Kaye Fallick, Author at Retirement Essentials

Building your retirement confidence

Most Australians aged over 50 don’t think that they will achieve a comfortable retirement. That’s the blunt top level finding from a survey of 2250 which was conducted by Colonial First State (CFS) superannuation and reported in the annual Rethinking Retirement report.

When the responses are split by gender, 47% of men feel this way – but an alarming 62% of women have lost faith in the goal of a comfortable retirement. This just isn’t how it is meant to be after 30 years of compulsory superannuation. Other insights from Colonial First State add to an even more negative picture of retirement sentiments.

Affording retirement after the trip of a lifetime to Rio

by Kaye Fallick | Retirement Spending

We’ve all made that crazy, quick decision to buy something special. And then wondered at leisure if we could afford it. That’s what happened with Aaron and Julie. They booked their dream trip to South America – and immediately had buyers’ remorse when they realised the significant hit this would be to their retirement affordability. The cancellation costs were astronomic, so they decided to see if there was any way of reversing this retirement income blooper. Fortunately, there is.

Andrew Dunkerley is one of the team of advisers who meet with everyday Australians at Retirement Essentials, supporting them to understand their options and ways to make every cent count. Perhaps one of his strongest characteristics is his empathy and refusal to judge hasty money decisions. He’s a problem solver who likes to listen, explore and then respond with ideas for members who may not have been aware of all the rules at their disposal.

Andrew grew up on the northern beaches in Sydney. His first job was as a trolley-boy at the local Franklins supermarket. He still loves Sydney beaches and goes ocean swimming as much as possible. After hours he can be found volunteering on a committee to help those with special needs. He says his life balance is in great shape!

‘I considered becoming a teacher, like my dad. But I saw what happened to him after years of strikes and felt there was a better career path for me. After specialising in maths and science at secondary school, I was a bit stuck. My next part-time job in a bottle shop introduced me to the commercial world. This led me to an interest in marketing, but it was the money side of my business degree that was most enjoyable. I really loved learning about the way money works and found this was something that a lot of people wanted help with. My many years in the industry super funds sector helped me to hone my skills in listening and advising.

The basis of everything I now do is to help people achieve what they want to get out of life, in the most efficient way possible, but also in a way they are very comfortable.’

There’s no such thing as a risk free investment nor a risk-free retirement. Andrew acknowledges this, but says,

‘My job is to help people understand the different degrees of risk related to their different options and to help them to choose a risk setting which aligns with their values and their temperament.’

Income and assets limits changes 20 March 2025

by Kaye Fallick | Centrelink Age Pension

Last week we confirmed the 20 March Age Pension rate increase of $4.60 (singles) and $7.00 (couples combined) for 20 March. This week we are pleased to confirm that all Retirement Essentials calculators have been updated with the new rates, ready for you to access.

Many people might dismiss the $4.60 per fortnight for singles as barely covering a cup of coffee. It’s even less in the case of couples. Yes, it’s true this is a small increase. Even lower, however is the increase in the Commonwealth Rent Assistance (CRA) maximum payment which amounted to less than a dollar, despite rental increases in 2024 of nearly 7%.

It is possible that this is the full extent of relief Age Pensioners will be given until the next round of indexation in September. But given the proximity of an early Federal Budget (March 25 brought forward due to the election by mid-May), it’s also a strong possibility that extra cost of living relief specific to older Australians will be included in this early Budget.

In the meantime, how to view these changes? As they say in the classics, it’s often not what you’ve got, rather what you do with it. And whilst that may sound flippant, far from it. Because buried in the detail of the base rate changes are further changes, which can help you review what you’ve got and see how to maximise all entitlements.

We’re referring of course to the income and assets test qualifying limits. They are both now more generous, with a $9.20 – $18.40 increase in income limits and asset limit increases of $1500-$2000. There’s a detailed explainer on how these limits work here, but the following is a quick refresher on why these tests matter so much.