creating a run on the fund. If they are marked too high and there’s questions around that, then the investors that are out of the door first will get a good price – but eventually, they will have to gate the fund because those aren’t really the true values. You want people to have liquidity, but to not disadvantage investors that are staying in the fund. Credit ratings Some managers use self estimated credit ratings instead of independent ratings from agencies like S&P or Moody’s. That’s a bit like marking your own homework – saying ‘we like this deal, so of course it’s investment grade’. They generally get auditor sign off, but don’t really push back on those in the way you would if it was done by a proper rating house. Conflicts of interest Investors also need to watch out for conflicts of interest that can distort investment decisions away from the best interests of investors. Some private credit managers retain a proportion of the upfront fee typically paid by borrowers to secure financing, rather than leaving it within the fund. This can create conflicted incentives, as it may encourage the manager to prioritise deals with higher upfront fees over those with the best long-term risk return for investors. You don’t want investors going for deals just because they have the highest upfront fees. It’s best practice to have a flat management fee, so you’re aligned to investor outcomes. Source: Perpetual

Scammers are constantly looking for new ways to part you from your hard earned cash. That’s why it’s so important to stay a few steps ahead when it comes to protecting your money. Losing money to fraud can have a big effect on someone’s life – it can be draining for your mental health and wellbeing, as much as your financial circumstances. So stay a step ahead of the scammers by being aware of the common tactics that scammers use and taking some simple measures to keep your money safe. Australians lost more than $2 billion to scams in 2024. While investment scams contributed the lion’s share of that, at $945 million, the good news is that was 27% less than the previous year, so the trend is heading in the right direction*. New types of scams emerge regularly Investment scams may have resulted in significant total losses but other common types of fraudulent activity included romance scams, payment redirection, remote access and phishing – where a scammer sends messages pretending to be from a reputable firm or a government service to obtain personal information. Scams involving crypto ATMs, SIM swapping and compromised business email addresses have also been on the rise in recent months. Here’s what to look out for. Crypto ATMs: know where your money is going There are now more than 1,100 crypto ATMs in Australia^, which allow people to buy or sell cryptocurrencies, such as Bitcoin, using cash or debit cards. Reports of crypto ATMs being used to transfer funds to scammers have risen internationally and in Australia in recent years, with older investors three times more likely to be affected. In many cases, the scammer impersonates a government or business. The intended victim may be provided with a code to deposit funds to a Bitcoin wallet. However, crypto ATMs don’t offer a way to verify who that wallet belongs to, leaving people vulnerable to making deposits into a fraudulent account. Cryptocurrency transactions cannot be reversed, so if you’re using a crypto ATM to buy or deposit cryptocurrency, make sure you use an address or account that you control. SIM swapping: watch for sudden loss of network SIM swapping may involve a scammer tricking a mobile phone carrier into believing the intended victim has lost their phone. If the mobile carrier transfers the personal information associated with that person’s SIM card to a new number, this gives the scammer access to text messages that may enable them to access one time pin codes sent by SMS that are intended to verify the victim’s identity. Signs of SIM jacking include a sudden loss of access to the network – for example, when an SOS message appears at the top of your screen, a phone that stops working or receiving a message stating a mobile number is about to be swapped to a new one.   It may be possible to set up a special PIN with your mobile carrier to avoid unauthorised SIM swapping. Business email compromise scams: impersonating real emails In these scams, criminals impersonate legitimate businesses. They send fraudulent emails to trick victims into transferring funds to scammers’ bank accounts. They may alter email addresses to closely resemble legitimate ones or they may use compromised accounts to make the messages look authentic. In property and real estate transactions, this may involve inserting false bank details for settlement payments, causing victims to unknowingly transfer money to the wrong account. Ten ways to guard against fraud There will always be scammers out there, but just as you might lock your front door when leaving the house, here are some simple measures you can take to help keep their sticky fingers off your finances in 2025. Update your sensitive passwords regularly Ensure that the passwords for your MyGov, bank and your email accounts are strong and unique – and change them every three months at least. 2. Enable multi-factor authentication Multi-factor authentication strengthens security by requiring you to verify your identity through multiple methods, which may include something you know (like a password), something you have (like a phone or hardware token) and something you are (like a fingerprint or facial recognition). This makes it much harder for scammers to gain access to your money. 