Scaling down to retirement – tips and tricks

Scaling down to retirement – tips and tricks If you were scaling down to retirement, what would it mean to you? Would you draw a line in the sand where one day you’re working full-time and the next day a whole new world of recreation opens up to you? Or would you gradually reduce paid work and swap it for travel, hobbies, looking after the grandchildren or other things? I was speaking to a good …

What to look for on your super statement

What to look for on your super statement Super statements come but once a year (or twice with some funds). When yours arrives, it’s important to take a proper look because it could become one of the biggest assets you’ll ever have. Here’s our quick guide to what you should watch out for and why. 1. Personal details Check your name and address are present and correct. Not having the right details could lead to …

How much is really needed in retirement?

How much is really needed in retirement? In the UK in 2014, The Independent Review of Retirement Income (IRRI) was commissioned to look at retirement incomes. Two recommendations from IRRI were: The use of deterministic projections of the returns on products should be banned. They should be replaced with stochastic projections that take into account important real-world issues, such as sequence-of-returns risk (and) inflation. Quite a bit to digest. There is a broader discussion of …

Don’t allow a BoMaD to ruin your retirement

Don’t allow a BoMaD to ruin your retirement   What is a BoMaD and why should you care? The BoMaD – or Bank of Mum and Dad – is the 10th largest lending institution in Australia, ahead of ING, Suncorp and Bendigo Bank. It is estimated to be lending $65 billion per annum, according to a Mozo survey in September 2017. That’s right, $65 billion a year is being transferred from the pockets of Australian mums and …

Super – so what?

Super – so what? For some people, super may be the most valuable asset they’ll ever have. So it makes sense to know how much they have and how it’s invested. But it’s very often the case that young people, in particular, see super as being something that’s of low concern. So how can the super industry get young people interested in something they won’t benefit from for years to come? With home ownership rates …

When can I afford to retire?

When can I afford to retire? Judging when you’re ready to retire is a tricky proposition, with the need to balance comfort, lifestyle and future income. When can you afford to retire? We sat down with CERTIFIED FINANCIAL PLANNER®professional and private client adviser Chris Giaouris of Chronos Private to find out how to tell when you’re retirement-ready.  How do you know how much money you’ll need to retire? To be frank, it’s impossible to know for …

Should you be sharing your super with the kids?

Should you be sharing your super with the kids? According to the latest research from REST Industry Super, working Australians aged over 50 are very much in the habit of making financial contributions to their kids. So far they’ve shelled out $31.6 billion for home deposits, $55.9 billion for education and nearly $10 billion for wedding expenses1. So is funding major life events for the next generation affordable? And what happens when you want to …

The four steps to a better retirement

The four steps to a better retirement Today, with Australians living longer and healthier lives, the concept of retirement is much different to what it was only one generation ago. For each retiree, retirement is different. Typically, there are four areas that need to be considered to help you better understand your retirement goals and objectives. The four steps to a better retirement.  These are: Define your retirement vision; Understand your cash flow requirements; Clarify …

Does a part-time job in retirement work for you?

Does a part-time job in retirement work for you? Maybe you can’t wait to give up work forever. But having a part-time job in retirement offers health and income benefits that could make it worth considering for your future lifestyle. Boosting your super For many people in their retirement years, one of the most compelling reasons for continuing with paid work is to make ends meet. According to a recent research report from the Association …

When is the right time to downsize?

When is the right time to downsize? Downsizing from a larger family home to somewhere smaller can be an obvious choice when retirement is on the cards.  For others it’s a necessity and something they do reluctantly. So when it comes to timing your decision, what’s the right approach to getting the best outcome for you and your finances? When is the right time to downsize? We talked to CERTIFIED FINANCIAL PLANNER® professional Anne Graham, principal …