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.
Is this the cost of living help that pensioners need?

Is this the cost of living help that pensioners need?

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Cost of living is an issue top of mind for most Australians. Last week’s higher inflation rate was a stark reminder just how much we are now paying for essentials. So it’s timely that a seniors advocacy group should suggest a solution for those doing it toughest.

The initiative comes from the National Seniors Australia (NSA) and is based upon evidence from the Oganisation for Economic Development (OECD) that income poverty for those over 66 is real and prevalent. OECD data shows that 21% of men and 26% of women of this age suffer from such poverty. These statistics are supported by similar data from the Australian Council of Social Services (ACOSS). The NSA also notes that 20% of older women have no super to draw upon.

Dwindling assets: Megan to the rescue

Dwindling assets: Megan to the rescue

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Our adviser, Megan Marshall had a big win last week. This happened when she helped Fiona to increase her Age Pension entitlement from $506 to $916. That’s an extra $410 a fortnight. It’s such a large increase that we wanted to share how this could happen. And some key tips Megan has to offer for others who feel they may be being under paid. 

One in four Australians too poor to retire?

One in four Australians too poor to retire?

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Recent news reports about 4.6 million Australians were alarming for retirees. The news was that more than one quarter of us are ‘too poor to retire’. We tracked down the research which led to these widespread TV and press reports. It came from comparison website, Finder and was based on a survey of 1063 people. The results also showed that:

23% of respondents think they won’t have enough money in super to ‘get by’ once they retire

27% report that they don’t know how much super they have

22% believe they will be ‘okay’ but will need to reduce spending and

only 17% believe their super will be enough to live off.

At first glance one could easily be rattled by these dire warnings. Nearly five million people is far too many to be ‘too poor to retire’. But if we unpack this research and reported conclusions, it’s rather facile. The sample size was just over 1000 people. Extrapolating from this number across the entire population is a bit of a stretch. 

So how do you respond to these types of headlines? Do they get you down? Do you ignore them? Or could they be treated as useful triggers to think about your own situation and how you are placed to live a fun and purposeful retirement? Rather than being discouraged, we think that they present a great opportunity to review your own retirement health.