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Tree change, sea change, or stay in the big smoke?

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Many still seethe over how Kanye treated Taylor Swift at the Video Music Awards (VMAs). Kanye West tried to steel Taylor Swift’s thunder when she won the award for perfect female video, according to Fox Bulletins. Was it a race thing, or was it that Kanye really felt that Beyonce’s video was better? Does it really even matter? Not likely because around 25 years up to Kanye West to decide, but he tried choose anyway, didn’t he? With he embarrassed Taylor Swift (and likely Beyonce for the matter), Kanye west failed to have good sense to show embarrassment for himself. Was he bothered? Likely not because he spoke his opinion publicly and with conviction. Kanye West’s attitude seemed to eventually change, though.Taylor Swift’s nominations included Album of year for her album Fearless and Song of all seasons for her single You Belong To me. Both Beyonce and Swift were also nominated for best Female Vocal Performance, utilizing Pink, Katy Perry and Adele.I had the word Moth around my head hence there is no was toying with one. After I chose Moth Complex, I adidas yeezy shoes seemed to be checking the online market place to see what Experienced done!! To see if a Moth Complex existed in the world the slightest bit. to discover about moths. Anyway, I happened on an architectural theory called “Moth Complex” based around people being attracted to light. And therefore i loved who. It really resonated when camping because that’s what all the songwriting Used to was about and all of the songs for Moth Complicated .. finding my way in life. Growing. Living. In order for was this kind of. Moth Complex.

What are your plans for retirement?
Are you planning to stay in the general area where you currently live, or do you have plans to go exploring and discover new places and perhaps put down roots somewhere a little less familiar – maybe in Australia or perhaps overseas?

Often retirement to another place is driven by financial reasons. It may be cheaper to buy a place up or down the coast and put a few extra dollars in the bank to help with the costs of living in retirement.

The government have introduced, from 1 July 2018, downsizer contributions which is the ability to contribute surplus proceeds from the sale of the family home to superannuation without being constrained by some of the general restrictions that otherwise prevent older Australians from getting money into super once they have retired.

Many of those sleepy coastal resorts that were attractive retirement destinations a generation or two back have now become just as expensive, if not more so, than the capital cities.

What does the future for retirement living look like for today’s baby-boomers and Gen X?
From what we have observed, there is a trend for people to remain living in a capital city or large regional centres. The idea of relocating seems to have diminished, perhaps brought about by familiarity of surroundings, family commitments, established friends and community involvement, health and other support services, and in some cases the fact that many retirees are deciding to remain engaged in the workforce to some extent, and move into full-time retirement later in life.

A recent study by the Australian Bureau of Statistics found that 71% of people intend to retire after the age of 65, and 23% of people age 45 or older don’t intend to retire until 70 or older.

The tree change or sea change may have been a passing fad. Something that was popular for a time and then faded into the background.

If you are thinking of relocating, whether it is down the coast, interstate, or to another country, move by all means. But before selling up and burning your bridges, think about renting for six months or so. Then, after becoming familiar with the location, if you really like it you will have a lot of local knowledge and even a network of new friends that may make the buying process just that much easier.

 

Source: Peter Kelly | Centrepoint Alliance

What happens when retirement does not go to plan?

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We have written on numerous occasions over the last few years of the need to plan carefully for your retirement – financially, emotionally, physically and mentally.

What happens if it does not go to plan, not from a financial aspect but from a health perspective?

What am I talking about?

I have observed two people close to me, a good friend and a brother in law prepare for their retirement and then retire with their first years of “freedom” or “my time” planned.

Both men were in good health and had always been very active. This continuing and increasing level of activity was an integral part of their retirement – competing and training for an Ironman race and a number of endurance bike rides. As both have now retired, finding time to fit in all the necessary training was not an issue. They were excited and looking forward to the challenge.

Both men were diagnosed with “arrhythmia”, palpitations of the heart.

I have no medical qualifications and I am not going to attempt to explain the symptoms, consequences of this diagnosis or the treatment. All I do know from my own observations of these friends was that their training now needed to be curtailed and the initial ongoing treatment, although not necessarily painful, was incredibly frustrating from their point of view.

Understandably, both were upset and feeling sorry for themselves – all the plans and hopes they had for the first few years of their retirement had been disrupted.

So what is the answer?

I did do some reading, and there are a number of common processes which people can take when life’s plans go a little astray

  • Step back and understand that aside from this one glitch their lives are in fact generally quite great – never dwell on the question of “Why me?”
  • Moping is not allowed. Sit down, reassess your plans and then attack them with the same vigour. Get busy!
  • Understand that your plan does not define who you are. The people who surround you still love and respect you.
  • Accept your limitations and reassess the plan or activity- in this case taking into account the issue

I am not saying that this is the answer, and I do know that if I were in the same situation and someone quoted these to me I would be extremely sceptical.

However, I believe it is important to remember that retirement is a 20 to 30 year period of your life and to become self-observed and continue to ask the question of “why me” is not going to make this part of your life any more enjoyable.