3. Conduct a digital cleanse Regularly remove old or sensitive files and emails from your computer and email accounts so that information can’t be accessed by an unauthorised user. 4. Install a password manager A password manager securely stores your passwords and can generate strong, unique passwords for each of your accounts. 5. Install Internet security apps Protect your mobile and computer with Internet security apps, such as anti-malware and antivirus software, which can detect and block malicious activities. 6. Guard against physical access Shred any personal documents you no longer need and secure your mailbox with a lock to stop identity thieves from accessing sensitive information in discarded documents or stolen mail. Sign up to a credit bureau Monitoring your credit profile can help you spot signs of identity theft early. Consider placing a freeze or proactive alert on your profile to prevent fraudsters from opening accounts in your name. 8. Avoid clicking on links Always manually enter business websites and phone numbers from their official websites to reduce your risk of falling victim to phishing scams. 9. Pause before you act  Take a moment to verify the legitimacy of any urgent requests. Use the Australian Securities and Investment Commission (ASIC) scam register or Scamwatch to check if you could be the target of a known scam. Scammers often use urgency to pressure people into making hasty decisions. 10. Don’t offer easy access  Public Wi-Fi networks are often insecure, so don’t use them for sensitive transactions and always log out of browser windows on your devices when you are finished. Following these tips can help you outwit online scammers and provide peace of mind that you’re taking every reasonable step to safeguard your savings and investments. * Targeting scams. Report of the National Anti-Scam Centre on … Read more

Imagine finding thousands in super that you’ve lost track of. Here’s how you can check if you have any lost or unclaimed super. There are over seven million lost and Australian Taxation Office (ATO) super accounts with a total value of $17.8 billion1 – a share of this could be yours. Don’t miss out on super you’ve earned! It’s easy to lose track of your super when you move or change jobs. However, it’s easy to find it and takes less than 10 minutes. Check with the ATO within myGov. This will allow you to see details of all your super accounts, including any you’ve lost or forgotten about and find any ATO held super – this is held on your behalf when your super fund, your employer or the government can’t find an account to deposit your super into. If you’ve recently opened a new super account, it may take up to six months to appear on MyGov. You can also find lost super using a paper form. See searching for lost super on the ATO website. Combining your lost super accounts There are many benefits to combining all your lost super and money with other super funds into one account. Simpler fees: having your super in one account means only one set of fees. Easier to manage: one place for contributions, paperwork and investing your super. Avoid extra insurance costs: only one set of premiums if you have insurance with multiple funds. If you are considering combining your super accounts, weigh up the benefits and features of each of super fund and make sure you understand any benefits that you have which may be lost before you roll over any monies. Don’t forget your insurance. One or more of your funds may include insurance. Any insurance you have will be lost if you close your account. So, before you roll over any monies, make sure you have the appropriate levels of insurance cover. How to prevent any lost super in the future When you start a new job, tell your employer your super details so you know where your super is going. If you don’t let them know, they have to ask the ATO where your stapled super fund is. Make sure you update your contact details with your super fund whenever you move house or change your phone number/email. And if you combine all your super into one account, you only have one account to keep track of. 1ATO: Total lost and ATO held super as at 30 June 2024 https://www.ato.gov.au/about-ato/research-and-statistics/in-detail/super-statistics/super-accounts-data/super-data-lost-unclaimed-multiple-accounts-and-consolidations/total-lost-fund-held-and-ato-held-super. Source: MLC  

Generally, you can, but there may be other things to consider. When you access your super at retirement, depending on your age and personal circumstances, your super fund may ask you to sign a declaration stating you intend to never return to work again. However, there could be compelling reasons as to why you might go back in the future. Figures from the Australian Bureau of Statistics reveal financial necessity and boredom are the most common factors prompting retirees back into full or part-time employment1. Whatever your motivations might be, if it’s something you’re considering, there are things you should be aware of. What is your situation? I reached my preservation age and declared retirement If you reached your preservation age and declared you’d permanently retired, this would typically have given you unlimited access to your super. Your intention to retire