Most older Aussies say they’d prefer home care over a nursing home

Most older Aussies say they’d prefer home care over a nursing home While nearly nine in 10 say they have a preference, less than five in 10 have discussed their wishes with their family. What about you? According to a recent study by McCrindle, nearly 90% of Australians aged 50 and over said they’d prefer to live out their days in their own home, even though most admitted to not having given much thought to …

Planning for the unplanned in retirement

Planning for the unplanned in retirement It’s important to prepare for unexpected illness that could throw your retirement plans off course. When you close your eyes and think about retirement, what comes into your mind? Lounging on a pristine beach in the Whitsundays? Enjoying a croissant in a café on the Champs Elysees? Kitesurfing on the bay? If you’re approaching the finish line, chances are that you’re getting proactive and eagerly preparing for life after …

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 …

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 …

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 …

Are you mentally ready for retirement?

Are you mentally ready for retirement? The first thing on most peoples’ minds when they think of retirement is: “When can I afford it?” and “How much money will I need?” But the question often not considered is: “Am I mentally ready for retirement?” Financial planners often bring this to the attention of their pre-retirement clients so they can help them make the transition. Chris Giaouris, CFP® and principal advisor at Chronos Private says the main points …

New rules to benefit those downsizing for retirement

New rules to benefit those downsizing for retirement Downsizers can now make an after-tax contribution to their super of up to $300,000, using the proceeds from the sale of their main residence. Australians aged 65 and over who are downsizing for retirement can now contribute the proceeds from the sale of their main residence (up to $300,000) into super1. We take a look at what this could mean for you, bearing in mind that like with …

Salary sacrifice: A lot less painful than it sounds

Salary sacrifice: A lot less painful than it sounds Maybe you’ve heard about salary sacrifice as a way to increase your retirement savings. But did you know it can be a very tax-effective way to make voluntary super contributions? Find out how you could boost your retirement savings and pay less tax all in one go. What is salary sacrificing to super? In very simple terms, salary sacrificing into super means paying an amount from …

As a small business owner, do I need a Plan B for retirement? (Video)

As a small business owner, do I need a Plan B for retirement? (Video) Alexis Wheatley CFP® As Principal of Wheatley Wealth Management, Alexis provides high-quality strategic advice to help her clients create and preserve their wealth. As part of the Financial Planning Association’s Ask a Planner video series, Alexis Wheatley CFP® answers the commonly asked question, “As a small business owner, I see my business as my retirement nest egg. So why would I …