Here you’ll find general retirement resources for all retirement-related website and organisations, plus a list of books to help you easily navigate the retirement planning maze.
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Retirement Resources
Retirement funding
The economy may be on the rebound but it will take some time to recover losses suffered by those who rely on investments to fund their retirement.
Fido.gov.au, the website of the Australian Securities and Investments Commission (ASIC), has a useful Financial Survival Guide, for those concerned about the sustainability of their retirement income. The guide is broken down in to the following four steps:
Look after yourself – Don’t underestimate the traumatic effect that money worries can have on your physical and mental health, relationships and your outlook on the future.
Review your financial plan – It’s important not to panic when faced with a sudden drop in your investment income. Reviewing your investment goals and how much money you really need to live off will give you a clearer picture of where you stand.
Review your current portfolio – Once you know where you stand financially, consider if your current investments still meet your needs.
Strategies for the future – If there is a shortfall between how much you need and how much you have, consider other avenues of revenue and income.
Before you make any changes to your investment plan, consult an independent financial advisor. If you do not have one, you can find details of accredited advisors in your area by visiting the Financial Planning Association of Australia.
For more information of Fido’s Financial Survival Guide, visit Fido.gov.au.
Public Trustees
Public Trustees offer a comprehensive range of trustee, executor, and personal financial administration products and services such as making a will, preparing an enduring power of attorney, administering estates and trusts, acting as executor of deceased estates and managing financial affairs. Check the services of your State/Territory Public Trustee:
Do you need a planner in 2009?
Financial planners are remunerated in many different ways – some are fee for service, others take commissions. It is very helpful to understand how a planner might add to your bottom line as a way of making more of your nest egg from now on!
Deciding whether you need a planner, and if so, who to use, is a minefield. Advisers are bound by law to fully disclose all fees and commissions they could receive. And the good news is that the NICRI website has a wealth of information which will guide you through the process, and support you with questions you need to ask to make the best decision. These include:
1. Does your organisation have at least five years experience in financial planning?
2. Does your organisation hold an Australian Financial Services (AFS) Licence or are you or your organisation an authorised representative of a licensee?
3. Does your licence restrict the range of investments you can recommend?
4. Is your organisation free of any obligation to place funds with a particular investment company?
5. Do you or your organisation have professional indemnity insurance?
6. Do you provide a written Statement of Advice (SoA) showing all investment fees, commissions and the total cost to me?
7. Is there a fee to get a SoA?
8. Does your written SoA explain the social security and taxation implications of the recommended strategies and products?
9. Does your written SoA show the risk potential of investments recommended and match them to my risk profile?
10. Are there any other fees or charges about which I have not been told?
Read more about the financial planning process on the NICRI site
Surviving the aged care maze
This downloadable PDF features finance guru, Louise Biti’s, article Surviving the aged care maze, which considers the main issues associated with moving to an aged care facility, including entry costs, bonds, periodic payments and income tests. Louise’s plain English explanations make complex requirements much simpler to understand. We hope you will enjoy this “how to” and send it to any friends who may be dealing with the same issues.
Celebrity Wills
Mr Robert Monahan, a Senior Estate Planner with Australian Executor Trustees’, said many principles used by celebrities when drawing up their Wills also could be applied in far more routine circumstances for everyday Australians.
"Even though the value of the Estate may vary by millions of dollars, there are still many important lessons to be drawn from the best and worst celebrity Wills.’
One of the most common flaws with Wills is that they were not kept up to date and the Will of Diana, Princess of Wales, clearly illustrated the impact this oversight can have on family members.
Despite advice to the contrary, Diana did not revise her Will following her divorce from Charles in 1996. As a result, her Will was somewhat out of date when she died unexpectedly a year later. Diana’s initial Will was rather general and gave virtually no instructions in regards to her intellectual property rights, which are now extremely valuable. The potential tax ramifications of this could have been monumental and her main beneficiaries, Prince William and Prince Harry, could have been denied access to many millions of pounds.
Luckily the executors of Diana’s Will agreed to make some variations following her death to ensure her Estate was distributed as she would have wished.
