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How seniors can save on the cost of travel

TRAVEL is the top retirement goal for Australians aged over 55, and many seniors are better placed than most to make their travel dollars go further.

With more time on their hands to research deals and discounts, and no need to travel during expensive periods such as school holidays, finance experts says older Australians can hunt for big savings.

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Being flexible about when you can travel opens the door to last-minute airfare and accommodation deals. And if you can be flexible about the time, you may also be flexible about the place its always off-peak somewhere in the world.

You have a great asset in the time available to you, says financial strategist Theo Marinis.

Get cheaper fares by travelling outside the peak, he says.

Another growing trend that suits travelling retirees is house swapping. Holidays can be cheap if you are prepared to swap houses there are plenty of websites that offer to match people, Marinis says.

If travelling in Australia, check out cheap transport options for the state you are visiting. Seniors Card holders can often get free or discounted public transport fares.

Finance commentator Kerrin Falconer says retirees have the time to research their holiday options. The explosion of online booking and comparison websites, and advice and review websites, has made it easy for all travellers to get a great idea of the activities, costs and other details about their destination.

Travel auctions can be a great deal and can provide an extra nights accommodation if the holiday is taken during the week, Falconer says.

Consider renting an apartment rather than staying in a hotel. Apartments provide the opportunity to self-cater, which can reduce costs. Sharing an apartment can work well if you have friends with similar tastes, time frames and pockets.

Getting travel insurance can be tricky for seniors with complicated medical histories, so get it sorted out early. And if youre a frequent traveller, there can be huge savings from taking out an annual domestic travel insurance policy rather than buying a new one for each trip.

One million investors lose 10 billion in one of the biggest financial frauds to hit china

CHINESE authorities have arrested 21 people on suspicion of defrauding around 900,000 people of more than 50 billion yuan ($10.7 billion), state media reported, after an online peer-to-peer lender turned out to be a giant Ponzi scheme.

Officers had to use two mechanical diggers for 20 hours to unearth 1,200 account books buried six feet underground which detailed some of the giant Ponzi scheme.

Ezubao offered investors annual returns of between nine per cent and 14.6 per cent on various projects, the official Xinhua news agency reported far more than currently offered by Chinese banks wealth management products.

The platform, launched in July 2014, had amassed more than 50 billion yuan ($10.7 billion) by December, said the report late Sunday, citing police as estimating 900,000 investors had fallen victim to the scam.

Ezubao claimed to be a peer-to-peer lender, which matched investors with potential borrowers over the internet, and had quickly become Chinas leading online financing platform.

Investors were despondent on Monday, with one asking on Chinas Twitter-like Weibo: Does our money just evaporate like that? But few comments were visible, leading to suspicions of censorship in a country where authorities impose strict controls to avoid social unrest.

Illegal fundraising is widespread in China and often involves a large number of investors who have few investment options because of low bank interest rates, an extremely speculative stock market and uncertainties in the property sector.

Last October a payment crisis at state-managed Fanya Metals Exchange sparked protests in Beijing and Shanghai, with police detaining hundreds in the capital.

Ezubao was Chinas fourth largest internet P2P lender, Chinese business magazine publisher Caixin Group said in a previous report.

The company fabricated most of the projects on its website and paid old debts with money from new investors, Xinhua said.

Ezubao is a typical Ponzi scam, it quoted Zhang Min, president of its owner Yucheng Group and one of those arrested, as saying while in custody.

Yuchengs chairman Ding Ning said the company spent more than 800 million yuan buying corporate information to invent the fraudulent projects, the report said.

He also splashed out investors money on a lavish lifestyle, including giving Zhang a 130-million-yuan ($27.8 million) villa in Singapore and 500 million yuan ($106.9 million) in cash.

State media regularly carry purported confessions by detainees, a practice strongly condemned by overseas advocacy groups as violating the right to a fair trial.

Police said that of the 207 companies to whom Ezubao claimed to have lent money, only one had actually borrowed from it.

As far as I know, 95 per cent of the projects on Ezubao were fake, it quoted Yong Lei, a risk controller at a Yucheng subsidiary, as saying.

Police raided the company, based in the eastern province of Anhui, after discovering that its executives were transferring funds and planning to flee, Xinhua added.

Some internet users blamed investors greed for enabling them to be easily taken in.

Investors must sharpen their eyes facing various seductions. Never go after petty advantages and always remember there is no free lunch, said one post.

Fraud is the new goldmine for organized crime. One of the most lucrative enterprises is 'Boiler Room' fraud where people are conned into buying worthless shares in fictitious companies. Some victims lose their homes, others have committed suicide.