must have been genuine at the time, which is why your super fund may have asked you to sign a declaration stating your intent. Depending on your circumstances, you also may be required to prove your intention to retire was genuine to the Australian Taxation Office. I stopped an employment arrangement after I turned 60 From age 60, you can stop an employment arrangement and don’t have to make any declaration about your retirement or future employment intentions, while gaining full access to your super. If you’re in this situation, as there was no requirement for you to declare your retirement permanently, you can return to work without any issues. I’m aged 65 or older When you turn 65, you don’t have to be retired or satisfy any special conditions to get unlimited access to your super savings, so regardless of whether you’re accessing super or not, you can return to work if you choose to. What happens to your super if you return to work? Regardless of which group (above) you fall into, you may have taken your super as a lump sum, income stream or potentially even a bit of both. If you chose to withdraw a regular income stream from your super savings and are wondering whether you can continue to access these periodic payments, the answer is yes you can – and that’s irrespective of whether you return to full or part-time work. What are the rules around future super contributions? Unless you plan on being self employed and paying your own super, your employer is required to make super contributions to a fund on your behalf at the rate of 11.5% of your earnings. This means you can continue to build your retirement savings via compulsory contributions paid by your employer and/or voluntary contributions you make yourself. Note, once you reach age 75, you’re generally ineligible to make voluntary contributions (unless they’re downsizer contributions), while compulsory contributions paid by an employer under the super guarantee (if you’re an employee) can still be paid no matter how old you are. Could returning to work affect your age pension? If you’re receiving a full or part age pension from the Government, you’d be aware that Centrelink applies an income test and an assets test to determine how much you get paid. Your super, as well as any new employment income will be considered as part of this assessment, so make sure you’re aware of whether earnings from returning to work could impact your age pension entitlements. If you’re eligible, the Work Bonus scheme reduces the amount of employment income or eligible self employment income, which Centrelink applies to your rate of age pension entitlement under the income test. Where can you go if you need a bit of help? For information and tips around re-entering the workforce, check out the Department of Employment and Workplace Relations website, which includes a Mature Age Hub, as well as details around the government’s New Business Assistance for those looking to become self employed. There are also websites like Older Workers and Seeking Seniors, which focus specifically on mature age candidates. If you have further questions on how a return to work could impact you, speak to your financial adviser. 1 ABS – Retirement and Retirement Intentions, Australia Source: AMP

Healthcare fell out of favour with investors following the pandemic, but a brighter earnings outlook and strong, long-term tailwinds have renewed interest. BlackRock explain why adding exposure to healthcare may be beneficial this year, despite the impacts of potential US political pressures. Earnings in recovery As we entered 2024, the healthcare sector began transitioning back to a more stable earnings profile after the most severe earnings recession in its history, which culminated in 2023. While the pandemic led to unforeseen profits for COVID-19 vaccine producers and research labs, these earnings then dramatically receded as the world recovered from the pandemic (see chart below). Global healthcare earnings inflection Source: BlackRock, FactSet, December 2024 Last year, an average of 75% of healthcare companies exceeded earnings expectations in the first three quarters of the year – the highest percentage of all global sectors, including technology. As a result, BlackRock saw local investor sentiment in the sector begin to recover in 2024, with around $80 million of inflows to the iShares Global Healthcare ETF (IXJ) last year – within their top 20 exposures for the year on an inflow basis. Looking to 2025 projected earnings, the sector is expected to rebound even further, recording the highest year on year growth in 18 years (excluding during COVID-19). So far, in the US healthcare has been one of the best performing sectors in the S&P 500 Index for the year to date. Innovation and regulation Political changes in the US have understandably created investor nerves that the rosy outlook for the sector could be negatively impacted this year. While leadership within key federal agencies will no doubt shape regulatory agendas around issues like vaccines, drug approvals and pricing, BlackRock think immediate or drastic policy changes in the US are unlikely due to existing checks and balances. For instance, vaccine mandates are determined on state and local levels in the US, with the federal government acting in an advisory capacity only, and in order to remove a vaccine or drug from the market, scientific inadequacy must be proven in the courts. More broadly, they believe the