Over Sixty Spring 2022 Digital

NEWS OPINION HEALTH MONEY LIFESTYLE ENTERTAINMENT DOWNSIZING TRAVEL OVERSIXTY.COM.AU FREE ISSUE 2 | 2022 W hat is one of the biggest threats to that retirement nest egg you’ve carefully saved and planned for? There is little doubt it is cybercrime. Sig- nificant increases in technology and mar- ket access have made it easier and cheaper for fraudsters to target the bank balances and identities of Australians and they have been doing this at ever-increasing rates. The Australian Cyber Security Centre’s Annual Cyber Threat Report showed self- reported losses from cybercrime in 2021 topped $33 billion, and most cybercrimes succeed because of a deception or scam. This year is forecast to be worse. ID-CARE, Downsizing – not a one size fits all solution Remote access scams – seniors beware BOOST HEART HEALTH TRAVEL IN ENGLAND ELDER ABUSE ALERT Finance expert Patricia Howard 5 15 34 10 At 74, Elise Grey is a poster girl for mature modelling Meanwhile, a Federal government in- centive means pensioners, self-funded re- tirees and working seniors can place up to $300,000 from the sale of their family home into superannuation with no tax penalty. But think before you downsize, says Joey Moloney, Senior Associate, Economic Poli- cy at the Grattan Institute. “You can risk losing some of the aged pension if you downsize, and moving is costly... Then, once you invest your money that’s taxed as well.” Do your research, seek financial and le- gal advice, and consider the many options. Continued on page 17 Australia and New Zealand’s national identity and cyber support service, has recorded a 30% increase in engagements in the first six months of 2022 when com- pared to the first six months of 2021. One type of cyber scam the over 60 age group is most vulnerable to doesn’t always involve clicking on a link and, in most cas- es, there is very little chance of getting your money back. Remote access scams, pre- dominantly initiated via telephone, are so successful because the fraudster can rapidly convince the person to give them control of their device. Continued on page 4 Page 16 F inancial incentives and soaring living costs have led more seniors to consider downsizing than ever before. Although most Australians prefer to age at home, more than half of people over 55 are now open to selling up andmoving into something smaller, according to a 2020 re- port by the Australian Housing and Urban Research Institute at Curtin University. Since then, rising property prices have led to sharp increases in the wealth tied up in people’s houses. Covid lockdowns have re- portedly made more seniors consider down- sizing to bring them closer to a supportive community and reduce homemaintenance. MODELLING A LATER-LIFE JOB CHANGE