In the final episode of The nestegg Podcast for 2021, host Maja Garaca Djurdjevic checks in with our three experts to hear their final thoughts on the year that’s passed and their hopes for the next 12 months.
" ["fulltext"]=> string(1011) "Steve Waters, director of Right Property Group, talks Christmas selling season and opens up about the key lessons that he’s learnt this year that he will gladly take forward with him into 2022.
RMIT senior lecturer of finance Dr Angel Zhong covers meme stock ETFs as well as provides her thoughts on next year’s economic outlook.
Finally, tax and super guru Timothy Munro shares his end of year financial checklist and some handy tips that could help you keep your credit card in check over the gifting season.
Tune in to hear more below.
Have a question for our experts? Get in touch at [email protected], and you might get featured on the next episode.
Retirement Planning
With nestegg, learn all the things you need to know about effective retirement planning. Get updated features and guides that can help you understand retirement savings, improve financial literacy, and learn the value of financial planning.
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The economic turbulence of the pandemic is messing with the well-laid plans of those looking at the transition into retirement.
Write comment (0 Comments) " ["fulltext"]=> string(3514) "The long-term consequences of the COVID-19 pandemic are still being tabulated, and its impact on retirement outcomes is no exception.
However, some have suggested that any disruption from the pandemic pales to the realities of a sustained low-interest environment.
Pension Boost founder Paul Rogan said that pre-retirees and the retired are caught between a rock and a hard place when it comes to COVID uncertainty and low interest rates.
Pointing to a recent study by Forbes, he noted that the number of Baby Boomers in the US moving their retirement plans forward has doubled due to the pandemic.
“This is a consistent trend in Australia and has led to more interest in reverse mortgages to supplement cash flow impacted by low return markets,” Mr Rogan said.
While current economic circumstances may have favoured those seeking an earlier retirement, taking advantage of that opportunity comes with a caveat.
“Another risk facing pre-retirees and those early in their retirement is that globally stock markets are at or near-record highs and a correction is likely on the horizon,” Mr Rogan explained.
Noting that a market downturn can have a particularly adverse impact on those early in their retirement, he said that current market conditions have seen an increase in the use of and interest around reverse mortgages.
Richmond Partners financial planner John Hazell said that those looking to offset that risk may want to consider the Australian government’s Pension Loans Scheme (PLS).
The PLS is a voluntary, reverse mortgage type loan available to assist older Australians who wish to boost their retirement income by unlocking equity in their real estate assets.
Mr Hazell said that the PLS can assist in slowing the erosion of an individual’s other assets and act as a simple equity release mechanism that doesn’t require the added stress of having to get multiple professionals involved.
“Retirees often have significant equity locked up in their home, with no easy way to release it,” he explained.
Mr Hazell noted that commercial reverse mortgages typically have higher interest rates, costs and complexity and that conventional bank loans can be difficult for retirees to obtain and retain.
Thankfully, he said that clients are sitting on a significant asset in the form of a family home and well positioned to leverage the long-term growth profile of the Sydney residential property market.
Via the PLS, they can access this growth with relatively modest accumulation of debt.
“The PLS assists family members to avoid the significant transactional costs involved in downsizing eroding the level of equity release, not to mention the emotional upheaval involved,” he said.
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the Natixis Global Retirement Index, behind Switzerland, Norway, Ireland, the Netherlands and New Zealand.
Write comment (0 Comments) " ["fulltext"]=> string(2559) "Australia has maintained its seventh place ranking on the index, developed by Natixis Investment Managers and CoreData Research to evaluate the financial security of retirees across 44 countries.
With an overall score of 76 per cent, unchanged since 2018, Australia failed to scale the ladder mostly due to its underperformance in regard to material wellbeing, which looks at things like income equality, income per capita and unemployment.
According to the report, Australia’s ranked particularly well in two areas — fourth in finances for retirement and 10th for health — while it was ranked in the top 16 countries for quality of life. Conversely, scores for the bank non-performing loans, interest rates, old-age dependency and government indebtedness indicators all dropped compared to a year earlier.
However, Natixis noted that the overall ranking hides an alarming admission by Australian investors earlier this year that four in 10 agree “it is going to take a miracle to retire securely”, a statistic consistent with global investors.
Natixis derived its results based on a survey of 400 Australian investors, 19 per cent of whom were classified as high net worth with more than $1 million in net investable assets, with a further 22 per cent classified as emerging high net worth with US$500,000 to $1 million in net investable assets.
