Midlife Money Matters

When Jacqui and Ingrid were planning this series Midlife Money Matters, we knew we wanted to keep it simple and cover the basics as much as we could Jacqui realised that there is NO podcast for older women in Australia and we set out to fix that!! We are really pleased with your response to this series of money episodes and we thank you for all your emails and your reviews In this the final episode for this series we revisit some of the key topics we have covered Paying attention to your Superannuation is critical - start with episode 4 Estate planning - 70% of women in Australia do not have effective estate planning instructions in place - check episodes 14 and 16 Knowing how much income you need every year to live on is extremely important - and best not to guess this amount. Episode 3 helps you calculate the amount you are spending each year We have thoroughly enjoyed putting these episodes together and we truly believe that this information will make a difference and will continue helping women make informed decisions about money in their lives as they plan for and think about retirement. Oh, and we have heard that some men are finding the information very helpful as well We'll be checking those emails so if you have any questions please email us at midlifemoneyquestions@gmail.com And we would love if you would please leave us a review wherever you listen to your podcasts Financial Disclaimer: We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.

Part 3 of our series about Retirement Living options What are the Issues and Costs of a Move into an Age Care Facility We understand and acknowledge this is or can be an emotional topic. Both Jacqui and Ingrid have been through this with their parents - so we understand completely You may have read and heard about residential age care in the media. Most people are quite resistant to going into care. However there are a lot of really good age care homes in Australia with very caring dedicated staff. If people are on their own at home and not managing they are often not getting the correct medical care, likely not eating properly or maybe not looking after themselves as well as they had been when they were younger. Older people are also very susceptible to having a fall or a medical event and no one being notified to get them help. We talk about: How do you find a suitable age care facility? and What are the fees involved? Jacqui explains: There are 3 different fees payable, sometimes 4 as some facilities have an extra services fee for things like wine with dinner, better meals, streaming services etc. In this episode we give an overview of the 3 main fees and how they are calculated This is an important episode if you are in a situation where you have a loved one who is reaching the stage of considering Aged Care. We understand and acknowledge this is an emotional topic. Both Jacqui and Ingrid have been through this with their parents Access My Aged Care - click here Financial Disclaimer: We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.

When it comes to Retirement living many people like the idea of downsizing from the family home and moving into a Retirement Village In this episode we talk about some of the key factors to consider when assessing a Retirement Village as a retirement option A few key points from this episode: It is essential to fully understand all the fees and charges involved. There are entry fees and exit fees as well as monthly charges. Buying into a Retirement Village is not the same as regular property investment. You don't ever own the property, you buy the right to live in that property - and that includes using the facilities, you're buying into the community and the access to the activities. People value the safety aspects of being in a Retirement Village. Retirement Village contracts are not like any other property contract - so you need specialised legal advise AND from a professional who is familiar with that specific state in Australia Assess the financial viability of the Village operator as a whole and any future development plans they may have. Ask for copies of their Annual Report A few questions we suggest it is important to consider: What happens if you are in a Retirement Village as a couple and one partner needs to move to Aged Care due to health conditions? How do you pay for this next stage of living? If you are in Retirement Village as a single person and then need to move to Aged Care, how do you pay for that while you wait for the Retirement Village operator to sell your existing property? This is a information dense episode and we have kept it deliberately short and covering the basic information to get you started thinking about Is Retirement Village the right option for you? As always we encourage you to please email any questions or comments to midlifemoneyquestions@gmail.com If you are enjoying the show please share with another woman who might find it helpful and leave us a review wherever you listen to your podcasts Financial Disclaimer: We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.

Midlife Money Matters is a podcast about money in retirement and helping you figure out how much money you need to live your best life when you finish working. So, today's topic is important One of the important considerations is how are you going to spend your time? how will you keep your mind active? Who will be the people you spend time with? In this episode we don't define retirement, what we offer is a variety of questions to consider and topics for discussion for you and your partner, as well as other members of your family Your retirement will certainly impact different members of your family in ways they may not expect As always we encourage you to please email any questions or comments to midlifemoneyquestions@gmail.com If you are enjoying the show please share with another woman who might find it helpful and leave us a review wherever you listen to your podcasts Financial Disclaimer: We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.

