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Founder of Learn to Trade, Greg Secker’s investment journey began with him working in IT on a trading floor supporting the largest currency trader in London. With no real knowledge of finance and a $5000 gift from his mother, Greg entered the trading game and joins the Nestegg podcast to discuss his journey to success.

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Having previously joined the show to share how he is making a full-time income in only a few hours a week, Greg Morgan also joins host David Stratford to share how Learn to Trade set him on the path toward financial success, and why mindset and positivity is key to success as a trader.

The pair will explain why the current climate is the perfect time to be trading, explain the 5-2-1 rule and why it is so important, and reveal what the best investors are doing to cement their success.

You can keep up to date with what Learn to Trade are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Friday, 22 November 2019

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Retirement

New ‘rule of thumb’ for retiree drawdown

By Cameron Micallef · November 07 2019

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Retirement

New ‘rule of thumb’ for retiree drawdown

By Cameron Micallef
November 07 2019

Reading:

New ‘rule of thumb’ for retiree drawdown

By Cameron Micallef · November 07 2019

Reading:

With a huge amount of uncertainty dogging retirees who are trying to decipher what they can and can’t spend in retirement, actuaries have come up with a new “rule of thumb” they say better explains how much a retiree can draw down.

Five actuaries have got together to compile a new guide on the amount that retirees should and can pull from their portfolios.

They ran the numbers for a single retiree who has reached age pension eligibility and who is receiving part or a full age pension to find that a retiree can be drawing down based on the first digit in their age.

This means a 67-year-old pensioner should draw down at 6 per cent, while an 85-year-old would draw down on their assets at 8 per cent.

Actuaries Institute president Nicolette Rubinsztein said many people would be better able to enjoy their retirement if they have higher confidence around being able to draw down a little bit more of their savings than the minimum as is required by the government.

She noted many retirees are only drawing down the bare minimum from their account-based pensions, or their savings, after they stop work.

The rule of thumb also states retirees with balances between $250,000 and $500,000 would benefit from withdrawing an extra 2 per cent from their accounts each year.

Using the example of a single retiree who retires with a superannuation balance of $350,000, the rule of thumb could see a retiree aged 60 to 69 able to confidently draw down 8 per cent of their savings: 6 per cent representing their decennial age, plus an extra 2 per cent.

Actuaries Institute’s chief executive, Elayne Grace, indicated that these calculations are a good guide for uncertain retirees; however, it can be complex and the figures might not be optimal for everybody.

The industry has also argued that the availability of better products would help ensure that retirees don’t outlive their savings.

One of the actuaries behind the new rule of thumb, Mr De Ravin said even if post-retirement products are developed, the current expectation is that, typically, only 25 per cent of someone’s balance would be invested in an annuity.

“If that is the case, then 75 per cent of a typical retirement product will still require a decision by the retiree as to how much of their account-based pension component to draw down,” he said.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.