Yet despite this representation, 35 per cent of Australian investors told Natixis they were worried retirement would not be an option and 31 per cent agreed they would never have enough money to retire.
Noting that while some may argue this could be part of the COVID-19 mindset, 62 per cent of Australian investors said they did not suffer from loss of job, income or setback in financial security due to COVID compared with 54 per cent of their global counterparts. Further, only 5.5 per cent of Australian investors said they were forced to take a withdrawal from their super fund.
Commenting on the findings, country head for Natixis IM, Australia and New Zealand Louise Watson said: “While 61 per cent of investors accept they will have to work longer than anticipated, other factors may prevent this from being possible.
“The survey also highlights the need for investors at all levels of wealth to engage with their retirement. Working with their superannuation fund and a financial adviser who can tailor an investment portfolio to their needs and goals can highlight strategies investors may not have considered.”
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["alias"]=> string(39) "what-is-an-annuity-and-how-does-it-work" ["introtext"]=> string(392) "Having enough income for retirement is important. If you’re looking for an alternative source of income when you’re retired, an annuity may be the answer.
Write comment (0 Comments) " ["fulltext"]=> string(10923) "Annuities are insurance products that give retirees a reliable and steady income. These income payments can support your financial needs for the rest of your life or for a fixed number of years.
An annuity can be a good foundation of your retirement planning. It can complement your other retirement investments and sources of income, such as your superannuation and the Age Pension.
In this article, we answer your most basic questions about annuity to help you understand this retirement tool.
What is an annuity and how does it work?
An annuity, also referred to as lifetime pension or fixed-term pension, is a type of pension product offered by life insurance firms and investment companies. You can also buy it from a super fund.
This product works by transferring risk from the investor (called the annuitant) to the insurance firm. Similar to other types of insurance products, you pay the annuity provider premiums to carry this risk.
These premiums can be paid through a lump-sum amount (averaging $5,000 to $10,000 or higher in Australia) or through a series of payments, depending on the type of annuity you have availed.
What sets an annuity apart from other types of insurance is that you are not required to pay premiums indefinitely. Once the premium-paying period known as the accumulation phase is over, you stop paying the annuity and it will start paying you.
Your contract will now enter what is called the payout phase. During this phase, an annuity provides you with a guaranteed income for a set period of time. The amount you receive will be based mostly on how much money you put towards purchasing it. Generally, the more money you invest, the higher the return.
To learn more, read our article on how you can get the most benefit from annuities.
What are the main types of annuity?
There are two main types of annuities that are offered in the market: fixed and variable.
Fixed annuities
In fixed annuities, the payout is a fixed sum and the annuitant will receive a principal amount and a minimum rate of interest.
As long as the provider is financially sound, the money you invested in a fixed annuity will grow and will not decline in value. The growth rate of the annuity’s value and/or benefits you receive may be fixed at a specific amount or by an interest rate. It’s growth does not also depend directly or fully on the performance of investments the insurance company makes to fund the annuity.
The convenience and predictability of a set payout makes a fixed annuity a popular option for retirees who want to have a steady income stream to supplement their other retirement income (e.g. super, Age Pension).
The subcategories under a fixed annuity are equity-indexed annuity and market-value-adjusted annuity.
An equity-indexed annuity is a type of fixed annuity, but has mixed features. It charges a minimum rate of interest, like fixed annuity, but its value is also based on the performance of a specific stock index. This is usually calculated as a percentage of that index’s total return.
Meanwhile, a market-value-adjusted annuity combines the two attractive features of giving the annuitant the ability to select and fix the time period and interest rate over which their annuity will grow and the flexibility to withdraw money from the annuity before the end of the set term.
This flexibility is achieved by adjusting the annuity’s value to reflect the change in the interest rate “market” or the general level of interest rates from the beginning of the selected time period to the time of withdrawal of the money.
Variable annuity
The second main type of annuity is a variable annuity. The investment return and income paid by the variable annuity fluctuates with the performance of the underlying investments.
However, in exchange for a fee, the provider of such products may guarantee a minimum payment, either for a set period or for life. The higher the amount of the guarantees, the higher the fees paid.
How and when do I receive my income from an annuity?
When your contract enters its payout phase, payments can start immediately (immediate annuities) or at a future date you choose (known as deferred annuities).
