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4 tips that could save you thousands

<p><span style="font-weight: 400;">When it comes to our finances, there are plenty of monetary pitfalls that can have costly consequences.</span></p> <p><span style="font-weight: 400;">Here are four financial tips that could save you thousands of dollars in the long run.</span></p> <p><strong>1. Choose who you take advice from</strong></p> <p><span style="font-weight: 400;">Though looking to family and friends for advice can be helpful in other circumstances, you can run into problems when it comes to money advice.</span></p> <p><span style="font-weight: 400;">“Unless your loved one is qualified and an expert in this field, they are unlikely to know everything there is to know,” says Helen Baker, a financial advisor, author and public speaker. “Those who speak from their own experience are not aware of the details that make everyone’s situation different.”</span></p> <p><span style="font-weight: 400;">Being more picky about where and who you take financial advice from is the best way to go, according to Baker.</span></p> <p><span style="font-weight: 400;">“Make sure they are licensed to practice and have a good reputation,” she says. “Beware of vested interests pushing you a certain way. Consider professional advice only on matters they are qualified to discuss: accountants aren’t licensed to give financial advice, and financial advisors are limited with their tax advice.”</span></p> <p><strong>2. Be smart about your super accounts</strong></p> <p><span style="font-weight: 400;">While most advice tells us to roll all our superannuation accounts into one to save money, it might not be so simple</span></p> <p><span style="font-weight: 400;">“If you consolidate low-fee super accounts into a high-fee one, you’re actually losing money,” Baker explains. “Low cost funds don’t necessarily offer the same investments found in other funds.”</span></p> <p><span style="font-weight: 400;">Claims that having two funds will mean you pay double the fees aren’t necessarily true either.</span></p> <p><span style="font-weight: 400;">“Fees are generally calculated as a percentage of your super, so one percent of, say, $200,000 is the same as one percent of two $100,000 balances.” she says.</span></p> <p><span style="font-weight: 400;">Instead, the biggest super mistake relates to life insurance.</span></p> <p><span style="font-weight: 400;">“Life, disability, and income protection insurances can all be paid out of your super,” Baker says. “If you close an account, the policies attached to that account in almost all cases are terminated. Policies also differ between providers - you’re unlikely to get exactly the same policy in each one.</span></p> <p><span style="font-weight: 400;">“Many people only discover their mistake when they need to make a claim but are no longer covered.”</span></p> <p><strong>3. Put away the crystal ball</strong></p> <p><span style="font-weight: 400;">With the unpredictable nature of life, Baker says calculators meant to determine how much super you will need for retirement should be treated with caution.</span></p> <p><span style="font-weight: 400;">“How is that calculated? How can it factor in things such as future tax rule changes, Centrelink changes, spontaneous withdrawals, changes in employment or market fluctuations? They can provide false hope that you have enough so you needn’t do anything, or scare you into taking unnecessary risks.”</span></p> <p><strong>4. Get involved</strong></p> <p><span style="font-weight: 400;">For couples, the common pattern of one partner leaving financial matters to the other and not getting involved can be detrimental.</span></p> <p><span style="font-weight: 400;">Baker says this can become an especially thorny issue following divorce or death.</span></p> <p><span style="font-weight: 400;">“Nobody gets married expecting to divorce or be widowed early,” she says. “But sadly, this can and does happen. If your partner dies suddenly or becomes your ex, it’s difficult to unpick where the funds have gone if you weren’t involved - especially at a time when you’re grieving and becoming accustomed to living on your own.”</span></p>

Retirement Income

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9 things financial advisors wish you knew

