Retirement Money Considerations

As we are continuing Seniors Month, a consideration for every senior is how they handle their money and assets.

In the Sunday Mail on 22 October 2023 there was an article “10 retirement money mistakes that hurt seniors”.

I think anyone should consult their financial advisors in this regards, however, there were a few of those in the articles that could affect your property.

Wrong asset valuations can affect any Centrelink pensions that you may receive.  If you are unsure of the value of your house, I can asset with providing you with an appraisal of your property.

Property investment with children.  With the increasing property prices and interests rates, more and more people are using the Bank of Mum and Dad to help them purchase properties.  This can range from actually gifting money to using their residence as security and anything inbetween.

Downsizing your property.  Your family home is generally your most valuable asset.  When you can no longer care for the property yourself, it is natural decision to sell the property and buy a smaller more practical property.  This could have serious consequences for your government pension.  You should consult with your financial advisors and Centrelink prior to putting your house on the market.

If you are approaching retirement or are retired, I would highly recommend that you read this article and talk to your financial advisor to make sure you are maximizing your retirement.