One of the handmarks of a high-quality senior life is maintaining independence and having the freedom to choose. Economic independence and the ability to make informed decisions are particularly crucial. For seniors, the question arises: how can they sustain their standard of living and achieve a comfortable retirement without a steady work income?
To help community members better manage their finances, Chung Wah Community Care (CWCC) invited financial and multicultural officers from Services Australia to conduct a seminar on retirement planning. The seminar also featured a professional Mandarin interpreter who provided real-time translations for the attendees, ensuring everyone could fully grasp the information presented.
Government officials highlighted that retirement planning should encompass the next 20-30 years, addressing key areas such as housing, transportation, lifestyle, and healthcare costs. They recommended a comprehensive planning checklist that includes fixed assets, investment income, outstanding debts, expenses, and long-term needs.
Income plays a pivotal role in retirement planning. Australia's retirement income policy supports seniors through three main pillars: superannuation, pensions, and personal savings and investments. During the seminar, government officials elaborated on the concept, types, eligibility criteria, and methods of receiving superannuation. They also detailed pension amounts, application processes, and assessment criteria. Key investment strategies were also introduced, focusing on return rates, time horizons, risk, liquidity, costs, and tax implications.
The seminar also tackled issues relevant to immigrants, such as how living conditions affect pension benefits, including family relationships, overseas residency, and asset income. Ms Wu, an attendee, shared, "Due to limited financial knowledge and language barriers, we often struggle to access the necessary information and cannot fully understand or utilise Australia's welfare system."
CWCC truly understands the unique needs of multicultural communities and is dedicated to organising such informative activities. CWCC aims to overcome language and information barriers by providing essential support and guidance, ensuring that seniors can confidently participate in social life and enjoy a comfortable retirement.
