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Saturday, 22 January 2022
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The widespread use of 'millionaire' must stop. Inflation means that the basket of goods and services that cost $1 million in 1960 now requires $15 million. Today, millionaires are not wealthy.
Average life expectancies are a weak predictor of individual outcomes, and it's better to consider a range of probable lifespans. A plan that lasts to the average will disappoint every second retiree.
Two different articles cover a recent report on the attitudes of Australians towards retirement. What should be a enjoyable life stage is feared by many, and they fail to plan and work towards it.
Retirement planning will become increasingly complex in the face of trends in home ownership, wealth dispersion, life expectancy, health and aged care costs, work patterns and pension dependency.
Changes implemented by super reforms since 1 July 2017 have brought greater incentives for spouses to equalise their superannuation balances, including tax and estate planning benefits.
When more than half of retired Australians restrict their spending to less than the age pension and fear running out of money more than death itself, they may be denying a better lifestyle for themselves.
What do many of Australia’s top experts in superannuation and retirement planning think the government should focus its policies on? A long article but with many interesting ideas.
Retirement is not a steady state of more time for holidays and family. Planning must allow for the onset of part-disability and disability, and costs can rise significantly in the final 'frailty' years.
An SMSF can buy business real property and lease it to a member and the laws and processes are clear. The rent paid is classed as income from the investment rather than a contribution from the member.
In traditional economics, utility theory assumed that investors work off probability-weighted outcomes. Prospect theory can better explain actual investor behaviour and is a better tool for designing retirement plans.
Aged care is a specialist subject, but financial advisers need to have strategies for their clients before it is left to a family member to step in with different views on affordability and what standard of care is needed.
Important retirement planning lessons benefit from actual experience, given that life does not follow a predictable pattern and many people can’t work forever. Planning is vital but so is making adjustments.
Most people entering retirement do not see a financial adviser, mainly due to cost. It's a major problem because there are small mistakes a retiree can make which are expensive and avoidable if a few tips were known.
Eligibility for the Commonwealth Seniors Health Card has no asset test and a relatively high income test. It's worth checking eligibility and the benefits of qualifying to save on the cost of medications.
The focus is on Magellan for its investment performance and departure of the CEO, but Douglass says the pandemic, inflation, rising rates and Middle East tensions have not played out. Vindication is always long term.
This is our annual checklist of what retirees need to be aware of in 2022. It is a long list of 25 items and not everything will apply to your situation. Run your eye over the benefits and entitlements.
The Warren Buffett/Charlie Munger partnership is the stuff of legends, but even Charlie admits it is coming to an end ("I'm nearly dead"). He is one of the few people in investing prepared to say what he thinks.
Depending on personal circumstances, it may be time to rethink the bias to paying down housing debt over wealth accumulation in super. Do the sums and ask these four questions to plan for your future.