<p><strong>Check out the financial planner's credentials</strong><br />When shopping around for a financial advisor, look for accreditations, such as a Certified Financial Planner (CFP) or Registered Financial Planner (RFP). If they will be handling your investments, choose a reputable Chartered Financial Analyst (CFA).</p> <p><strong>Don’t delay</strong><br />If you’re trying to get out of debt or are sandwiched between dependent children and ageing parents, take a seat. “We recognise that financial advisors can take a back burner,” says money coach and CFP Sheila Walkington. “But it’s like insurance – get it before you need it.”</p> <p><strong>Go beyond the usual suspects</strong><br />Using your bank’s in-house financial advisors may be convenient. But while their products might suit your needs, they’re limited. It’s best to ask for a referral from family and friends. Look for a financial advisor whose clients are roughly in the same financial situation and life stage as you. And don’t be afraid to interview more than one candidate.</p> <p><strong>Everyone gets a little intimidated</strong><br />Many people don’t seek out financial planning advice because they don’t know what questions to ask. Good financial planners expect they’ll need to talk you through complex matters. “There’s a lot of shame associated with money,” says CFP Robyn Thompson. “But we don’t expect you to be an expert.”</p> <p>The initial discomfort is worth it. A survey by Canada’s Financial Planning Standards Council found people who have worked with a comprehensive financial plan felt twice as confident that they will have enough money to retire. As a general rule, you’ll need about 70 per cent of your pre-retirement annual income available each year.</p> <p><strong>Come ready to chat</strong><br />Good financial advisors will spend at least a couple of hours getting to know you before recommending products or strategies. “We’ll look at your taxes, income, investments, retirement savings, estate planning, insurance, debt and any other issues,” says Thompson. Your planner should check in with you at least once annually.</p> <p><strong>Keep things simple</strong><br />It’s your financial advisor’s responsibility to make sure they clearly communicate concepts to you. If they talk down to you or bewilder you with jargon, bid them adieu.</p> <p>Also, beware of the exaggerator. Head for the door if your advisor promises to “beat the market” – no one can safely guarantee that.</p> <p><strong>Be honest</strong><br />Lay out your income and spending, warts and all. “We can bring clarity to your financial habits and give you tools to help,” says Walkington.</p> <p><strong>Know how your financial advisor gets paid</strong><br />It’s fair to ask whether they receive fees for recommending some products over others, and be sure what you’re buying meets your needs.</p> <p>If you’re looking for an unbiased approach, fee-for-service financial advisors will charge by the hour or project, and isn’t motivated by commissions to sell you certain products.</p> <p><strong>Don’t D.I.Y.</strong><br />Just because you think you can handle your own securities trades, it doesn’t mean you should. Reading headlines about the latest market meltdown can make even the most level-headed investor act rashly. An experienced financial planner can keep you on an even keel through the market’s ups and downs.</p> <p class="p1"><em>Written by Anna-Kaisa Walker. This article first appeared on <a href="https://www.readersdigest.com.au/food-home-garden/money/9-things-financial-advisors-wish-you-knew"><span class="s1">Reader’s Digest</span></a>. For more of what you love from the world’s best-loved magazine, <a href="http://readersdigest.com.au/subscribe"><span class="s1">here’s our best subscription offer</span></a>.</em></p>

Retirement Income

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Infection camp: Red Bull advisor suggest F1 drivers be deliberately dosed with coronavirus

<p>Red Bull’s motorsport advisor Helmut Marko has considered deliberately infecting his Formula One drivers with the new coronavirus in a camp so that they would be protected from the sickness once racing is resumed.</p> <p>As F1’s season has been indefinitely suspended by the pandemic, Marko said the company’s drivers should use this inactive period to contract the virus to ensure they would not fall ill later in the year.</p> <p>“We have four Formula One drivers and eight or 10 juniors,” the 76-year-old told Austrian TV station ORF.</p> <p>“The idea was that we would organise a camp to mentally and physically bridge the dead time and that would be the ideal time for the infection to come.</p> <p>“They are all strong young men in good health. That way they would be prepared whenever the action starts.”</p> <p>The former grand prix racer said his idea had “not been well received” by Red Bull management.</p> <p>Marko’s comments came following his earlier suggestion that driver Max Verstappen should catch the coronavirus so that he would later be able to “<a href="https://au.sports.yahoo.com/coronavirus-red-bull-boss-slammed-verstappen-joke-003502230.html">hunt down the world title completely immune</a>”.</p> <p>On March 13, the Australian Grand Prix in Melbourne was <a href="https://www.formula1.com/en/latest/article.formula-1-fia-and-agpc-announce-cancellation-of-the-2020-australian-grand.KKpXZDcd77WbO6T0MGoO7.html">cancelled</a> after one of the McLaren Racing Team members tested positive for COVID-19.</p> <p>Seven of the first eight F1 races this year have been postponed, while the Monaco Grand Prix scheduled for May 24 was cancelled.</p> <p>F1 CEO Chase Carey said he expected the season to resume “at some point this summer”.</p> <p>“It is not possible to provide a more specific calendar now due to the fluidity of the current situation but we expect to gain clearer insights to the situation in each of our host countries, as well as the issues related to travel to these countries, in the coming month,” he said.</p> <p>“We will continue to take advice from health officials and experts, as our first priority continues to be the safety and health of our fans, the communities we visit and those within the Formula 1 family.”</p>

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3 reasons to trust a travel agent when booking a cruise

<p>Cruising with a travel agent may not have been who you were thinking of turning to when you decided you wanted to book a holiday.</p> <p>Afterall, there are many options already available at the touch of a finger. Online directories, websites and information pages are just some of the many options available when you want to book a holiday.</p> <p>However, there is a level of expertise and passion for finding what is best for a prospective traveller that you just can’t find anywhere else.</p> <p>Here is why travel agents make booking a cruise that much better.</p> <p><strong>1. They know more than you do </strong></p> <p>If you’re not a regular cruiser, there are a number of things you may not know about booking a holiday or ways to make it the best one possible.</p> <p>A good travel adviser is extremely important when booking a holiday, as they can match your interests with the right cruise to make sure you have the best options possible.</p> <p><strong>2. They’re on the ball</strong></p> <p>New itineraries, deals and bargains are usually released to travel agents first.</p> <p>Those looking for a good cruise steal that works for them and their needs are better off opting for one of their local travel agents who have the most up-to-date information.</p> <p><strong>3. They organise <em>everything </em></strong></p> <p>Once your cruise is booked, your travel agent has access to some of the best extras as well. A travel agent is able to look after you from start to finish -whether that is flights, pre ad post-accommodation packages and even visas.</p> <p>Will you use a travel agent when booking your next high seas getaway? Let us know in the comments below.</p>

Cruising

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TripAdvisor reveals Australia’s best hotels for 2019

<p>TripAdvisor has recently announced the winners of its Travellers’ Choice Awards for Australian hotels in 2019.</p> <p>If it sounds like an impressive feat, that’s because it is. The top winners have been judged by the millions of reviews and opinions collected in one year from users on TripAdvisor. You don’t even have to be Australian-based to vote, as many were visitors from around the world.</p> <p>These are the top five places as voted by millions of TripAdvisor users. Click through the gallery to see what they look like!</p> <p><strong>1. Ovolo Woolloomooloo, Sydney NSW </strong></p> <p>This hotel boasts modern luxury, but also adds a sense of history as it’s right along the Woolloomooloo Wharf in Sydney. It’s a stone’s throw away from the Opera House and the Sydney Harbour Bridge and has accessible rooms as well as free wi-fi.</p> <p><strong>2. Pinetrees Lodge, Lord Howe Island  </strong></p> <p>Reviewers couldn’t be happier with this secluded lodge in Lord Howe Island, as the hotel is a nice escape from everyday life. With snorkelling, surfing and much more on offer, as well as spectacular rooms, it’s easy to see why reviewers keep coming back.</p> <p><strong>3. Ovolo 1888, Darling Harbour, Sydney NSW </strong></p> <p>This hotel caught people’s attention for its location and the unique history that surrounds the hotel, as it was originally constructed as a wool store and factory in 1888. The hotel, whilst still remaining modern, brings together the charm of olden days Sydney whilst still providing a level of comfort.</p> <p><strong>4. Peninsula Boutique Hotel, Port Douglas, QLD </strong></p> <p>This hotel overlooks the famous Four Mile Beach and is exceptionally close to Macrossan Street, where there are a variety of shops and restaurants to choose from. With a tiered heated pool as well as being close to the beach, you can’t ask for much more than that.</p> <p><strong>5. Korte’s Resort, Rockhampton, QLD </strong></p> <p>Located at the beautiful location of Rockhampton, Queensland, guests were very pleased with the tropical oasis on offer from Korte’s Resort. Reviewers were a fan of the reasonable rates, as well as the cleanliness and modern stylings within the rooms.</p> <p>Have you stayed at any of these places? Which one was your favourite? Let us know in the comments.</p>

Domestic Travel

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How did Australia’s number 1 hotel get to the top spot?

<p>The Ovolo Woolloomooloo Hotel along Woolloomooloo Wharf has been voted Australia’s number 1 hotel, thanks to millions of reviews from TripAdvisor.</p> <p>Many guests are a fan of the modern hotel rooms, as well as where the location, which is right along the wharf.</p> <p>The hotel itself is close to the Sydney CBD, as well as a large variety of entertainment, restaurants and transport.</p> <p>Apart from being quite stylish and offering a range of room types including the Superoo, Deluxaroo and Double Double, guests are definitely fond of the free items that come with the rooms.</p> <p>You get free wi-fi, free breakfast, free coffee, free lolly bar, free laundry and free drinks, plus there is a free happy hour as well as a free in-room minibar that is regularly stocked.</p> <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-permalink="https://www.instagram.com/p/Bt10VbYAEK4/?utm_source=ig_embed&amp;utm_medium=loading" data-instgrm-version="12"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/Bt10VbYAEK4/?utm_source=ig_embed&amp;utm_medium=loading" target="_blank">A post shared by Ovolo Woolloomooloo (@ovolowoolloomooloo)</a> on Feb 13, 2019 at 3:46pm PST</p> </div> </blockquote> <p>It’s with all these freebies that the hotel was able to bump the Pine Trees Lodge in Lord Howe Island off the top spot. However, the lodge hasn’t fallen far down the list, as it was ranked number two.</p> <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-permalink="https://www.instagram.com/p/BtHVMsDgpJo/?utm_source=ig_embed&amp;utm_medium=loading" data-instgrm-version="12"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/BtHVMsDgpJo/?utm_source=ig_embed&amp;utm_medium=loading" target="_blank">A post shared by Pinetrees Lodge (@pinetreeslodge)</a> on Jan 26, 2019 at 2:28pm PST</p> </div> </blockquote> <p>However, the freebies come at a cost, as these hotel rooms don’t come cheap. The average price according to TripAdvisor is $434 per night, but those who have splurged the money say that it was worth it.</p> <p>One guest’s review said that they “could stay there forever” whereas others were thrilled with the friendly and vibrant staff who “helped us old timers with great choices for restaurants, attractions and transport”.</p> <p>Would you like to stay at Australia’s number 1 hotel, as voted by travellers? Let us know in the comments.</p>

Domestic Travel

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Bistro owner’s expletive-laden Twitter tirade over unsatisfied customer

<p>A bistro owner has launched an expletive-laden Twitter tirade at a customer who left the business a one-star review on the website TripAdvisor.</p> <p>The customer, known only as Helen E, went onto the review site to post a rating of Manchester eatery Hispi, where she claims she was let down by the bistro’s “complete lack of customer relations”.</p> <p>“We arrived and were seated and asked what we wanted to drink. Champagne for the ladies at £90 ($163) a bottle and a bottle of red wine at £120 ($217),” the review began.</p> <p>“Our friend likes lemonade with his wine and this restaurant only stocks bottles of cloudy lemonade.</p> <p>“We asked could they go and get some or could we. Shop was two minutes away.</p> <p>“There was no movement on this at all so for the sake of a £1 ($.180) bottle of lemonade and putting yourself out, the restaurant let us walk away. Mustn’t need our cash or custom.</p> <p>“I find it difficult to understand how you wouldn’t stock the basic mixers that are most commonly used for drinking. Obviously I don’t know much.”</p> <p>But if the restaurant owner Gary Usher saw that as constructive criticism he had a funny way of showing it, launching into a scathing, expletive laden Twitter tirade.</p> <p>“We often nip out for people’s requests. It’s part of great hospitality. We just don’t do it if you’re a rude ****,” Mr Usher tweeted.</p> <p>“We were happy to go to the shop for your mate’s dreadful red wine spritzer ... We just didn’t like you,” he continued.</p> <p>Then he started posting Tweets which detailed the poor behaviour of recent customers.</p> <blockquote class="twitter-tweet"> <p dir="ltr">I’m paying so I can ask Katy at Wreckfish last week why she’s just a waitress</p> — STICKY (@StickyWalnut) <a href="https://twitter.com/StickyWalnut/status/994128897942966272?ref_src=twsrc%5Etfw">May 9, 2018</a></blockquote> <blockquote class="twitter-tweet"> <p dir="ltr">I’m paying so I can tell natalia at sticky on Thursday just gone that I think tattoos are vile on women &amp; why has she ruined her body.</p> — STICKY (@StickyWalnut) <a href="https://twitter.com/StickyWalnut/status/994129254383308800?ref_src=twsrc%5Etfw">May 9, 2018</a></blockquote> <blockquote class="twitter-tweet"> <p dir="ltr">I’m paying so I can say things like “get me another one”<br />I’m paying so I can slip my tip in the waitresses back pocket</p> — STICKY (@StickyWalnut) <a href="https://twitter.com/StickyWalnut/status/994127790072049664?ref_src=twsrc%5Etfw">May 9, 2018</a></blockquote> <p>What are your thoughts?</p>

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Do you need a financial advisor?

<p><em><strong>Liz Koh is an authorised financial adviser and author of Your Money Personality; Unlock the Secret to a Rich and Happy Life, Awa Press.</strong></em></p> <p>Technology is revolutionising the way financial products are developed and sold.</p> <p>Fashion has moved online and so have insurance and investment. Times sure have changed.</p> <p>It wasn't that long ago that "the man from the Pru" would come knocking on your door, armed with a briefcase full of application forms to sign you up for everything from insurance for your house to a whole of life insurance policy and a retirement plan.</p> <p>Those sales agents earned a substantial commission for every sale they made. They might send a birthday card once a year in the hope that that it might prompt another sale but, other than that, you probably wouldn't hear from them.</p> <p>Thank goodness times have changed. While commission agents were mostly people of high integrity, the way in which they were remunerated encouraged them to maximise sales rather than put their clients first. Of course, the better ones who wanted to build a lasting career knew exactly how to get the right balance between sales and service, but the temptation was always there for unscrupulous people to make a quick buck at others' expense.</p> <p>The introduction of the Financial Advisers' Act in 2008 after the global financial crisis set new standards, particularly for the way in which investment products are sold.</p> <p>Investment advisers are bound by a code of conduct under which they must put their clients' interests first. This Act has recently been reviewed, and it is likely that insurance advisers will soon be bound by the code of conduct as well.</p> <p>Financial advice is evolving from a sales process to a professional service that goes beyond products. Meanwhile, technology is leading to an unbundling of sales from advice.</p> <p>Ideally, the advice will come first, and online sales will be part of the implementation of the adviser's recommendations. So why use an adviser at all?</p> <p><strong>1. Finance and emotion are inextricably linked</strong></p> <p>If only financial decisions were black and white with a clear distinction between right and wrong. Everybody's situation is slightly different. The best decision is one which takes into account your goals and aspirations, your feelings about risk and return and your choices about how and when you want to use your money to enjoy life.</p> <p>An adviser can help you work through these different dimensions to get to the solution that best fits your needs.</p> <p><strong>2. Good advice helps you avoid making bad choices</strong></p> <p>Fear and panic can lead to financial loss. When share markets are volatile, emotions can easily override common sense. Panic selling, such as the recent Brexit sell-off, can turn a fall in value into to a loss. Good advisers become the voice of reason and objectivity, focussing your attention on long term returns and goals.</p> <p><strong>3. There's just too much to know about</strong></p> <p>There is a huge array of product options available with many differences buried in the fine print. On top of weighing up costs, benefits and risks, there are tax implications and a need to consider estate planning and relationship property issues before making a final decision to purchase a product.</p> <p><strong>4. See how you compare, and learn from others</strong></p> <p>Advisers talk to many different people about their financial affairs. They know how your situation compares with that of your peers, what has worked best for others and what you need to do keep your financial affairs on track. Sure, you can compare notes with your family and friends but they may not be the best benchmark or have enough knowledge to guide you.</p> <p><strong>5. It's not about getting the highest investment return or the cheapest insurance</strong></p> <p>Financial advice is never just about the product. It is about matching individual needs with the right solution and taking a holistic view. High investment returns are usually accompanied by high risk; low cost insurance may not provide the cover you need.</p> <p><strong>6. An adviser helps you achieve your goals with the best use of your available resources.</strong></p> <p>At the end of the day, it is outcomes that are important. There is a large body of independent research which confirms that those who use financial advisers on an ongoing basis achieve higher levels of wealth.</p> <p><em>The advice given here is general and does not constitute specific advice to any person.</em></p> <p><em>Written by Liz Koh. First appeared on <a rel="noopener" href="http://www.stuff.co.nz/" target="_blank"><strong><span style="text-decoration: underline;">Stuff.co.nz</span></strong></a>. </em></p>

Legal

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4 myths about financial planners busted

