Listen: Kaye discusses the Retirement Affordability Index

Kaye joins Macquarie Radio to discuss why retirees are worried their money won't last.

Will your money last in retirement?

The YourLifeChoices Retirement Affordability Index™ shows that many retirees are concerned about having enough money for retirement.

Our publisher Kaye Fallick spoke to Tim Webster and Dee Dee Dunleavy on Macquarie Radio’s Home & Holiday program to discuss the findings from edition four of the Retirement Affordability Index™ and today you can listen to the discussion below.

In case you missed it, you can also read the December Retirement Affordability Indexonline.

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    COMMENTS

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    *Imagine*
    10th Jan 2018
    3:39pm
    Kaye, while I agree with much of what you say, you state that many self funded can spend on travel and entertaining etc but many are not spending the money that they have because they are scared to spend it or they want to leave it to their kids.
    Well, in any future interview would you mind including the plight of the self funded asset rich, income poor. For example the couple who bought a run-down marginal grazing block when they were young. They spent their recreation time building fences, dams and tree planting. Their eco-block has always been a recreational and lifestyle asset. However, since retirement it is now valued by Centrelink as an asset in monetary terms. Because of the revaluation of the asset test, and despite owning only a modest house, the eco block when added to their equally modest super balance of $200k, precludes them from any age pension at all. How can they spend money that they do not have? Travel and entertainment for this self funded couple is a dream.
    Now, this couple are either forced to turn their back on a lifelong interest, forgo the pleasure of their years of hard work, sell up to live in a unit somewhere, to receive a pension; or borrow against the asset to live.
    What a pathetic, crass, bunch of philistines we have running our once great country.
    Jtee
    10th Jan 2018
    9:11pm
    Agree. The change in the asset test has forced us to sell a modestly-priced acreage property in the country which we had purchased to spend time in when we retired. This property earned no income but was assessed by Centrelink as an asset (as it should have been) and we have been scrimping and scraping for many years in order to have the active and healthy lifestyle that owning acreage brings.

    Since the change in the asset test 12 months ago our pension income was further reduced and our cash reserves have depleted to the extent that we have been forced to sell our lifestyle property.
    *Imagine*
    11th Jan 2018
    12:31pm
    Sad to hear Jtee. I know how you must feel. The same predicament would affect those with river shacks who now need to sell, hopefully to a relative, and those who may have worked and saved to buy a yacht or similar as a lifestyle choice. Too bad - sell it and spend the proceeds on a holiday or gamble it away and then we will pay you a pension. I imagine that there are a lot of disappointed people who didn't know that the Government would rather you waste money and claim a pension, than receive the same pension if you stay healthy and content with the plans that you worked so hard to obtain. New Zealanders would be amazed at the situation that we have to suffer.
    Kaye Fallick
    11th Jan 2018
    12:31pm
    Hi Imagine and Jtee, thank you for taking the time to share your situations - and you are right - I fear i was generalising which is not helpful at all. the story of the asset rich and cash poor is one we will pursue. Please email me at admin@yourlifechoices.com.au if you are happy to be interviewed on this topic? warmest wishes for a Happy New Year, Kaye


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