Ideally, people should review their Will every few years, even if it is only to make sure it still reflects their objectives and wishes. While Diana’s initial Will did not reflect her true wishes, Elvis Presley and members of the Kennedy family, however, were obviously more mindful of the potential value of intellectual property rights and had their Wills drawn up as such. The Wills of Elvis and Jacqueline Kennedy Onassis were ahead of their time and made very specific reference to intellectual property."
Also in contrast to Diana, Australian mining magnate Lang Hancock was extremely diligent in updating his Will. Hancock’s Will, a 36-page document, was regularly updated right up until February 1992, less than two months before his death. Lang was quite specific with his request and even introduced a ‘no-contest’ clause in an attempt to prevent any in-fighting among family members.
Renowned Australian artist Brett Whiteley, who had a well-known aversion to lawyers, opted to write his own Will and had it witnessed by his daughter and her boyfriend.
The Will was misplaced and a battle for Whiteley’s Estate ended up being fought out in the courts. Not having a Will is like throwing a deck of cards in the air. It is almost impossible to predict what will happen. There are also many cases where home-made Wills have cost relatively small estates tens of thousands of dollars.
Australian Executor Trustees offers a variety of information about, investment management, estate planning and administration, superannuation, accountancy and trustee services.
Go there
Centrelink
For people planning retirement or retired people, Centrelink provides information and services about:
- Age Pension
- Accommodation and renting
- Financial Information Service
- Financial Information Seminars
- Pensioner Concession Card
- Commonwealth Seniors’ Health Card
- Pension Loans Scheme
- Retirement assistance
If you are a Centrelink customer there may be a time when someone has to act for you. There are two ways you can do this: authorise a nominee; or, authorise a Person Permitted to Enquire (PPE).
Enduring Guardianship
For many years people have been able to appoint a person to make decisions about their money and property if they lose the capacity to do this for themselves. This document is called an enduring power of attorney. It is now possible for an adult with capacity to also appoint an enduring guardian to make personal or lifestyle decisions for another person when that person is no longer capable of doing so.
These decisions could relate to where the person lives, such as a hostel or nursing home, health care matters, personal services to be received such as home support services and meals on wheels.
For detailed information, check the Guardianship Authority in your State or Territory. The NSW Guardianship Tribunal has comprehensive information on enduring guardianship.
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Estate Planning and Wills
The Financial Information Service of Centrelink can advise on wills, enduring power of attorney, funeral plans and bonds, and the administration of a deceased estate.
Go there
Wills, Probate and Powers of Attorney, information from the Law Institute of Victoria.
Go there
Some Public Trustee web sites have comprehensive guidance on why and how you should make a will, what is an executor and other information. Try this Queensland site.
Go there
Finance
"Investing Money - Your Choices" from FaCS and the National Information Centre on Retirement Investments, Inc. (NICRI) will help you get the best from your savings and investments both before and after you retire.
Go there
"Understanding Retirement Income Streams" explains retirement income streams in detail, and discusses how to use them.
Go there
The Financial Information Service (FIS) of Centrelink is a free service where you can seek advice on entitlements and how to maximise your pension. You can arrange an interview with an FIS officer at your local Centrelink office. The service also has fact sheets for further guidance.
Go there
Our Finance Page contains links to important sources of guidance. In particular see all that’s available from NICRI - a free, independent and confidential service for retirees and investors.
Go there
Funerals
Australian Funeral Directors Association
Find a funeral director by state and town. Also see the commonly asked questions about funerals, about grief and about pre-paid funerals.
Go there
Funeral Information - Australia
Comprehensive information on what to do when death occurs, tasks and decisions, funeral directors and the guidance available, funeral service, celebrants, a list of some of the matters which need to be costed, and help available.
Go there
Financial Assistance
The Government provides financial assistance to the surviving partner of a pensioner, which can be viewed online.
Go there
Funeral Bonds and Pre-paid Funerals
A funeral bond and a pre-paid funeral are two arrangements which allow you to set aside money so that your funeral expenses can be met.