regulatory agenda of the new US administration could lead to more flexibility around healthcare mergers and acquisitions, potentially easing scrutiny on patents and delivering sector-wide benefits. Beyond regulatory issues, BlackRock think innovation in areas like obesity medication, surgical robotics and oncology will continue to drive growth in healthcare this year. Glucagon-like peptide-1 agonists, or GLP-1s, have emerged as one of the most significant and contemporary therapeutic trends influencing the healthcare landscape in recent years. Despite a 2000% increase in GLP-1 users from 2021-2023, only 0.1% of qualifying obese patients worldwide are so far using GLP-1s, indicating a huge ongoing runway for customer take-up (see chart below). Expanding into offering the medications orally could also slash manufacturing costs for providers, with almost half the weight loss drugs currently in development being in tablet form. GLP-1 penetration of obesity Source: Novo Nordisk, December 2023 Additionally, robotic assisted surgeries continue to be a strong growth story, with the global surgical robotics market expected to grow by US$16 billion over the next seven years. Oncology is also a hotbed of innovation, with over 100 new cancer treatments including antibody and cell therapies expected to launch within the next five years, driving nearly US$400 billion in pharmaceutical spending by 2028. A balanced diet in your portfolio As well as benefiting from a number of long-term growth trends, adding global healthcare exposure to a portfolio can help to boost diversification and potentially reduce volatility when broad equity markets sell off. Investors with an existing portfolio of broad Australian and global equities will typically have less exposure to healthcare on a relative basis. For instance, the ASX 200 Index is made up of approximately 10% healthcare stocks versus 19% materials and 34% financials, while the MSCI World Index has 11% healthcare exposure compared to 25% technology and 17% financials. Healthcare exposure may also be useful to consider for investors with less tolerance to short-term volatility in their equity allocations. Well known as a defensive sector, it may help to offset negative returns in a share market downturn – as seen in the chart below, which shows the index tracked by the iShares Global Healthcare ETF (IXJ) outperforming in the last 3 calendar years where global equity markets generated a negative return. Source: MSCI/S&P/BlackRock data, as at 31 January 2025. Past performance is not a reliable indicator of future performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. With the sector poised for significant growth and transformation, as well as being a useful defensive play and portfolio diversifier, BlackRock believe healthcare is well worth investor consideration in 2025.   Source: BlackRock

Super is only for when you retire, right? Well not quite. There are a few times in life when you might have a valid reason to get hold of some of your super savings. When is it time to access your super? Super is your savings for retirement. So it makes sense that there is an age you have to reach to get access to the funds you’ve saved. When you reach what we call your preservation age, you can access your super if you permanently retire. From 1 July 2024 this is age 60 for everyone. So you’re old enough, now what? Once you’ve celebrated your 60th birthday, there’s another box to tick before you get access to your super. We call this a condition of release and leaving the workforce for good is one of these conditions. So if you retire for good after reaching your preservation age, you can get your hands on your super. If you change jobs on or after turning 60, you can continue to work and also access your super. Or you can wait until you reach age 65 and access your super, even if you’re still working. If you become totally and permanently disabled before your preservation age, you’ll also be able to access your super. Can you access your super before age 60? Yes. But the Federal Government has very strict guidelines on when and why you can access you super early. There are some other circumstances where you can apply to the Australian Tax Office to access a limited amount under compassionate grounds from your super before retirement, when you are in need of financial help to: Stop you from losing a home you own because you can’t pay the mortgage. Cover the cost of medical treatment, palliative care and/or disability services for you or a dependent. Cover the cost of a funeral or burial arrangements for a dependent. You can also apply to your super fund for early access if you: Are experiencing severe financial hardship, can’t pay basic expenses for you and your family and have been paid income support benefits like JobSeeker continuously for at least 26 weeks. Have a terminal illness. Become incapacitated, either, temporarily or permanently. Is it a problem to access super early? Any amount you take from super now is less money for when you retire. Of course, if being short of money is forcing hardship and stress on you now, and you have a legitimate reason to access your super, withdrawing an amount to take the pressure off makes sense. But it’s a good idea to get information on your other options before taking this step. Can I really access my super to pay my first home deposit? Yes you can. The First Home Super Saver Scheme (FHSSS) could see you on your way to owning your first home sooner: You can only access any extra payments you have made into super for the purpose of saving for a home loan – and also investment returns those extra savings have created. You can keep these payments in super until you’re ready to buy. While you do this you can be saving on tax – both on the money you’re earning from investing your super savings, which is taxed within super at 15% and from the tax you could save by making extra payments into super from your pre-tax salary – these are called concessional or salary sacrificed contributions. Regular payments into super help you save. Your super may earn better returns than a bank account. Source: MLC

