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After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.

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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.

Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.

Thanks Adam, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Upside Realty 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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Retirement

The case for spending more money in retirement

By Cameron Micallef · October 18 2019

Reading:

Retirement

The case for spending more money in retirement

By Cameron Micallef
October 18 2019

Reading:

The case for spending more money in retirement

By Cameron Micallef · October 18 2019

Reading:

Australian retirees would be better off spending more in retirement and drawing down to minimums sooner after the recent changes to taper rates, new analysis has shown.

According to thinktank Rice Warner, retirees that spend more money have the dual benefit of being able to spend more today and then have it offset by the pension later in life.

Currently, the value of a retiree’s pension is reduced by $78 for every $1,000 of assets above the relevant thresholds.

To illustrate its point, Rice Warner provided the example of a person earning $90,000 a year over 40 years, saying that “if the retiree draws down their capital over the 23 years to age 90, they not only gain the benefit of spending more of their savings but also become eligible for higher Age Pension payments sooner”.

Why don’t retirees draw down much more than the minimum?

The thinktank expressed a belief that Aussies are scared of running out of money in retirement, leading to people living unnecessarily modestly in their golden years.

“There have been many reasons proposed for why retirees behave this way, among them a fear of running out of money and uncertainty about how long they will live,” it was offered.

How to confidently draw down savings?

While the Age Pension is likely to provide enough certain lifetime income for low-balance members, and high-balance members won’t necessarily need to draw on as much of their capital anyway, the high proportion of Australians in the middle (with balances between around $300,000 and $800,000) will benefit greatly from more certainty around their retirement income.

In February this year, legislation passed to amend the means test rules that will apply to longevity protection products from 1 July 2019.

Under these rules, only 60 per cent of the purchase amount of a lifetime income stream will be an assessable asset and only 60 per cent of the payment will be income for the purpose of means tests.

According to Rice Warner, this change should in time promote the development of longevity protection products such as deferred lifetime annuities.

“This allows the retiree to more safely draw down the remainder of their savings up to that point, thereby enjoying a lifestyle that is better than would otherwise be the case during the early and more active years of retirement,” it concluded.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. 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 leverage their insights to grow your portfolio.