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In part two of this two-part series, we follow Sarah and John, a couple with a 13-year age gap, as they navigate the complexities of retirement. Their story offers practical insights and strategies to help couples align their goals and build a retirement plan that reflects their shared vision for the future.

When you meet the love of your life, it’s natural to imagine growing old together. But what many couples don’t consider are the practicalities of how that journey will unfold. For couples with a significant age gap, retirement planning can bring unique challenges, requiring extra care to align differing goals, timelines, and priorities.

Take Sarah (55) and John (68), for example. John was ready to retire and explore the world, while Sarah still felt invested in her career. They had differing timelines, energy levels, and concerns about long-term financial security. Instead of avoiding tough conversations, they leaned into them, and together they

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In part one of this two-part series, we share five essential conversation prompts to help couples with an age gap have meaningful discussions and design a retirement strategy that aligns with their unique circumstances.

Planning for retirement can be challenging enough, but when there’s a significant age difference between partners, it adds another layer of complexity.

Different life stages often mean differing priorities, timelines, energy levels and financial needs. But with thoughtful planning and open communication, it’s possible to build a retirement that is secure and fulfilling for both partners. By having honest and meaningful conversations, you can uncover each other’s hopes, concerns, and goals, creating a retirement plan that feels balanced and fulfilling for both partners.

The following prompts are designed to spark deeper, more meaningful discussions, helping you align your visions for the future and tackle potential challenges head-on.

FORO – the fear of running out – can prevent retirees from enjoying the fruits of their labour. This article uses a case study to illustrate how a well-structured financial plan can help overcome this fear, enabling a fulfilling and financially secure retirement.

FORO – the fear of running out.

I’d never heard the expression until I met Mark and Susan. Of course I’d heard of FOMO, the fear of missing out, but never FORO.

As the newly-retired couple sat across from me, explaining how they were so afraid of running out of savings that they were not enjoying the retirement they’d worked so diligently for, I grasped the meaning of FORO immediately.

This article discusses the aspiration of early retirement and emphasises the importance of careful planning and dedication to achieve this goal. It highlights key steps, including assessing one's financial situation, creating a tailored financial plan with the help of a financial adviser, minimising unnecessary spending, and diversifying investments to ensure a comfortable retirement lifestyle.

The dream of retiring young is one that captivates many peoples’ imaginations. The freedom to live life on your own terms, doing what you want, when you want is undeniably appealing, but is it attainable?

We say yes!

It doesn’t just happen, though. As with any goal, it takes planning and dedication along with a clear understanding of when and how you expect to achieve that goal.

This article explores the "Three Pillars of Retirement Income," encompassing the age pension, compulsory superannuation, and voluntary savings. With many retirees unaware of these potential income sources, we delve into each pillar's significance and how they can work together to secure a stable financial future during retirement.

While older Australians are reportedly among the wealthiest retirees in the world, much of their wealth is tied up in their family home, leaving many to worry about how they will find the money to pay for their day-to-day expenses when they stop work.

During the past two decades, Australians have been able to rely on the so-called ‘Three Pillars of Retirement Funding’. These include the age pension funded by the Federal Government, compulsory superannuation and voluntary savings.

With escalating cost of living pressures, retirees are turning to the untapped equity in their homes to compensate for their lack of income. This piece explores the pros and cons of accessing this equity through reverse mortgages and equity release schemes.

Retirees feeling the pinch of higher living costs, are reluctantly making difficult decisions as they draw dangerously close to outliving their retirement savings.

A 2021 report released by the Association of Superannuation Funds of Australia (ASFA) found that 90% of Australians who died aged over 80 years had no superannuation savings – an alarming statistic given that our average life expectancy is currently 83.6.

For many retirees, the family home remains their only asset. Not generally subject to capital gains tax, or assessable under the assets test, it represents financial security, independence and family history which is why downsizing is an unpopular option.

An outline of the challenges facing millennials in Australia today, who are trying to plan for their retirement as they battle cost of living rises and other financial headwinds.