With a pre-paid funeral you set up an arrangement with a particular funeral director. In most states pre-paid funerals are regulated and the money must be invested by the funeral director in an approved fund. You can pay by instalments over several years or in a lump sum, the instalment method normally costing more. The funeral director will give you a document stating the arrangements. Should the funeral director go out of business before your funeral your payments are safe as they are held in trust. The interest earned in the fund goes to the funeral director but the funeral cost is fixed at the price prevailing when the contract was signed. Offsetting that benefit, you cannot access the funds you have invested through the funeral director. The money you put into a pre-paid funeral is not taken into account in Centrelink’s or Veterans’ Affair’s assessment of your assets and income, and the amount is not limited.
With a funeral bond you are not committed to a particular funeral director. The bond is rather like any other managed fund and you will pay management fees. Also any earnings will be taxed at 30%. You can pay by instalments. Up to $5,000 can be saved and will be exempt under current legislation from Centrelink’s and Veterans’ Affair’s asset and income tests so that pension entitlements are not at risk. If more than $5,000 is invested then the whole amount will be assessed. The bond can only be paid on death; the money paid for the funeral is tax exempt but any funds remaining and paid into the estate will be liable for income tax.
If you have a prepaid funeral plan and a funeral bond then the funeral bond will be means tested.
See also the Family and Community Services website.
Go there
Some state/territory Public Trustees offer funeral bonds - check their web sites given below - and they are also available from Friendly Societies, financial services and health care organisations.
General Information
The Centrelink publication "What to do when someone dies" provides helpful information for people who have recently lost someone close to them. It offers practical suggestions on what you need to do immediately after death, it tells you what payments you can get from Centrelink, and it gives information on a range of situations you may have to deal with. It is available online in many languages.
Go there
The National Association for Loss & Grief (SA) Inc (NALAG) is a resource on death-related grief for the community and professionals. Their website, GriefLink, has information about grief, coping with it, helping the bereaved, resources and links.
Go there
The Department of Veteran Affairs has an information kit "Planning Ahead - A guide to putting your affairs in order" which is about preparing for and coping with bereavement. It is available from your DVA office. The 36 pages cover Legal, Financial And Housing Issues, Care And Bereavement Services, and Coping With Bereavement.
The NSW Department of Ageing, Disability and Home Care has developed the Planning Ahead Kit to provide information about ways to arrange for someone you choose to make decisions for you if you lose the capacity to make decisions yourself. The kit outlines a number of options to enable you to appoint someone to make financial, health and lifestyle decisions, even if you lose the capacity to make them yourself. Information includes enduring power of attorney, enduring guardianship and an advance health care directive.
Go there
Guardianship
Australian Capital Territory
The Guardianship and Management of Property Tribunal makes appointments of guardians and managers. The Office of the Community Advocate is to protect the interests of the person who is subject to a guardianship and management of property application before the Tribunal. The OCA investigates applications, makes reports to the Tribunal and attends Tribunal hearings. The OCA will represent the best interests of the person before the Tribunal.
Phone (02) 6207 0707
New South Wales
The Guardianship Tribunal is a legal tribunal. It appoints guardians for people with disabilities aged 16 years and over who are incapable of making their own decisions. The Tribunal will consider appointing a family member or friend but if this is not appropriate, it will appoint the Public Guardian. If a financial manager needs to be appointed, the Tribunal will appoint a family member or friend (supervised by the Protective Commissioner) or the Protective Commissioner.
Go there
Phone (02) 9555 8500
Freecall 1800 463 928
Northern Territory
Adult Guardianship Office
Phone (08) 8999 2609
Queensland
Guardianship and Administration Tribunal (GAAT). The Tribunal has the authority to appoint guardians and administrators for adults with impaired decision-making capacity.
Go there
Phone (07) 3234 0666
Freecall 1800 177 581
Information is also available from the Office of the Adult Guardian:
Phone (07) 3234 0870 or 1300 653 187.
South Australia
Guardianship Board - can exercise authority for the benefit of persons who, as a result of a mental incapacity, are unable to look after their own health, safety or welfare or to manage their own financial affairs.