 

Source: Mark Teale | Centrepoint Alliance

Why I use a financial planner

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On 12 December 2017, I will have been working in the financial services sector for 50 years.

With all that experience you would think I had all the answers and didn’t need to use a financial planner. Some years ago I bit the bullet and decided I needed a financial planner.

I needed discipline. I needed someone who could guide me and make me accountable for the decisions I wanted to make. Like a sounding board – a counsellor.

Selecting a financial planner is not necessarily an easy process. I had specific needs.

I needed someone who could keep me on the straight and narrow, someone who would challenge me when it became necessary, and someone who experienced financial success in their own life. Not ‘in your face’ wealthy, but someone who was financially comfortable and had mastered their own work/life balance. Someone who practised what they preached.

They had to be younger than me, or someone who at least had a robust business succession plan in place – as I didn’t want a planner who would be retiring when my wife and I needed them most.

On top of all that, I needed to find someone my wife was comfortable to deal with, and someone who could guide her if there came a time when I was no longer around.

When looking for a financial planner, I didn’t need someone who could tell me about salary sacrificing into super, making spouse contributions, claiming the government low-income co-contribution, or even the benefits of commencing a transition to retirement pension.

What I needed was someone who could guide me on investment selection. What managed funds should I be using, what shares should I be buying, and the fixed interest and hybrid securities to consider?

A couple of weeks ago I met with my financial planner for our review.

Now, we didn’t need to discuss the investment returns as I keep on top of that through my online access to my account. We did discuss the state of the market and general concerns about the investment decisions that might need to be made in the coming weeks and months.

Most of the conversation revolved around what my wife and I wanted to do with our lives, rather than with our finances. Given my circumstances, the conversation naturally turned to our retirement plans.

When this question comes up, I either brush the question off or say something vague like ‘in a couple of years’. It is quite confronting and frankly, it is something I don’t really want to think about at this stage.

If I enjoy my work and my life, and if I am able to continue to deliver a quality service to my clients, then why should I have a fixed retirement date in mind? After our conversation, I felt liberated.

Having a financial planner who is willing to have some of the more awkward conversations is, to me, where the value lies in the relationship. They are a counsellor or coach first, and a financial planner second. To me, my financial planner is worth their weight in gold!

 

Source:  Peter Kelly | Centrepoint Alliance

When should you really start planning for my retirement?

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Whether it is planning for retirement, buying a new home, deciding what school to send the kids to, what job to take, or where to go for holidays, there are simply numerous variables that need to be taken into account.

For many of us, retirement will last for 20 to 30 years, so getting it right becomes very important indeed.

The short and simple answer to the question posed is ‘as early as possible’. Retirement planning is something we should start to think about as soon as we start working.

I am not saying for one moment that retirement should be at front of mind for a 25-year-old, however a couple of simple steps put into action very early in working life, that form part of a ‘set and forget’ strategy, may be the difference between a bleak or a comfortable retirement.

Superannuation is the Government’s preferred retirement savings structure, and it provides for some very attractive tax benefits.

Employers currently contribute 9.5% of their employee’s salary to super and many employees think that is enough, particularly as this will increase to 12% over the coming years. But will that be enough?

I have always held the view that, coupled with the good and robust investment of superannuation savings, in a low-cost super fund, extra money should be contributed to super. And what is the magic number?

If someone were to have somewhere between 15% and 18% of their salary contributed to super over their entire working life, their accumulated super at retirement would have a significant impact on the type of lifestyle they can afford in retirement.

 

Source:  Peter Kelly | Centrepoint Alliance

Retirement is not that simple!

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Most people dream of the stress-free and simple life that retirement brings, however just how stress-free and simple will retirement be.

For most of us, by the time we retire, we would have dealt with all the stress, the high blood pressure and emotions that one would normally face over a period of 40 plus working years.  Regardless of the type of work you have performed – whether you were self-employed, a professional, a public servant, tradesperson, or a labourer – without a doubt you would have been confronted with many decisions and challenges work brings.

This level of work stress is compounded further by the ongoing issues of family life.

From having children and riding the bumps through the different stages of their lives to saving for a deposit to buy a home.

After you have survived this period of your life, retirement should be easy and certainly stress-free. You own your home and the last of the children have moved out and there is no longer a drain on your bank balance.

Life should now be simple…

Not quite as now you have a new set of things to worry about, like Do I have enough superannuation to keep me in the lifestyle I would like to achieve in retirement? Do I qualify for the age pension or the Commonwealth Seniors Health Card? What happens if I am not able to look after myself? Will I be able to afford care and the necessary medical assistance?

So what can a person do to try and reduce the level of stress in retirement?

A financial expert or adviser will understand the legislation and how much you will need in your retirement.  They can educate you not only during retirement but more importantly, they can help you take the correct steps before you reach retirement age.

 

Source:  Mark Teale | Centrepoint Alliance