While millennials have for decades been treated like ‘the children of Neverland, who never grew up’, reality is fast catching up with this generation, who are now young adults between the ages of 24 and 40.

Like generations before them, they are now buying, or at least trying to buy, homes and starting families of their own. And with this, the stark reality is that their retirement is looming just around the corner in the early years of 2050.

For all too many, planning for their retirement is just something they don’t want to face. But the reality is that the sooner they start ‘mapping’ or preparing for their retirement, the better off they will be.

The article discusses why Millennials and future generations may never fully retire due to the rising cost of living, increased life expectancy, and higher expectations for a comfortable lifestyle.

Millennials in Australia are facing an unprecedented challenge when it comes to planning for retirement. Many will never fully retire, as they will be unable to accumulate the necessary funds to support themselves for an extended period of time. With the cost of living steadily increasing, and many millennials grappling with large debts and limited financial resources, it is likely that more people will have to work well into their golden years.

How much is needed for a comfortable retirement?

This article provides an introduction to the FIRE movement, including three practical tips that can be used to create healthy financial habits.

FIRE… Financial Independence, Retire Early. Sounds nice, doesn’t it?

It’s easy to see why the FIRE movement is burning hot across the younger generations. The notions of financial independence and early retirement are surely appealing to the majority.

But as with most good things, it comes at a price, and it’s important to weigh up the pros and cons to decide what is right for you.

This article explains the three stages to retirement, and then focuses on the final ‘Frail Years’. We outline the most important considerations when planning for these years and cover Government assistance, through to strategies for retirement planning. 

 

The Golden Years… a time of leisure, travel and more time with the grandchildren. This is likely what springs to mind when someone mentions the retirement phase of our lives.

However, did you know that your retirement years are typically split into three main stages – the active years, the sedentary years and the frail years?

While most will hope and/or plan to spend up big in the active years, it’s important to ensure you also plan on having adequate funds set aside for the frail years. These are the later years of retirement where health and functional capacity may begin to decline, and additional care and support may be required.

This article explains six of the top financial mistakes people make in retirement that could leave them outliving their savings and diminishing their quality of lifestyle.

While retirement should be the best years of your life, many Australians make simple, avoidable mistakes with their finances that can leave them dependent on the age pension and without the funds to really enjoy life.

However, with some simple good advice at the start of retirement, these mistakes can usually be avoided, leaving retirees to focus on what is really important and that is, simply enjoying life.

 

This article looks at the current behaviours of older Australians with respect to downsizing the family home, as well as factors that should be considered when weighing up the decision to downsize.

To downsize or not to downsize is the question facing many home-owning Australians in the lead up to or in their retirement years.

And the answer is… it depends.

There are many factors to consider when weighing up the decision of whether to sell the family home or not, and it depends on your personal circumstances and goals as to which option is going to be the best for you.

With the cost of living on the rise, it’s natural to want to give your children a helping hand financially. This article discusses important points to consider before gifting money to family, including implications on your future retirement savings and tax obligations. A case study is included to illustrate the importance of having the right protections in place.

According to Finder.com, 44% of Australian parents feel the urge to subsidise their adult children’s lifestyles.

Besides helping with expenses such as university fees, utilities bills, etc., as home ownership moves beyond many young peoples’ reach, parents provide a leg-up into the housing market.

It’s natural to want to ensure your children’s financial security, regardless of their age, but is it possible to do so without sacrificing your retirement situation?

We say yes, but consider these points first:

Having spent most of our lives accumulating retirement savings, it is easy to understand why retirees are fearful of spending their hard-earned nest egg. This article explains how an adviser can help evaluate the likelihood of achieving your retirement goals, as well as minimising longevity risk. Written in the eyes of the client, it is an effective piece with a meaningful call to action.

Having looked forward to retirement for years, it was difficult to accept that two people who had spent decades living happily together could spend so much of their time arguing over money.