Go there
or phone (08) 8368 5600
Freecall 1800 800 501
Tasmania
Guardianship and Administration Board - consider applications for substitute decision makers for disabled adults who are unable to make lifestyle or financial decisions for themselves.
Go there
Phone (03) 6233 3085
Victoria
Guardianship List - The role of the Guardianship List is to protect persons of or over the age of 18 years who, as result of a disability, are unable to make reasonable decisions about their personal circumstances or estate or both.
Go there
Phone (03) 9628 9911
Freecall 1800 133 055
Western Australia
Guardianship and Administration Board, WA - enables a substitute decision-maker to be legally appointed to make decisions in the best interests of a person who is not capable of making reasoned decisions for themselves. The board decides:
- Whether a person has a mental disability that affects his or her ability to make decisions (’a decision- making disability’)
- Whether he or she needs a guardian or administrator; and
- If so, who should be appointed?
Go there
Phone (08) 9278 7350
Freecall 1800 191 009
Info
Retirees, those about to retire, seachangers and downsizers will find this site an invaluable resource. Seniors, pensioners, superannuants and other retired persons will also find it informative.
This page will help you find links concerned with retirement. The menu on the left will allow you to quickly find other parts of the site covering matters such as health, news, computing, lifestyle, shopping, travel, sport and exercise. If the Site Menu is not visible, then please go to the Site Map.
With the enormous amount of information available, you may find your particular interest more quickly by using the site’s search engine. This facility is immediately below the top banner.
Managing Life Change
The book Get a New Life is aimed at downsizers, seachangers and anyone who is stuck in a rut. It has a companion website with many resources to help not only the target group but also others considering retiring, and maybe retirees looking for enhancement of their lifestyle.
Go there
Online Retirement Resources
The Federal Government Department of Family and Community Services (FaCS) has publications you should read, either online or download them:
- The booklet "Australian Retiree -Your Choices," is aimed primarily at self funded retirees. It covers commonwealth, state, territory and local government benefits, major organisations which represent retirees’ interests, seniors cards, plus information on leisure activities.
Go there - "Home and Residence Choices for Older People" is another booklet which will help with important lifestyle and housing decisions.
Go there - The Queensland Government Department of Families website "A Guide to Retiring" has information to help you prepare for lifestyle changes in retirement. The retirement planning timeline provides a checklist of most of the major issues you need to consider when planning your lifestyle in retirement and the timing of these events, starting from 15-20 years before retirement down to three months to go.
Go there
Housing Options. You may decide to stay in your present home, or move in with relatives or friends, move to a smaller home, move to a retirement village or move into a residential aged care home. There are other options too such as moving to a caravan park/manufactured home park or becoming part of the grey nomad brigade for a good while. The various courses are presented on our Housing Options page. In addition to generally outlining the options, that page has many links to sources of detailed information.
The Australian Taxation Office has a useful publication: "Planning for retirement (includes superannuation)"
Go there
Overseas Living
For just about anything you want to know about living in other countries go to EscapeArtist.com. There is very comprehensive information on many countries and living overseas. If you are not quite ready to retire, there’s heaps of info on jobs overseas. The site had hundreds of links for great detail on all manner of subjects.
Go there
Pets and Guardianship
Some elderly people may be concerned about keeping their pet because they may have to move to a nursing home, or their health may be failing, or they may pass on. The RSPCA and/or the Animal Welfare League have Pet Bequest or animal Legacy Programs which will take over the pet for its life until re-homed, with RSPCA remaining the legal guardian. RSPCA WA estimates that in order to care for bequest pets entering this type of care in 2000, the Society would need to be provided with a donation or legacy of at least $5,000 per pet. RSPCA Australia Inc. web site has contact details or links to all State/Territory RSPCA.
Go there
Animal Welfare League contacts are:
- New South Wales
Go there - Queensland
Phone (07) 5581 7600 - South Australia
Phone (08) 8268 4188
Retirement in Australia from Overseas
Australia’s temporary residence program includes a category for those wanting to live in Australia in retirement. A Retirement visa allows retirees to spend some of their retirement years in Australia. Initially, a Retirement visa allows a four year period of stay in Australia. Visas for further stays are usually granted for two years at a time. For more information see the Department of Immigration and Multicultural and Indigenous Affairs website.