You will receive guaranteed income payments that can be given to you on a monthly, quarterly, half-yearly or yearly basis.
You can receive payments for a set period of time (fixed-term annuity) or for as long as you are alive (lifetime annuity).
You also have the option to have regular payments fully or partially adjusted in line with inflation or not. Providing for inflation can substantially impact the cost of the annuity and/or the value of initial payments.
How can I buy an annuity?
Anyone aged 18 and above can buy an annuity. You can purchase one by using money from your regular savings or from your super.
However, if you are using super money to buy an annuity, you must have reached preservation age of between 55 and 60 or have met a condition of release outlined by the Australian Taxation Office (ATO).
What happens if you die early after investing in an annuity?
The Australian government’s MoneySmart website states that when buying an annuity, you will have two options to prepare for a scenario where you die after investing in an annuity. One is to nominate a reversionary beneficiary and the other is to select a guarantee period.
A reversionary beneficiary is a person you have nominated (it can be your spouse or dependent) who will be receiving payments for the rest of their life, usually at a reduced amount of the income you were receiving from your annuity.
With a guaranteed period option, your beneficiary gets your full payments, either as a lump sum or income stream (for a set period) after your death.
What are the advantages of an annuity?
- Guaranteed fixed income regardless of how the sharemarkets perform.
- Any payment you receive from an annuity you bought using your super money is tax-free from age 60.
- Annuitant can choose for regular payments to reflect inflation.
- No risk of outliving your payments (with a lifetime annuity).
- Payments from certain annuities may give you beneficial Centrelink treatment.
What are the disadvantages of an annuity?
- You will not receive the full amount of your annuity if you decide to withdraw your funds entirely and cancel your annuity (if allowed by provider).
- Lack or no flexibility where your money will be invested.
- Low income payments if annuity payout period starts in a low interest rate environment.
- Your money is illiquid; your money is locked away until the term or period of the annuity ends.
- You are not allowed to change the amount you receive once the payment period begins.
Can I lose money in an annuity?
Annuity products are generally described as “guaranteed”. But remember that the guarantee is as good as the provider. As with any financial product, the risk that your provider might go under should be taken into account when deciding.
Additionally, remember to always read the fine print before you buy an annuity and make sure you understand the provider’s specific terms and conditions.
Before deciding if an annuity is the right option for you, consider your personal needs and circumstances. You could also look into mixing your retirement options or consulting a licensed financial adviser to help you make a more informed decision.
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["alias"]=> string(40) "are-you-retiring-with-more-than-you-need" ["introtext"]=> string(361) "A lack of knowledge about retirement options as well as outdated models mean many Australians are retiring with more than they need, an industry expert has revealed.
Write comment (0 Comments) " ["fulltext"]=> string(2366) "According to the Moreton Group’s managing director, Cameron Dickson, scaremongering about how much super is needed as well as outdated data about the best age to retire is leading to Aussies working longer than they need to.
In fact, Mr Dickson stated that seven out of 10 people over 55 that have visited his company can actually retire sooner than they initially thought.
Mr Dickson believes retirement calculators provide an overly simplified formula without a deep or informed analysis of an individual’s present and future position based on financial, health and life scenarios.
“They perpetuate a myth that Australians can’t afford to retire and exacerbate anxiety in a huge proportion of working Australians looking to change their lifestyles from work to retirement in the next five to 10 years,” he said.
The managing director noted many Australians are nearer to retirement than they realise and don’t understand they can take on a hybrid finance model of superannuation and government entitlements in order to bring their retirement forward.
“While it may seem complex and difficult to navigate, opening up all financial avenues can help Australians realise their dream of retirement sooner,” Mr Dickson said.
Instead, the financial adviser believes people need to think about their retirement in reverse.
“Stop worrying about what age you should retire at and how much money you have in super; the first step is to find out what’s possible,” he said.
“If you plan what you want to do and work backwards, you will probably find you have enough money to retire earlier than you think. People should think about what’s possible first.”
Noting that most people look for financial advice only after a health scare, Mr Dickson said this is not a good statistic, and that Aussies need to start the retirement conversation earlier so they plan better.
“Discussing your income and how much money you have in the bank doesn’t come easy to Australians,” he said. “Those who feel they have too little money often find the discussion to be embarrassing.
“This awkward silence only intensifies the general anxiety in the community and a lot of people don’t seek advice and end up making decisions based on what they read online.”
