James Coyle

James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
Heading to Italy on an Age Pension

Heading to Italy on an Age Pension

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Are you also dreaming of a big trip in 2024? So many of us are and Christmas is often when we have the time to check out airfares, accommodation and take the plunge.

But how do you know if you can afford a big trip? How do you gain the confidence to spend when it’s difficult to judge how long your money will last?

These were the questions posed by Don when he caught up with Nicole. He was both pleased and surprised to learn that he could afford to indulge his dreams of an Italian adventure next year. Don was widowed two years ago and now feels ready to get back out into the world. He’s hoping a group tour in northern Italy will give him a very social adventure to look forward to. Here’s how he and Nicole approached this challenge and how he was able to reach a successful financial outcome.

Many people are under-spending in retirement, sacrificing their dreams and their lifestyle, only to end up sitting on a large nest egg wishing that they’d gone hiking in the Dolomites when they had the chance. A lot of this has to do with our mindset. Changing from a saving mindset (that has been ingrained in us since we were young), to a spending mindset is a much bigger leap than most people anticipate. But this change does occur as we move into retirement. So how can you become more confident in your decision-making?

Age Pension mythbuster: Where will you end up?

Age Pension mythbuster: Where will you end up?

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This past week, a casual conversation with adviser, Megan Marshal, totally nailed the difficulty of managing retirement income. 

‘Understanding the rules is the hardest thing for most people’, Megan said, ‘Particularly making connections between the Australian Tax Office, Centrelink and superannuation. All the rules are so intertwined, it makes it close to impossible to understand what to do unless you work in financial services’.

We agree. But the good news is that we take all our members’ feedback onboard and use it to create plain English explanations of all aspects of retirement income. This benefits members in two ways. Firstly it gives you the detail that you need to better understand your options and when to use them. And secondly, we subscribe to the belief that knowledge is power, so in sharing these frequent explainers, we hope to increase your confidence in your own decision-making powers.

Today we tackle one of the commonest Age Pension myths – that where you start is about where you’ll end up. This is not usually the truth.

Centrelink benefits: Why retirees miss out

Centrelink benefits: Why retirees miss out

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You don’t need all your ducks lined up to apply

It’s estimated that many retirees who have delayed applying for the Age Pension are missing out on an average total amount of $69,000. We highlighted how this had happened to Geoff in August. The reason that he had missed out was that he was initially a self funded retiree and thought he wouldn’t be eligible for the Age Pension for several years. He didn’t really know the rules and was caught out to the tune of $75,000 over a three-year period when he was actually eligible.

Not knowing the rules is probably the main reason that retirees miss out on this valuable income. But there are plenty more. Here’s a shortlist of five shared by our advisers and Customer Service Team for you to check, to ensure that you’re not missing out needlessly as well.