We all know the story: women earn less than men. But even as society and employers work towards closing the gender pay gap, there’s another inequality that women face that’s just as crucial to building their wealth: the investment gap. Why women are not investing their money  According to CoreLogic’s 2025 Women & Property report*, Australian women are underrepresented when it comes to investing, with 40% of women reporting not having any investments, compared to 27.8% of men. AMP’s Deputy Chief Economist, Diana Mousina says it’s the biggest financial mistake she sees women making today. You can see this from a high school age, going to uni and then going into the workforce. Women tend to be more risk averse and they don’t tend to be as into investing and making those investment decisions. That is not a bad thing. There have been studies that show female portfolio managers who manage investments for clients smooth performance out, for example. But from the financial literacy bit for everyday women, it dampens the age that they get into investing and become more interested in it. Why women should be investing We know that time in the market equals money, because of the way that compound interest works. Compound interest refers to the way returns compound on past returns for an investor over a long period. Essentially, it’s your money making more money, which then makes even more money – like a financial snowball rolling downhill, getting bigger and faster. Investing doesn’t have to mean you need thousands of dollars to invest into the share market or into some sort of asset. It can be as simple as investing in $200 and building on that into the future. How to start investing The best way to start is with a budget. Make a financial plan and figure out how much additional spare cash you have for investing. Investing can be in so many assets: housing, shares, superannuation. Even if you don’t have any additional cash right now make sure you are happy with your super fund and understand which portfolio you are invested in. You can also salary sacrifice into your super to help grow your balance even faster. The way that we can invest now is so much more accessible to everyone. You can do it on your smartphone. There are so many platforms that you can use. And it can start from a very small amount. *Source: CoreLogic’s 2025 Women & Property report   Source: AMP

The $3 billion money pot a million retirees mistakenly ignore One in four retirees could be thousands of dollars a year further ahead just by claiming one or more key government entitlements as soon as they’re eligible. Are you missing out? Australia’s retirees are missing out on about $3 billion a year in money that could be used to pay essential living expenses — often because they wrongly assume they’re not entitled to it, according to research from Retirement Essentials^. Approximately one quarter of Australia’s 4.1 million retirees apply late or completely miss out on claiming benefits designed to help offset the cost of living. They could be thousands of dollars a year better off just by asking if they’re eligible for one or more of the following government benefits: Age Pension Commonwealth Rent Assistance Pensioner Concession Card Commonwealth Seniors Health Card Government energy bill rebates. One third of all recipients apply for the Age Pension at least a year later than they could have, the Retirement Essentials research showed – and for 16%, the delay is more than three years. Late applications for the Age Pension, Commonwealth Rent Assistance and the Pension Concession Card together resulted in an average cost of $16,800 in lost entitlements per person over 12 months, totalling about $3 billion, the research found. In addition, about a million Australians aged over 67 fail to claim the Commonwealth Seniors Health Card – which is worth an average of $3,000 a year in reduced health and medical costs**. The vast majority of them would be entitled to it, Retirement Essentials found. Government utility bill rebates are also under claimed, according to research from the Melbourne Institute and Roy Morgan. It found two in three concession card holders did not apply for energy bill discounts#, with most of those unaware they might be eligible. Why do retirees delay applying for key benefits? People are often late to apply for key benefits because they wrongly assume they’re not entitled to those benefits. The average delay in applying for the Age Pension alone is 1.1 years, data from Retirement Essentials shows. Reasons for this include: They don’t provide the necessary paperwork. They mistakenly believe missed payments will be backdated. They wrongly assume they need to spend their savings before applying. They wrongly believe they can’t apply if