The subject of aged care is topical, controversial, riddled with myths, framed by emotional responses and, often, a lack of good advice. This is the first of several posts to provide a basic understanding of the complexities involved.
More than three-quarters of 45 to 64-year-old Australians are ‘running blind’ concerning their retirement finances; half base their understanding of the amount of money they will need in retirement on a ‘total guess’, and a third rely on family members for their financial advice.
When winter arrives in southern Australia, senior travellers (often referred to as ‘Grey Nomads’) tend to hit the road in search of warmth. From Broome to Birdsville and Noosa to Norseman, you’ll often find them in motor homes or towing their caravans taking in the sights and the warmer weather.
Good or bad, you need to know what your financial situation is going to be in retirement. That came home to me after we had spent an hour or so with our financial advisor. Two things became clear to us: Our estimated income in retirement and, importantly, the understanding that with that income we would be OK financially. It wouldn’t be a fancy retirement, but we knew we’d do far better than merely survive.
Welcome to the first RetireNotes.com podcast with Kym Piez and Bruce Manners. In this podcast, we go back to the basics of preparing for retirement.
A reminder of surprises individuals may face when entering retirement comes from a recent study in Canada. The CIBC (Canada Imperial Bank of Commerce) Poll found that among the biggest surprises were unexpected costs and health issues.
Retirement is quite an adjustment, but the exciting thing is that you are in control of it. This may be the first time that you have full control of your life since you started school. How do you imagine it?
It’s beginning to look a lot like Christmas. And there’s a reason for that. It’s almost here and you can’t avoid reminders at any shopping centre. How do you remember your Christmases as a child?
My retirement adventure began five years ago when I was asked if I had an interest in writing a book about preparing for retirement. I hesitated, but was convinced by the argument that it would help me plan my own retirement—I was in my early 60s at the time.
Short answer: no! But you should have a plan that will cover you in case you live to 95. At least, that’s what Robert Powell suggests in a USA Today report. Of course, if you knew when you were going to die, planning your finances for retirement would be so much easier. But, more than 30 years out, that doesn’t happen.