Why I Choose To Focus On Helping Retirees
Why I Choose To Focus On Helping Retirees
Given that I focus on retirement planning for individuals, I am often asked the simple question, “Why?”
There are three main reasons:
It is needed
40% of Australians don’t know how much they have in super
A recent HSBC Research Report found 75% of Australians aged 45+ that want to retire in the next 5 years, but 43% say they can’t
71% of Australians retiring in the next 5 years said they do not have enough money saved
When it comes to having more than enough to retire on, only 7% actually think they will achieve this goal.
This is why retirement literacy is so important to me. Helping people is the driving force behind why I am a financial advisor.
Because I can relate best to those at that stage of their life.
I love talking with people that have a wealth of life experience. Conversations are always fun & there is almost always something I can learn from what they have accomplished. I’ve been called an “old soul” or a 65 year old stuck in a 34 year old’s body more times than I can count. So it makes sense.
To truly help, I believe you need to be a specialist because successful retirement planning can be complicated.
In retirement planning, there are a plethora of areas where your retirement plan can go drastically wrong if done improperly.
Below is a list of questions that anyone planning for their retirement will want to be sure are addressed to reduce their overall risks in retirement.
How can you create a regular income from your super & investments?
What should you do if you retire & the market crashes (or a global pandemic hits)?
How much can you safely withdraw from super?
How can you minimise your overall tax liability?
Do I qualify for the Age Pension? If so, when? And how much?
What rate of return should you plan for over the next 30 years?
How should you prepare for long term care or aged care scenario?
Where should I withdraw money from first, cash, savings, investments or super, to minimise tax?
If you do not need income from your super fund, should you still withdraw money or change your investments?
Should you downsize or modify your home in preparation for old age?
Who is going to help your spouse, financially speaking, if you pass away unexpectedly? Are they prepared for that possibility?
How can you minimise inheritance tax (or death benefit tax) on your superannuation?
What legacy will you be leaving for future generations or charities?
This list could go on and on. These are just a few from the top of my head to consider. The long story short is - retirement planning is complex.
Am I saying that no one can/should DIY their retirement planning? Of course not. But as a retiree, you only get to go through retirement one time.
As a retirement planner, I get the collective experience of going through retirement hundreds of times. And I live, eat and breathe retirement for fun.
Seriously, I do – it’s weird I know.
I think anyone planning for retirement that isn’t knee deep in the subject matter is probably overlooking some things and financial advisors are no exception. If they are serving all different types of clients, they are probably missing things too. It would be almost impossible not to.
It’s my perspective that advisors that aren’t specialising may be putting their clients at risk because they could be overlooking certain issues.
Long story short – the stakes are high when it comes to retirement planning. There are no do-overs.
You literally get one shot at this thing and there are a million places to make mistakes that could wind up costing you a lot of unnecessary pain/money.
And I am passionate about doing all I can to improve the odds of success for retirees & increasing the financial literacy of my clients.
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