their partner is still working. They mistakenly assume they can’t apply if their partner is not yet of Age Pension age. They are reluctant to rely on government support. They fall through the net for other reasons. Benefits help to offset the cost of living Retirees could be utilising one or more unclaimed government benefits to ease cost pressures, with the cost of living named the number one concern for Australians, according to the 2025 Colonial First State Rethinking Retirement report. While retirees have been feeling the pinch from rising inflation in recent years, data from the Association of Superannuation Funds of Australia released in December* found there was some good news last year, with cost pressures easing slightly in the September quarter. Couples aged around 65 who own their own home now need $73,031 annually to achieve a comfortable retirement, while singles need $51,814, according to ASFA’s Retirement Standard. This equates to $595,000 in superannuation savings for a single homeowner retiring at age 67, and $690,000 for a couple. A modest retirement budget for homeowners would require $47,475 a year for couples and $32,930 for singles annually. This equates to requiring $100,000 in super at age 67 together with Age Pension support. Complex range of rebates available for older Australians There are a range of payments, rebates and concessions available from Commonwealth, state and local governments and private companies designed to offset costs for Age Pension recipients and seniors. Government benefits include utility and rate bill rebates, and transport and travel benefits. Private companies also offer a range of other discounts to holders of state-based Seniors Card holders. ^ Research on the cost of late applications for the Age Pension and related government benefits from Retirement Essentials and Link Advice, 2024.  ** Research on Commonwealth Seniors Health Card uptake from Retirement Essentials, 2025.  # Research on energy concession awareness among concession card holders from the Melbourne Institute and Roy Morgan commissioned by The Energy Charter, June 2024.  ^^ CFS research, for which 2,250 Australians were surveyed in 2024 on their attitudes towards retirement.  * Association of Superannuation Funds of Australia (ASFA) Retirement Standard, 12 months to September 30, 2024. Source: Colonial First State

Some of us may help provide assistance to our ageing parents or other relatives in the future. That time may bring a range of emotional and physical challenges. Planning ahead may help relieve stress down the track. Here are three suggestions that may make a difference. Talk about your parents’ future It may not be an easy discussion, but knowing what your parents want can help later. Ask them about the type of care and living arrangements they want. Find out about the different types of care they can afford. Think through whether you will be able to physically and mentally offer the support they require. This is an important but often overlooked consideration. It also helps to establish trigger points. Being unable to manage a garden or a dementia diagnosis and clear signs of memory loss may be time to change care arrangements. This process is about helping your parents to state their wishes while they still can. They can also take this information to specialists, such as their financial advisers, accountants and lawyers. Knowing this information can also help you plan ahead if you need to offer financial support. Setting up a power of attorney and enduring guardianship You never know what circumstances life may send your parents’ way that mean someone else needs to take care of them or their finances. At some point, some of us might not be able to go to a bank or make an informed decision about our care. Which is why appointing a power of attorney and setting up enduring guardianship documents can be important. This is a trust relationship, and your relatives should carefully consider the right person to appoint. It’s also important not to leave this until it’s too late. It’s difficult for someone suffering from mental deterioration to provide informed consent about changes to their finances. Setting up these documents before problems arise can protect ageing relatives and their families. Establishing clear records of finances and assets Finances and assets are a sensitive topic, which could be tough to discuss. This is understandable, but you can still help them plan by encouraging them to set up clear records of what assets or debts they have, as well as contact details for institutions they use along with details about any financial advisers, accountants, lawyers and other specialists with which they have relationships. Having clear documentation can also help down the track. For example, it can ensure any debts are attended to and avoid unexpected debt collection notices for bills that would have been covered at the repayment time if you’d known about it. Or it can help to identify funds to cover medical expenses or nursing care when needed. Being prepared can offer you and your relative’s confidence about their options for whatever the future brings, even if it feels confronting at first. It can also make difficult times a little less challenging. There is a range of tools offered by state trustees and government websites like MoneySmart to help with budgeting and estate planning. Speaking to financial advisers and lawyers can also help. Source: BT