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Friday, 17 September 2021
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Heavy consumer spending, rising commodity prices and government deficits point to rising inflation. Given the risk in long-term fixed rate exposure, where else can bond exposure help generate income?
As savers move from accumulation to decumulation, their views on risk will change. Retirees must take measured investment risk by balancing desired returns and protecting capital.
Many ‘baby boomer’ retirees contemplating decades of retirement prefer a sustainable lifestyle based on a steady income that keeps up with inflation. New perceptions of risk are required to meet such income demands.
Of the major risks in retirement, inflation has the potential to be the greatest. Its incremental yet compounding impact is almost certain to reduce retiree purchasing power significantly over a 20-30-year retirement.
Who knew? With some surprise results, the Government is on unexpected firm ground in asking people to draw on all their assets in retirement, although the comments show what feisty and informed readers we have.
It's a remarkable statistic. In any year since 1875, if you had invested in the Australian stock index, turned away and come back eight years later, your average return would be 120% with no negative periods.
Never stand between Australian households and an uncapped government programme with $3 billion in ‘free money’ to build or renovate their homes. But excess supply is coming with an absence of net migration.
Picking macro trends is difficult. What may seem logical and compelling one minute may completely change a few months later. There are better rewards from focussing on identifying the best companies at good prices.
Some high-quality companies have emerged even stronger since the onset of COVID and are well placed for outperformance. We call these the ‘COVID Opportunists’ as they are now dominating their specific sectors.
Critics of franking credits are missing the main point. The taxable income of shareholders/taxpayers must also include the company tax previously paid to the ATO before the dividend was distributed. It is fair.