Go there
Seniors Card
Seniors cards are issued free by each state and territory government and enable holders to get a wide range of discounts on public and commercial activities. More details are on our Seniors Card Page.
Go there
Also you can can go to the website for seniors cards which has links to all state and territory sites.
Go there
Many self funded retirees will be eligible for the Commonwealth Seniors Health Card giving discounts on prescription medicines. Check our Centrelink page for more information.
Go there
Veterans
If you are a veteran, you should investigate the benefits available through the Department of Veterans’ Affairs (DVA). For example there is the Veterans’ Affairs Financial Information Service (VAFIS) which is similar to the FIS through Centrelink, there is information on pension types and rates, on eligibility for DVA pensions and on benefits and how to obtain them.
Books for Retirement
This selection of books will enable you to plan your retirement to achieve your best result. If you are already retired there is guidance to help you improve your financial position and lifestyle. Books are mostly available from the @boutSeniors bookshop where discounted prices apply. The prices shown for the books listed below are the recommended retail prices - the @boutSeniors bookshop prices are all 10% less.
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Beyond Saving
Written in a clear and uncomplicated fashion, Beyond Saving explores the full range of investment options to help savvy savers achieve their aims a little faster. In all, Beyond Saving shows readers how, through a range of assets designed to deliver superior performance without undue risk, their money will not simply grow, but generate real and substantial wealth.
Author: Connelly, Desmond
Publication Date: February 2001
ISBN: 1876627603
Format: Paperback
RRP: $22.95
Top of Books Buy here
Beginner’s Guide to Retirement, The
Published a while ago, but still relevant. A retirement guide, dealing with more than just the financial aspects. Issues covered include: personal fulfilment and growth; managing relationships; physical health; psychological health; the retirement implications of personality and gender; and income and accommodation.
Author: Longhurst, MikePublication Date: July 2000
ISBN: 073361048X
Format: Trade Paper
RRP: $24.95
Top of Books Buy here
DIY Retirement planning
A practical guide which takes you through the steps involved in developing and implementing your DIY retirement plan, with the aim being to maximise your after tax income and increase your net wealth.
Author: Smith, Barbara and Kohen, Dr.Ed
Publication Date: 15 April 2003
ISBN: 0701637714
Format: Paperback
RRP: $29.95
Top of Books Buy here
Get a New Life
How to change the way you liveA practical guide for downsizers and seachangers and anyone who is stuck in a rut. If you suffer from MTL ('There's got to be More To Life than this') syndrome, or have had change thrust upon you through bereavement, retrenchment or illness, or you just want to do something you've never done before, taking control is the first step toward getting a new life. Packed with check lists to help you determine where you're at, practical advice about managing your finances and inspiring interviews with those who have done it, Get a New Life is a road map towards your dream destination.
Author: Fallick, Kaye
Publication Date: 30 June 2004
ISBN: 1865089621
Format: Paperback
RRP: $29.95
Top of Books Buy here
How to Create an Income for Life
In How to Create an Income for Life, Margaret Lomas gives a complete guide to investing in positive cash flow property. Here is a is a step-by-step, easy-to-follow, positive cash flow investment strategy that almost anyone can adopt.
Author: Lomas, Margaret
Publication Date: March 2002
ISBN: 0701636513
Format: Paperback
RRP: $24.95
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How to Make Your Money Last as Long as You Do
Margaret Lomas explodes the common myth that you need to be debt-free and have a high income in order to invest. How to Make Your Money Last as Long as You Do explains the pros and cons of property investment, how to put yourself in a position to be able to invest, and why and how to invest in positive cash flow property.
