6 ways you can generate an income in retirement The time has come. You’ve worked hard over the years contributing to your superannuation to build up your retirement savings. Now you need to think about the best way to convert your savings into an income stream that replaces your regular pay cheque. Here are six ways you could generate a steady and reliable source of income in retirement: An account-based pension allows you to access …
When can I access my super? Generally, you can access your super when you reach your preservation age and retire, but there could be special circumstances under which you might access your super early. Super is there to help you fund the years after you finish working, so normally to withdraw your super savings, you need to have reached a certain age and retired permanently. However, there are certain situations where you might be eligible …
Can you teach your kids to defer gratification? When it comes to teaching kids about healthy money habits, there are few lessons more important than being able to defer gratification. By helping kids learn to put off what they want right now and save instead, they’ll be better equipped with the skills to be financially secure adults. While it is possible to help kids have a money-saving mindset by teaching them to delay gratification, it’s …
Blue collar, white collar – how the job you do can affect your financial stress It’s fair to say that COVID took a toll on the working habits of Australians. Deep into lockdown and we were all getting slightly frayed around the edges. We knew we were all in this together. But we couldn’t help looking around and comparing our situation with those of friends and family in other walks of life. In the white-collar …
Money can buy you happiness, you’re just spending it wrong This is the view of Dr Michael Norton from Harvard Business School. Michael’s research indicates that money can indeed make you happy if you use it to buy experiences, time, or invest in others. Buying experiences – when we buy experiences, we don’t just buy the duration of that experience. Michael’s team’s research found that we’re happiest the day before leaving for a holiday–the anticipation is …
Money can buy you happiness – if you spend it right At AMP’s recent Amplify program, high-profile Harvard Business professor and behavioural finance expert, Michael Norton, asked the crowded room a question. If you found $20 in the street today, how would you spend it to make yourself happiest? Norton, whose TED Talk on money and happiness has attracted almost 3.5 million views, followed up with another question: Think of the last $20 you had …
Why tax aware investing can help boost retirement income With the huge bulge of baby boomers entering retirement, and yields at near-record lows, there is an emerging rediscovery of the vital role equities can play in delivering retirement outcomes. Equities provide retirees with a regular and reliable income that grows over time. They not only generate income and strong expected returns, but also protect against inflation risk and longevity risk (the risk of outliving your …
Can delayed gratification help you with your finances? The benefits of delayed gratification and how it can help you achieve your financial goals. Are you the type of person who always has to have the latest clothes, smart technology or gym gear? If you answered yes to this question, you could be a person who likes instant gratification, that is, you like to indulge in instant reward now, rather than exercising self-control1, in return for a …
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