I recently had a friend in her mid-sixties ask me if I could recommend a financial adviser. She said she didn’t feel she had sufficient assets or money to afford annual reviews. She would like an adviser who would give her a plan for the next 5 years and if possible, show her how long her money was likely to last.
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My advice was for her to talk to a friend in her local area and see if they could recommend a financial adviser in her area. After our discussion I suggested that it was important that she had some insight into money management for retirement. This would allow her to meaningfully engage with the financial adviser. I suggested the first step should be to do a little preparation by reading some books on retirement.
I reviewed all my book reviews in Good Financial Reads and suggested the following books, with the first being the most recommended. The books were:
- No regrets guide to retirement
- Successful Retirement Guide – Your guide to financial planning
- Australian guide to wills and estate planning
Both myself, and several professional bloggers have written articles for Financial Mappers which may be of interest. I have selected these for you to read from pages 1 – 22, but you will find more in the pages from 23-50.
- Why every Australian should consult a financial consultant before major life decisions.
- Preparing for a successful and fulfilling Retirement
- Financial Risks overlooked in Retirement
- Build your financial future with a solid financial plan
- Why many financial advisers overlook your needs
- Why you should diversify your investments for success
- Strategies for selecting the right tax account for your needs
- Smart investments strategies for retirement income planning
- Plan your retirement: Smart spending strategies for income
Having gone through this exercise, I reflected on how I prepared by my retirement. When you retire, you will need to replace those working hours and working friends with new activities. You are also likely to grow your circle of friends.
Here are my suggestions:
Increase your circle of friends by joining clubs with like-minded people. Probus is an excellent place to start. The one I belong to has a monthly meeting with a guest speaker followed by morning tea and conversation. They also have a monthly outing. Have a look at the types of activities the Ascot Probus Club have had over the past few years. Most clubs are likely to have similar activities. They also have one or two excursions a year which are normally five to seven days. It is these excursions where you really get to know people.
Another source of expanding your social group is the University of the Third Age. They are a volunteer-led group offering education, social activities community connection.
We need to maintain our physical well-being and if you can combine this with social connection this is even better. Low impact sports help maintain cardiovascular health, bone density, flexibility and balance, thus reducing the risk of joint injury or social isolation. Bowls and croquet clubs are a good place to start. There may also be walking or aqua aerobic groups close by. The Commonwealth Government has a dedicated website for keeping seniors active.
The brain needs to keep stimulated to develop new neural pathways. I keep a small wooden Jigsaw on by TV table, so I can keep my mind active at the same time.
Memory OS will offer you a great range of activities to keep your mind alert.
It is important to prepare for your retirement so that you have the finances to enjoy it and a skills set to allow you to maintain both mental and physical wellbeing.
Happy retirement!
Glenis Phillips – Designer of Financial Mappers
Disclaimer: Financial Mappers does not have an Australian Services License, does not offer financial planning advice, and does not recommend financial products.
