The 5 Worst Mistakes Made By Australian Retirees

In this video, we delve into the costly mistakes Australian retirees often make and how to avoid them.

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The contents of this podcast and video are general financial advice only. That means the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice.

[geoffwaterman]

Im about to retire at 62. I we live to 85+, then money in Australia is not the issue. After about 70, good heath permitting, few people are traveling overseas, buying new cars or other large optional expenses . Thinking on this issue, I've come to the conclusion that I need to spend and party while life is still worth living. What we forget is that money we haven't drawn from our supa is still earning growth from being invested and that most retirees die with a lot more money in the bank that they could have spent if they retired earlier ( including Me).
Stop worrying about money and live.

[Elizabethmiller-sc]

I'm retired at 47, went from Grace to Grace. This video here reminds me of my transformation from a nobody to good home, honest wife and 35k biweekly and a good daughter full of love❤️.

[wmblemania]

The problem with needing "only" $500K per year, to earn $50K a year is that this assumes you own a home.
If you don't, you're probably not going to be able to live on $50K a year, as much of that $50K will be spent on rent.
So it's really "$500K + home".

[anidiotabroad]

Never contributed to super started working at age 18, brought my first property at 23 second at 34 as a single man all my money went to paying off the loan, married 35, wife started business from home 37, loans payed off at 40. Sold both properties to build new house and purchase an industrial parcel of land which now is valued at 10 times the purchase price continued to purchase small comercial property’s, I retired at 43 stay at home dad while my wife continued to run her small business. Now 55 taking it easy. My advice pay off your mortgage as quick as you can, I never contributed to super all money went into paying off my original loans. Save money early work hard while you are young PAY OFF YOUR DEPT! Didn’t need a financial advisor to tell me that.

[meganfisher]

With units now costing the same as houses, plus the added expense of body corporate fees, I completley understand why retirees just stay put. Selling is also difficult if already receiving a pension and wanting to sell because the cash asset amount is not keeping up with the average price of housing.

[bunnobear]

Another great video, your explanations are very easy to follow and the visuals are great.

[Robertpolanec]

Happy and successful year! I'm proud to say that I'll be debt free in just one week, having worked smart to pay off my $285, 000 debt.

[HGills]

We are days away from retiring at 60/65 respectively and took a leap of faith last year to spend the next 2 years on a yacht we bought with our savings and borrowing against capital we had in our family home which we’ve rented for 2 yrs. To say we are stressed more than ever is an understatement watching our superfund (both of us with Australian Super and no other investments) take a dive along with the Aussie dollar has sent our stress levels through the roof. As our superfund outperformed our loan for the boats interest rate we figured we wouldn’t redraw on our super to pay out that loan, now our super balances have dropped about 10% in just the last week we feel sick at what’s happening and wonder if we can even afford to retire at all.

[ChilliPepper-nb]

Hey drew you missed number 6, not spending the super a lot of retirees are dying with a large pot of super .. Number 7 assuming you need the same level of income throughout retirement. Both US and Australian statistics show that at age 75 your expenses drop by about 25% and same again at 85. Without taking these drops in mind ppl tend to aim for too a high number for super. At 85 pension = expenses. If you need to do a reverse mortgage with services Australia and bump your pension by %.

[adamfulford]

Thankyou, your great on the Rask podcast too!👍

[phredflypogger]

Retired boomer here, my #1 priority is make sure you have a good home and car with NO debt when you retire. No good having a good income when you retire if half of it is still servicing debt. Manage your actual cashflow without resorting to credit cards, again interest payments are dead money.

[coralbyrnes]

I also made contact with my super fund regarding the recontribution strategy and the first person said they did not understand what I was talking about. They put me through to another person who said they did not promote tax evasion.

[Rick-kjdd]

As per usual good comprehensive video Drew. By the way I made contact with my industry super fund the other day to discuss doing a recontribution strategy for both my and my wife's supers as we have very high taxable components within our super funds. I was told by a customer service representative point blank that they can't give advice on what is tax evasion. I couldn't believe what I was hearing and have since placed a complaint to the fund. Waiting to here back.

[TeamStumpy]

I retired at 50 a few years back
Best decision i ever made

[factual]

Financial decisions made without experience and knowledge are beyond most retirees so they “do what they do”. To gain the trust of advisors is for most, a step too far.

[garfunky]

This is an ad disguised as info.

"Managed funds ain't bad"
"ETFs aren't sufficient"
"You can't do it all by yourself"

Basically financial advisors nowadays just want to convince you that it's better to let them manage your investments. Sure they help you do retirement planning and analysis but the REAL money comes from the fees they charge when they manage your investments.

[c.s]

If my wife and I could downsize in the same area but NOT have a strata property, there in lies our problem. Strata schemes suck. Committees, Management, deciding to spend, deciding not to spend, not doing due diligence when decisions are made, etc etc. In our area, we cannot downsize as we would be in Strata. No thanks. We will stay in our 4 bedroom Torrens title house.

[joa]

9:26 "You got holiday homes.." I do? No mention of pension..

[john]

What's wrong with just throwing it all in super and diversifying within there. Sometimes I think you guys make this sound overly complex to keep yourselves in a job.

[globetrotter]

The Seventh biggest mistake is not allocating physical gold and silver in your portfolio. Physical Gold has no counterpary risk, the safest asset and yet has out performed bonds, S&P 500 and most ETF’s over the last 25 years.Physical Gold protects your investments and money from currency debasement, a major issue as we move forward in the next 5-10 years.