How quickly the three months have passed since we introduced the second issue of the YourLifeChoices Retirement Update.
The way in which Australians approach retirement is changing. No longer do most of us work until we are 65 and then claim an Age Pension or dip into our savings as income. And while our choices may be greater, they are becoming very complex. An informed approach to the way you will spend your retirement years and, of course, fund them, is the key to success.
Continuing to work later in life may be one of your options, but will you be able to carry on doing the same job? Heidi Holmes has the lowdown on your social profile and why it’s important to have one. If you believe that you can make your money go further by heading overseas, Stephen Wyatt, co-author of Sell Up, Pack Up & Take Off, offers advice on how to make your dream a reality.
As we publish this September Retirement Update, legislation is being debated in the Senate which could see not only a reduction in the Age Pension payment rate, but also fewer people being eligible due to frozen asset and income disqualification limits and changes to deeming rates. Age Discrimination Commissioner Susan Ryan considers the need to protect the pension, while Maurice Patane shows us how to create a budget and, more importantly, how to stick to it. And once that’s done, you can review the updated retirement expenses in the ASFA Quarterly Retirement Standard so you can compare how your own spending stacks up.
On the issue of finance, Jeff Bresnahan of SuperRatings offers some general advice concerning changes to how Centrelink assesses income from account-based income streams and the possible effects on your pension post 1 January 2015. And for those who think the furore over the reversal of Freedom of Financial Advice (FoFA) regulations has simply gone away, NICRI’s Craig Hall explains the way in which your retirement planning will be affected by the new rules.
Our regular updates on pensions, health and technology offer a snapshot of ‘the need to know’, while in legal news, Rod Cunich of Slater & Gordon explains why estate planning is essential for you and your family. And now that the aged care rules have changed, Louise Biti shares five tips to help reduce the financial stress.
Time to relax, so Maggie Beer’s recipe for Dutch Ginger Cake is a tasty alternative for dessert. But if you’re thinking of catching up with a blast from your past, Dr Mary Casey warns of the dangers of emotional infidelity.
Read YourLifeChoices Retirement Update now.