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issues continue to see women go backwards in terms of wealth compared with men, an industry expert has revealed.
Write comment (0 Comments) " ["fulltext"]=> string(2657) "Following Equal Pay Day, Aware Super CEO Deanne Stewart has pointed to key reforms that are needed in order for women to have the same opportunities as men.
Noting the pay gap, which has an impact on women’s ability to spend, save and invest, Ms Stewart warned of the flow-on impacts it is having on retirement outcomes.
“We know there have been disturbing increases in the rates of poverty and homelessness among older women,” Ms Stewart said.
“Recent data shows more than 400,000 women over the age of 45 are at risk of homelessness.”
With the size of the issue only increasing, Ms Stewart flagged a number of key regulatory changes that were needed in order for women to get ahead.
“There’s much that can be done to improve financial security for women. More accessible and affordable childcare would make a huge difference given time out of the workforce is one of the factors contributing to the super gender gap,” she continued.
“Normalising the sharing of caring responsibilities is also critical as well as paying superannuation on family leave.”
Equal Pay Day 2021 recognises that it has taken until 31 August to close the national gender pay gap — or in other words, it takes 61 days for a woman to earn the same as a man.
Workplace Gender Equality Agency (WGEA) director Mary Wooldridge said that at the current pay gap, on average, for every six years men work, women will need to work seven to be on par with their earnings.
“Equal Pay Day is a symbolic recognition that women’s potential is not being fully realised or valued and an important reminder that women continue to face significant barriers in the workplace,” Ms Wooldridge said.
“While nearly two months’ difference is too long, the real gender pay gap is even greater. This traditional calculation is based on the ABS’ ordinary full-time average weekly earnings.
“If we include average weekly earnings data on earnings for all hours worked, including overtime and part-time work, the pay gap more than doubles to 31.3 per cent.”
Ms Stewart was also quick to point out that the days are moving in the wrong direction.
“Last year, women would have had to work an extra 59 days, and two years ago it was 58 days,” she said.
“It’s deeply concerning that despite the heavy focus on this issue in recent years, the gap is getting wider.
“We can no longer afford to just tinker around the edges. Real, lasting structural change is the only way we will address gender inequity now and for generations to come.”
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Write comment (0 Comments) " ["fulltext"]=> string(2301) "According to the latest figures by the Association of Superannuation Funds of Australia (ASFA), the cost of retiring increased in the June quarter following a lift in basic living expenses.
The ASFA Retirement Standard June quarter 2021 figures indicate that couples aged around 65 living a comfortable retirement need to spend $63,352 per year and singles $44,818.
Those figures are up by 0.8 per cent and 0.9 per cent, respectively, in the previous quarter.
However, over a full year, the price of a comfortable retirement for a couple increased by 2.3 per cent, while for a single person it will now cost 2.6 per cent more to retire comfortably.
The increase in the cost of living is led by surging fuel costs, which the ASFA said is 27.3 per cent higher in just a 12-month period, while medical services increased by 6.7 per cent and even the basic costs of fruits and vegetables are hurting retirees’ back pockets.
“Price increases faced by retirees have begun to accelerate following a period when COVID-19 led to suspensions or delays in key costs such as health insurance,” said ASFA CEO Dr Martin Fahy.
After adjusting for one-off changes, and removing irrelevant CPI increases such as childcare, education and international travel, price increases for retirees were considerably higher than the underlying rate of inflation.
As it currently stands, the national inflation rate stands at 1.5 per cent over the year to June.
“Small price rises across the board can add up to have a big impact on the average retiree budget. The cost of retirement is now 2 to 3 per cent more expensive, on average, than a year ago,” Dr Fahy noted.
As such, the ASFA CEO highlighted the importance of saving buffers and why older Australians need to get ahead on their superannuation.
“It’s so important that future retirees are able to build sufficient savings over their working lives to ensure they can face retirement with financial confidence,” he said.
One way to do so is to lift the rate of superannuation, which Dr Fahy is in support of.
“Moving Australia to the 12 per cent superannuation guarantee setting is an excellent step towards achieving this goal,” Dr Fahy concluded.
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["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(56) "/retirement/planning/why-it-will-now-cost-more-to-retire" ["image"]=> string(48) "images/article-826x550/old-couple-sitting-ne.jpg" ["image_alt"]=> string(35) "Why it will now cost more to retire" } }Subscribe to our newletters
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Retirement Planning

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