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A warning to Andriod users

An increase in hacker-related crime – targeted at Google Android users – has caused concern, with many hackers now using consumer apps to glean personal information and generate financial gain.

472 per cent of new viruses designed to attack Android gadgets have been detected in the past four months. This is an alarming rate, especially considering that Android accounts for more than half of the worldwide smartphone sales.

Hackers hide malicious code in popular apps that consumers download, programming them to collect sensitive information such as user identity, location or personal messages. Others are programmed to generate revenue by sending premium-rate text messages without the owner’s knowledge.

Posted on 18 November '11 by , under Business.

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Transition to retirement

The transition to retirement (TTR) strategy allows you to access some of your super while you continue to work.

You are able to use the TTR strategy if you are aged 55 to 60. You can use it to supplement your income if you reduce your work hours or boost your super and save on tax while you keep working full time.

  • Starting a TTR pension: To start your TTR pension, transfer some of your super to an account-based pension. You have to keep some money in your super account so that you can continue to receive your employer's compulsory contributions as well as any voluntary contributions you may be making.
  • Government benefits and TTR: The benefits you or your partner receive might be impacted if you choose to opt for this strategy. How and what exactly will change might become clearer upon discussing this with a Financial Information Service (FIS) officer.
  • Life insurance and TTR: In some cases, the life insurance cover you have with your super may stop or reduce if you start a TTR pension – check this before making any decisions or changes.

TTR can help ease your mind as you transition into retirement but it can be a bit complex. Before you choose whether you want to use TTR to reduce work hours or save on tax, or even if you want to use TTR altogether, you should figure out how this will impact all aspects of your finances.

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