"Enough," I cried in frustration. "We need help from someone who can tell us just how much you can spend on a new car to tow the caravan and how much I can spend on updating a twenty-year-old kitchen without us running out of money," I said.

Within days we were in the office of a local financial planner, who had no doubt heard it all before.

Entering a retirement village can have major financial implications that not too many prospective residents are aware of. This article highlights some of the fees residents face as well as potential impacts to social security. The article encourages readers to seek guidance from a qualified financial planner.

With an aging population, an increasing number of Australians are opting to live in retirement villages. While pitched at the ‘over-55s’, the average age of entry is 75, and average age of residents is 81. Depending on the retirement villages, attractions include having home maintenance issues taken care of, more social contact, access to recreational facilities and on call assistance in case of medical emergency. Moving to a retirement village can also free up capital to support living costs in retirement.

These benefits all come at a cost, of course, and the type and amount of fees can vary enormously from village to village. There are also several different types of ownership or occupation rights or ‘tenure’. Most commonly, residents pay the market price of a unit in exchange for a long-term lease, or pay an upfront fee for a licence to occupy. Straight rental arrangements, often for serviced apartment-style accommodation, are also available in some villages.

This article explains why retirees cannot park their funds entirely into conservative assets and enjoy a comfortable financial lifestyle. With the use of a case study, we explore the real-life impact of longevity risk and why it is important to retain some exposure into growth investments.

Australian retirees face a ‘double whammy’ when it comes to funding their retirement. On the one hand we, as a nation, are enjoying longer and healthier lives. On the other hand, recent low interest rates have slashed the returns on the traditional bedrocks of post-retirement investment portfolios such as term deposits, cash management accounts and annuities.

Retirement can be a daunting time for many but it’s no longer the winding down of life, waiting for the final scene. Beginning with a story to relate to readers, this article presents a number of ideas for kick-starting life’s next chapter.

Many people eagerly anticipate retirement. Others view its approach with trepidation, worried over how they’ll fill their days.

Australians are living longer; it’s not unreasonable to assume you’ll be retired for 20 or 30 years. Not sure how you’ll fill all those days? We have a few ideas to kick-start your new life.

This article explains how Transition to Retirement pensions work and identifies three scenarios where this strategy might be used to great benefit.

If you’re nearing retirement age but don’t want to stop work entirely, another option might be to transition into retirement. For those over 60, Transition to Retirement (TTR) pensions are tax-free and TTR strategies can provide a number of benefits.

Let’s look at some options available to 62-year-old accountant, Brian. He works full time and is on an annual salary of $100,000.

It is a strange phenomenon, and one governments are addressing – why would retirees prefer to live frugally on the age pension just because they think they’ve earned it? This article compares two couples who make different choices for their retirement – age pension entitlement or building superannuation.

Sam and Sally Smith have worked hard all their lives, paid their taxes and, now they have retired, they feel they are entitled to a full age pension.

Jan and Jim Jones have also worked hard and paid their taxes. However, concerned that Australia’s aging population and ballooning pension bill will make it increasingly difficult to qualify for an age pension, they have sought to be as financially independent in retirement as possible. With diligent savings and smart use of superannuation they have built a significant nest egg.

While both couples have equally valid views, in one respect Jan and Jim’s belief was proven correct when changes to the assets test in January 2017 reduced the number of people qualifying for a part pension and some lost it altogether.

This article outlines 10 tips for your clients to prepare for retirement. It is a great reminder for clients to use as a checklist.

Looking forward to retirement? Check out our top 10 tips to make sure you’re on track.

This interesting article focuses on the changing population trends and how they might affect retirement plans. It culminates with some options for your readers depending on their life stage.

Demography is the study of population – births, deaths, ages, life spans, migration, and so on. Governments can record the changes but in free societies can do very little to change the overall trends. It’s a bit like the tide coming in – you can adjust where you sit on the beach but you can’t stop the water rising.

Research by worldwide organisations including the United Nations and European Union shows disturbing trends such as these: