Story by Rhylea Thompson
Seasons was proud to host renowned finance and investment expert, newspaper columnist, and international bestselling author Noel Whittaker at our Mango Hill community.
The popular guest speaker has dedicated his career to helping others live comfortably, avoid financial setbacks and enjoy a secure retirement, by sharing his wealth of knowledge.
Described as Australia’s “financial Wizard of Oz”, Whittaker sat down with the Seasons Marketing Team to answer some of the most pressing questions about retirement living and financial planning.
MONEY TIPS: Finance and investment expert Noel Whittaker recently delivered an insightful presentation on how to thrive financially in your retirement. Picture: Supplied
Q&A with Noel Whittaker: How to thrive in your retirement
Q: What is the best part of your job?
A: I love what I do and I love educating people on how to make their money work for them.
Q: What are the financial benefits of living in a retirement community like Seasons?
A: There’s strong evidence that a happy retirement is built on exercise, a healthy diet and a social network. Too many people end up isolated at home and have limited contact with friends and family, and that can be a lonely life. In a retirement village, you have a built-in social network readily available, which is especially important if one partner gets sick or passes away. You also benefit from the activities and nutritional meals. In my view, it ticks all the boxes.
Q: How will my savings, investments and home sale profits impact my pension eligibility?
A: Anyone considering downsizing should speak to a professional before making any big decisions. The age pension is subject to an assets test and an income test. As your assets rise, your pension typically decreases. There are now products called Lifetime Income Streams, where you can convert part of your home proceeds into a steady income, which can be very effective. It’s really a matter of taking expert advice and doing the sums for your personal circumstances.
GRAB A BAG: Visitors who attended the recent Seasons event with special guest Noel Whittaker, were treated to a complimentary gift bag. Picture: Maddison Bywater
Q: What are the steps you recommend taking when preparing for retirement?
A: That’s a big question with a big answer… Research shows that the better you prepare for your retirement, the better it will be. One of the most important things to do for a healthy retirement is to make sure you have a sense of purpose. Whether it’s through sport and book club or volunteering, you need to find those reasons to get out of bed in the morning. That’s why living in a retirement community which encourages participation in meaningful activities is so important. Retirement is not a time to stop learning – it’s the best time to explore new interests.
Q: What are some common financial mistakes people make when retiring?
A: I think the biggest mistake is not planning enough. Many people underestimate how much they will spend in their earlier years of retirement as they are still likely wanting to travel during that time. You obviously need to create and work to a budget, but a lot of people also don’t spend enough money. I recommend creating realistic goals, working out how you would like to spend your money and investing wisely. Your superannuation return rate is a key factor in how long your money will last. Consider your sense of purpose and lifestyle and work out how you plan to fund it.
Ask yourself whether now is the best time to help your kids – we always say it’s ‘better to give with a warm hand’ and age is a factor to consider for all parties involved. It’s also crucial to have your estate planning documents such as your will, power of attorney and advance health directive, in place.
MONEY MATTERS: Seasons Living Sinnamon Park Sales Consultant Christine Middleton with Noel Whittaker. Picture: Supplied
Q: How can I ensure my retirement savings last as long as I do?
A: You need to have a good mix of investments, shares and cash. Shares offer the best long-term results, but are also volatile by nature, so you will need to be comfortable with the market value potentially going up and down. It’s also worth exploring products that could provide income streams with pension benefits too.
Q: How can I financially prepare for my future care needs as I age?
A: The trouble with getting older is you never know when ill health is going to strike. Many people keep an adequate amount aside just in case they need extra care and help. Everyone’s needs are different and will depend on your living arrangements and the level of care services offered where you reside.
Q: What are your top saving tips for seniors, especially in the current economic climate?
A: Start by visiting the National Seniors website and using their concessions calculator. There are also a lot of practical ways to save today – you could buy in bulk or join a buying group. As you get older, you tend to not drink as much, so maybe you can drink some of that wine you have got stored. Remember, Remember, wine doesn’t last forever after all, so enjoy it.
FULL HOUSE: Finance expert Noel Whittaker delivering a presentation at the Seasons Mango Hill community. Picture: Supplied
Simply leave a review on the Seasons Living Google pages by scanning the below QR codes and you will automatically go into the draw to win one of three of Noel Whittaker’s latest books Wills, Deaths and Taxes.
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