Author: Lomas, Margaret
Publication Date: April 2001
ISBN: 1876627735
Format: Paperback
RRP: $24.95
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Investor’s Anthology, The
This book brings together a great collection of short writings from investment luminaries like Barton Biggs, Warren Buffett, Benjamin Graham, John Templeton and hundreds of others - all on the topics for which they are known. Adam Smith on market prices, Marty Leibowitz on bond portfolios, Philip Fisher on Common Stocks. The list goes on and on - no big name is left out. Sprinkled with anecdotes and stories from each person's experiences, this is both amusing and educational.
Author: Ellis, Charles D.
Publication Date: July 2001
ISBN: 0471416169
Format: Paperback
RRP: $30.95
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Intelligent Investor’s Guide to Share Buying, The
Continuously in print for more than 10 years - fully updated for the global market.
Author: Hewat, Tim
Publication Date: April 2002
ISBN: 0701636742
Format: Paperback
RRP: $26.95
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Learn More About Retirement Planning
A Plain English Guide for all Australian Families
Ideally, planning for retirement should start in middle life and not the week before a person's 65th birthday. This book is a plain English guide which seeks to explain the basic issues involved in this process. As well as dealing with budgeting, investing, tax, social security and legal issues, the book discusses various lifestyle aspects, such as the use of leisure and the possibility of having a "second career" after retirement. The book also analyses housing options and retirement villages.
Author: Renton, N.E.
Publication Date: 31 December 2003
ISBN: 0731400135
Format: Paperback
RRP: $24.95
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Making Money
In this updated and revised edition of Making Money, Paul Clitheroe explains how to make the most of your money - and your life. With a completely new sections on investing for higher returns, overcoming debt, and estate planning. Author: Clitheroe, Paul
Publication Date: September 2003
ISBN: 0670041343
Format: Paperback
RRP: $29.95
Top of Books Buy here
Positive Cash Flow Property
This practical book takes the reader from start to finish in a step-by-step approach through the process of investing in positive cash flow property
Author: Lomas, Margaret
Publication Date: 11 March 2004
ISBN: 0731401131
Format: Paperback
RRP: $24.95
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Rethink, Relax, Retire
You can have a financially secure retirement even when the experts say it is too late. This book is for anyone who is worried that their super and savings won't seem them through their retirement. Upton cuts through the hype and shows how simple changes can revolutionise your retirement.
Author: Upton, David
Publication Date: September 2002
ISBN: 0330363816
Format: Paperback
RRP: $16.95
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Retire Bizzi
Jill and Owen Weeks are financial planners who became concerned at the lack of research into the non-financial aspects of retirement. While travelling across Australia they decided to start researching lifestyle business opportunities. The resulting book Retire Bizzi details 101 case studies and includes 27 chapters covering most of the key issues associated with operating a small business. There are over 370 pages presented in an easy to read, informative style.
Author: Weeks, Jill and Owen
Publication Date: March 2001
ISBN: 1876641029
Format: Paperback
RRP: $34.95
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Road to Wealth, The
We can expect to live longer and retire earlier than previous generations and, given our high lifestyle expectations, we need to work out how to pay for our dreams. The Road to Wealth looks at how Australia's ageing population will affect you and your financial future, and helps you to ensure your financial health. Paul Clitheroe shows you how to make money work for you and how to choose the best investments, given your future needs. As Australia's leading financial adviser, he helps you work out just how much money you'll require to retire comfortably, and gives you the information you'll need to maximise the benefits of the age pension.
Author: Clitheroe, Paul
Publication Date: July 2001
ISBN: 0670875430
Format: Paperback
RRP: $35.00
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Where to Retire in Australia
Where to Retire in Australia, the first book ever written on how to research and compare alternative retirement locations in Australia has now been revised and republished. The authors who have had over twenty years experience counselling retirees, travelled the length and breadth of the country to find 24 great locations. The research includes commentary on security, medical services, adult education, recreation and culture, the cost of living and community issues. The book has over 368 pages and is crammed with relevant and useful information. This is not a book about retirement villages. It is about dreaming of a full and active retirement in your own home in a location of your choice. Author: Weeks, Jill and Owen.
Publication Date: June 2005
ISBN: 1-74117127X
Format: Paperback
RRP: $35.00
Top of Books Buy here
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