Retirement is an important part of most people’s lives, but the road to it can sometimes be fraught with pitfalls and concerns about how to make the best choice for the past few years. Author, financial journalist and financial planner Patricia Howard has written an easy-to-read book, The no regrets guide to retirement in which she advises living well, investing wisely and making your money last.
Howard, a licensed Australian financial advisor, author and financial journalist, graduated in Commerce from the University of Melbourne, holds her own Australian License in Financial Services and recently passed the FASEA Financial Advisor exam. She wrote for the australian, The Australian Financial Review and Age.
“So many people retire expecting the worst,” Howard says in a preface to the book. “They fear they won’t have enough money. They worry that their funds won’t last as long as they do, no matter how much money they have.
“They are worried that they are missing out on something. That they won’t be able to do all the things they dreamed of doing in life. That they simply won’t enjoy life anymore.
Howard says she wanted to write a positive, practical and uplifting impulse to help people get the most out of their financial situation whatever it is, but more importantly, a book that will hopefully change attitudes. people.
The no regrets guide to retirement will help people plan for their retirement with optimism, although this may be a bit of a stretch for some readers.
“Throughout the book I refer to Australia’s generous welfare system and think Australians are fortunate to be able to access Age Pension,” Howard says. “I know many will hesitate at this. I hear them moan: ‘You can’t make ends meet with the Australian Age Pension, so how can she say it’s generous?’ “
Howard says she thinks the age pension rate in Australia is generous and people retiring in Australia have wonderful opportunities. So many people in the world do not have access to it.
“I have been fortunate enough to have the good fortune and the challenges of living abroad, mainly in so-called ‘third world’ countries like Brazil, Mexico and Kenya. It is a term, however, which suggests that these countries are somehow lagging behind a so-called “first world” country like Australia. “
She says it’s never too early to start planning for retirement, but it’s never too late with just five simple steps enough to make a big difference in a person’s financial situation and secure retirement. better and healthier.
Think about how you want to live in retirement. A financially healthy retirement starts with good planning. Don’t be guided by outdated regulations or how your parents may have lived in retirement.
Find out if you are eligible for the Australian Old Age Pension. When planning for retirement, many people are unaware of whether or not they may qualify for the pension. This is a big mistake. If you qualify for old age pension it can make a big difference in retirement and obviously take a lot of financial pressure off.
Maximize what you have in retirement pension. Too often people think they need a million dollars in super to comfortably retire. While this is a nice goal to strive for, it too often causes people to forgo their retirement pensions.
Make good investment decisions. Howard says it might sound obvious, but it’s worth focusing on because it will prevent people from making bad investment decisions in retirement and help them focus on solid and reliable income-generating investments.
Live within your means. Once people have sorted out their financial investment, know exactly how much money is coming in each year and make sure you are living within your means. This is especially important if someone is receiving an income stream from their own investments.
Howard points out that in retirement, more than at any other time in life, the only thing holding people back is themselves and their self-imposed limits.
Some of his tips: start a business, earn money traveling, write a book, start a blog, go back to school, change trees, change completely, get in shape, get involved .
“Retirement is your time to do those things you’ve always dreamed of,” Howard says. “When you’re retired and you’re asked ‘What do you do all day?’ the correct answer is always, “Exactly what I want to do.
The no regrets guide to retirement how to live well, invest wisely and make your money last by Patricia Howard (Wiley, $ 29.95) is available in good bookstores.