<p><strong><em>Megan Giles is a retirement designer for women. She supports and coaches women approaching retirement to successfully transition and create a lifestyle that is fulfilling, meaningful to them and lights them up each day.</em></strong></p> <p>It’s a theme that comes up with some regularity as I work with women to prepare for the transition into retirement- women who have great plans for retirement but just don’t know if or when they’ll be able to afford those dreams. They want to be able to write that novel, travel the world or retire early, but when I ask “what’s stopping you” they admit that they have no idea what their financial position is. Not only that, but these women seem to avoid finding out. Perhaps they fear confirmation that they will need to keep working or perhaps they don’t know where to get informed advice.</p> <p>The challenge is that until you know your numbers, it’s difficult to take meaningful action. Knowledge is power and understanding your financial situation can only help to increase your financial confidence, your sense of optimism about your future and your ability to achieve a fulfilling and meaningful life after work.</p> <p>With this in mind, I sat down with Christie Spence, an experienced Financial Planner from regional South Australia, to explore just what might be going on for these women. I wanted to know from her experience what might be holding these women back from understanding their money situation and taking action to create that life in retirement that lights them up. Through our discussion and reflection, we realised that not all women (or men for that matter!) fully understand how a financial planner can help them to achieve their goals in retirement. By that I mean that they dismiss the need to see a financial planner, assuming that is something only ‘others’ do, for example people with lots of money or with complex investments.</p> <p>Both Christie and I want to make sure that women get the most out of their retirement in a way that is responsive to their ideals and goals, and we don’t want assumptions about the support available to be a barrier to this.</p> <p>Below we challenge four common assumptions held by women which can stop them from meeting with a financial planner.</p> <p><strong>1. I don’t have millions of dollars, what good will a financial planner do?</strong></p> <ul> <li>A trusted and accredited financial planner has the expertise and tools to leverage your finances and position you positively for retirement. This advice can be even more impactful when you don’t have a huge portfolio of assets, e.g. an extra few thousand dollars more may mean more to you than to a millionaire</li> <li>You may not have investment properties or extensive stock options, but an expert can assess your unique situation to determine where best to direct your money while you are still working, e.g. to your super fund, to minimising debt or other investment (i.e. make your money work hard for you)</li> </ul> <p><strong>2. It’s too late for me, it won’t make a difference</strong></p> <ul> <li>Advice from a financial planner can have a positive impact on your financial position at any stage, and even small amounts invested the right way can make a big difference – it’s about knowing where to direct your money</li> <li>Christie has seen a number of clients for the first time when they were only three to five years away from retirement and has been able to create a tailored plan which ensures that those clients are better off in retirement than originally anticipated</li> <li>There is huge benefit in contributing to your retirement fund from a young age  but don’t let age be a reason for inaction</li> </ul> <p><strong>3. My husband takes care of the finances, I don’t have to worry</strong></p> <ul> <li>We would never wish this upon anybody, but it is important to consider what would happen if you unexpectedly lost your significant other. Become an equal in financial discussions so that if the unforeseen should occur, you are able to make informed decisions, rather than urgent and emotive ones  </li> <li>If you contribute money to your relationship, don’t you want to know where it’s being directed and how it will benefit you in retirement?!</li> </ul> <p><strong>4. I’m scared of judgement, I don’t want anyone else knowing my spending habits</strong></p> <ul> <li>Financial planners aren’t interested in the specifics of your weekly shop (the don’t need to know that you buy Roquefort cheese when you really should be buying cheddar, or about the expensive dress you bought online!) but what they will be interested in is how you proportion your income, e.g. X amount on living expenses, Y to savings and Z to paying off debt. From there they can provide recommendations about changes that you can make to benefit you</li> <li>Financial planners only want what is best for their clients and recognise that it is a great strength that people take that first step to better understand their financial situation</li> </ul> <p>Don’t be scared to seek professional advice. Women approaching retirement tend to already have enough questions swirling around in their head, such as “what should my retirement look like”, “what am I supposed to do” and “how do I stop getting old before my time”. Don’t make money matters another unanswered question. Think of a financial planner as part of your trusted team and work with them to help create a life in retirement that you truly look forward to.</p> <p><em>For more great retirement advice please visit Megan Giles’ <span style="text-decoration: underline;"><strong><a href="http://www.megangiles.com/" target="_blank">website</a></strong></span>.</em></p> <p><strong>Related links:</strong></p> <p><span style="text-decoration: underline;"><strong><a href="http://www.oversixty.co.nz/finance/retirement-income/2016/08/72-hour-money-saving-trick-that-will-change-your-life/"><em>The secret, simple money saving trick to cut out splurging</em></a></strong></span></p> <p><span style="text-decoration: underline;"><strong><em><a href="http://www.oversixty.co.nz/finance/retirement-income/2016/03/seniors-investment-income-suffering/">Seniors relying on investment income are suffering</a></em></strong></span></p> <p><span style="text-decoration: underline;"><strong><em><a href="http://www.oversixty.co.nz/finance/retirement-income/2016/07/what-are-additional-sources-of-income-in-retirement/">What are additional sources of income in retirement?</a></em></strong></span></p>

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