Later this week some of us will drown our loved ones in attention, flowers, chocolates and positive messages.
Others will wonder why it’s so hard to get a booking at the local taverna on Friday night.
Yes, it’s Valentines Day on the 14th and a big day in many calendars.
Which led the team at Retirement Essentials to think about the two very distinct money personalities that we encounter on a daily basis; those ruled by their hearts – and those by their heads. Typical traits of the ‘heart-led’ members are:
- they can be more concerned about the financial wellbeing of others than themselves,
- they are concerned their money may run out but this just stresses them rather than understanding that they need to take action, and
- they hope it will all work out, but don’t see a way to ensure that it does.
By contrast, those ruled by their heads tend to:
- have more confidence in their ability to create and manage an income strategy
- realise that the complexity of the Australian retirement income system requires a lot of knowledge of all pillars of income as well as the rules associated with super, Centrelink, property and tax, and
- are often diligent about having an income plan but would like an objective review to ensure that they are on track.
You may think that being a rational ‘head not heart’ personality is ‘better’ for your retirement outcomes. But not necessarily. A problem can occur when a rational mind thinks it has a solution but due to complacency or over confidence, vital detail can be missed or misunderstood and solutions can go pear-shaped. Being open-minded is an important attribute when managing money and sometimes people who know less are more open to the right insights and assistance.
And this is why the advice team at Retirement Essentials has created a specific advice consultation – the Retirement Health Check – for both romantics and rationalists who are entering or part-way through their retirement journey. Typically such people are seeking one or more of the following three things:
- demonstration that they will be okay, that their money will last the distance,
- reassurance that their understanding of their options is both complete and correct,
- a stronger sense of control that their plan is appropriate as well as doable.
Am I on the right track?
We all want to think that we are, but the ‘right track’ can mean different things to different people, for instance:
- Will my money last the distance?
- How much can I safely spend?
- Can you help me understand my income mix?
- Have I missed anything?
The Retirement Health Check specifically addresses these ‘big’ questions which will occur across everyone’s retirement journey. Advisers Amanda, Andrew, Nicole and Sharon meet with Retirement Essentials members for a 55-minute video consultation. Here they step the members through their current situation and how they can reach their goals. This is done through a mix of education and the visualisation of retirement income forecasts using ‘in real time’ calculations that mix super, savings, work income and any possible Age Pension entitlements.
At the end of your Retirement Health Check you will have much more clarity about your situation and how your future retirement funding will come together. This is summarised in a plain English Statement of Advice, for you to consider and act upon at your leisure.
With a combined 82+ years of financial advice experience and expertise, Amanda, Andrew, Nicole and Sharon are fully equipped to explain all aspects of retirement income. They speak in ‘plain English’ which makes their advice accessible for everyone.
So whether you are in a single or couple household and ruled by your heart or your head, this 55-minute consultation will provide the best starting point for planning your future income.
And whatever you do on Friday – be it Valentines, Galentines or Malentines – may you be surrounded by love.
Designed for members at any stage in their retirement journey, Retirement Health Check bookings can be made here.
What’s your money personality?
Do you relate to any of the above attitudes?