Here in Australia the Aged Pension is managed through Centrelink In this episode we walk through some of the basics when it comes to dealing with Centrelink A few key points to take from this episode: Start the process early - don't wait till you reach pension age Gather all your documents together before you start the application process Simplify your financial matters and assets - to help with the ongoing reporting obligations Keep copies of documents you provide as well as copies of the information regarding your financial situation If your assets change by more than $1000 you are obliged to advise Centrelink within 14 days Jacqui talks about the different financial assessments which are carried out by Centrelink to determine the level of aged pension you might receive We talk about the Commonwealth Seniors Health Card - which is different to the pensioner concession card We talk about financial gifting and how that might impact your pension This is a pretty dense episode with a lot of information, you may want to listen to it more than once. So much to think about and prepare There are thresholds to receiving the aged pension and there will be some listeners who have arranged their financial matters so that they are able to self-fund their retirement years. This is a terrific situation to be in For those who need it, the aged pension is available This episode will help you understand what it takes to apply and some tips on how to manage that process to make it easier for you to receive your pension If you have any questions remember moneymattersquestions@gmail.com If you know someone who would find these episodes helpful, please share the podcast and we'd love if you are able to leave us a review wherever you listen to your podcasts Financial Disclaimer: We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience.

Our listener Maddie sent in a question: "Thanks so much for your podcast, am learning a lot already I don't really understand how interest works – can you please explain what it is and how it works?" In explaining the cost of credit card interest in this episode we mention 2 online interest calculators: We encourage you to click the link and plug in some of your own numbers - maybe from your credit card statement. Credit card calculator: https://moneysmart.gov.au/credit-cards/credit-card-calculator Compound interest calculator: https://moneysmart.gov.au/budgeting/compound-interest-calculator We love the "magic of compound interest" - it's not really magic, it's pure maths! and it absolutely works! Check out the Compound interest calculator ... It its never too late to start building wealth with compound interest Are you enjoying this podcast ? Please leave us a review wherever you are listening. Thank you. It truly helps others find the show If you have any questions or suggestions please email us at: midlifemoneyquestions@gmail.com We need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.

As at 1 July 2023, the super guarantee rate in Australia is 11%. The Superannuation Guarantee requires employers to pay 11 per cent of an employee's earnings into their superannuation fund. Further increases of 0.5% are scheduled each financial year until 2025 when the rate reaches 12%. As we mentioned in episode 4 one of the most important aspects of superannuation is to make sure all your superannuation money is in one fund - unless you have a specific reason to have more than one fund. So you have your money in one fund - what next? We want the money to grow - how does it grow? The superannuation fund will invest your money based on your instructions. Most funds offer a variety of options for you to choose between - Balanced option, Growth option and Conservative option - as well as a DIY option - with some being more risky and some are less risky What is "risk"? In finance, risk refers to the degree of uncertainty and/or potential financial loss inherent in an investment decision. In general, as investment risks rise, investors seek higher returns to compensate themselves for taking such risks. Jacqui and I talk about the ups and downs of the "risky" options Depending on your stage of career and life and depending on your natural "risk profile" will influence how you choose to invest your superannuation Disclaimer: This is not financial advice. It is information based on our many years of working in money and finance You can contact us on moneymattersquestions@gmail.com

Building Wealth for Retirement Statistics show that most people in Australia want to retire at about age 65 - the reality is that the majority of people actually retire - stop working - at age 55, and for a variety of reasons. In Australia you are only able to apply for the Aged pension from age 67 If this was you, what would you do for money to live on between age 55 and 67?? Remember in the intro episode we mentioned that by 2030 (in just 7 years time) one in three people - 1 out of every 3 people - will be over 55 years of age - Astonishing! In this episode we look at some of the ways that you can build your wealth - and some of them might not be what you expect We provide answers to these listener questions we received: "I am aged 54, divorced and hoping to retire by 60. I have a small house and was thinking of renting out my spare room for extra cash. Do you think this is a good idea? What do you think Jacqui?" "Last week you were talking about having a cash reserve. I don't have one and it really worries me. I work and at the moment my expenses eat up all of my salary. How can I build up a cash reserve?" If you have any questions or suggestions please email us at: midlifemoneyquestions@gmail.com We need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.

Do your eyes glaze over when you hear someone talking about calculating how much it costs you to live - we promise our approach will help make this easier for you We know that many people avoid doing this and in this episode we are here to encourage you to take the time to do this - truly you only need to do this once and then afterwards only need to tweak when things change We give practical examples to help you see how simple it can be to calculate your expenditure and costs The first step to saving and building your wealth happens when you know what you realistically are able to save rather than just pulling a figure out of the air and not achieving it and giving up. When you know how much you need to live then you can calculate how much to save Once you know what it costs you to live, this is such a powerful piece of information, and it truly is the key to all your financial planning decisions going forward into the future and for your retirement. Your task: make a start on calculating how much it costs you to live and if you need any help, let us know email us on: midlifemoneyquestions@gmail.com We mentioned: Money smart - the ASIC website mentioned, including spreadsheet We need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.