Many of our new clients come to us with around $700,000 in assets and about ten years left of their working lives. Their goal is to make sure they have enough money in order to live a good lifestyle during retirement. The first question we ask them is: how much money do you spend now? This is important, because we find that nobody wants to downgrade their lifestyle once they retire. So, to know what you need in retirement, first work out what you need right now.
Who remembers the ad from 1994 about the average family having 2.3 children? It may be stretching the memory a little, but we clearly remember the little boy in the ad who certainly wasn’t a fan of being ‘the .3’. In the ad, he complains of never fitting in the backseat of their family car. Enter the Ford Laser – the car which all families must buy in order to fit all three kids! For a blast from the past, check it out here: https://youtu.be/jNNIJBiSyA
In the previous blog we discussed the benefits of becoming self-employed during semi-retirement. Taking this step suits some people more than others.
Turning 55 isn’t all bad. During our 50′s our earning capacity is often greater as experience has paid off with that long deserved promotion. Expenses generally decrease as well as children finish school and the mortgage reduces or is even paid off. The typical budget of someone in their 50′s is therefore often very different from someone in their 30′s or 40′s.
Dallas Davison, Michael Hogue and Ali Hogue.
Money Over 50 Financial Advisers
Tel 07 4772 0938
45 Ingham Road West End Townsville Qld 4810
Money Over 50 Financial Advisers Pty Ltd ABN 26 146 225 505, 45 Ingham Road, West End Queensland 4810 is the holder of an ASIC Australian Financial Services Licence (AFSL) #471826.
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