Earlier this year, 53-year-old hospital worker Mavis Wanczyk phoned her boss and told him she wouldn’t be back at work. Ever. She’d just won the biggest, undivided lottery jackpot in US history. The problem is that Mavis has a 70 per cent chance of losing it all within a few years.
When more than 1000 couples were asked how much they need to save to maintain their current lifestyle in retirement almost half had ‘no idea’. And, significantly, most couples weren’t on the same page about the amount needed. As a couple preparing for retirement, these are the kinds of things that need to be talked about. For your retirement’s sake and for your relationship’s sake.
I didn’t seek out a financial advisor until I was less than five years from retiring. That was a mistake. Let’s call that the first lesson learned. Unless you know about the world of finances and retirement, you’ll need help because it’s an extremely complex field.
Most of the important things money can’t buy are obvious, but worth reflecting on. They’re a reminder of life priorities—and retirement priorities.
With increased longevity, an active lifestyle, and a ‘new’ view on retirement, many mature people look to engage in different ventures, nevertheless, starting a business can be challenging.
Superannuation pensions are now a thing of the past, but some retirees still receive them. It used to be that public sector employers and large businesses provided superannuation pensions to staff who stayed until retirement.
The fear of outliving your retirement savings is a real one says financial planner Anne Graham. And it’s a fear that’s shared even by those who have more money than they’ll ever need.
Serious intent is important when you think about retirement finances, but it also takes serious action to get things done. Here are five questions that could help you get into action mode.
How much money should we have? How long will we live? How much can we spend? The questions about retirement income just keep on coming. And because no one has a crystal ball, some questions have no definitive answers.
How quickly you spend your retirement savings may be related to your personality. And your personality may impact more than if you have debt or a plan to leave an inheritance. That’s the finding of recent research by the American Psychological Association.