Finance seminars for retirees

Centrelink has announced it will hold two financial information service seminars for retirees and people nearing retirement.

The free seminars will be held in Woy Woy and Ettalong Beach.

The purpose of the seminars are to assist people nearing retirement who want to know how to prepare for it and retirees who want to understand their pension and the options they have.

The "Aged Care - Fees and Charges" seminar will be held at Ettalong Beach on October 21.

The information session will discuss entry into different levels of care, fees and charges, options for an individual's former home and pension issues.

The "Understanding Retirement Income Streams" seminar will be held at Woy Woy on December 2, and will discuss how income streams work, options available, tax and Centrelink assessment and the consequences of individual choice.

For bookings and more information, phone 136 357 or email fis.seminar.bookings@centrelink.gov.au

Minister for Human Services Mr Joe Ludwig has also recommended self-funded retirees, whose investments have been affected by the global stock market crisis, to contact Centrelink and discuss their options.

Mr Ludwig said Centrelink has a number of free services available to both customers and the general community to help those affected make informed decisions about their finances.

"The Australian Government appreciates the current stock market volatility is putting a great deal of stress on many self-funded retirees who were relying on share dividends and other investments to fund their retirement," Mr Ludwig said.

"In addition, those planning to retire in the coming months may also be very concerned about the impact of falling share prices on their superannuation.

"Centrelink has a free financial information service, which provides financial information and options.

"You don't have to be a Centrelink customer to access this service.

"The financial information service doesn't sell advice or investment products - it's a Government service that simply offers unbiased financial information."

Press release, 9 Oct 2008 Sarah Cosson, Department of Human Services