Kaye Fallick

Kaye is a retirement commentator and coach, with 25 years’ experience writing about retirement income. She has authored two books on life stage changes – Get a New Life and What Next? – and enjoys regular radio and podcast appearances. Her favourite mission is to offer plain English explanations of complex rules so that all retirees can benefit. She is based in Melbourne but enjoys escaping to Italy whenever possible.
Don’t make money mistakes that you can’t undo

Don’t make money mistakes that you can’t undo

It’s never too late to manage your money more effectively whether for – or already in – retirement.

But there are some money mistakes that should be avoided at all costs – those that can leave you with a lifetime of regret.

Today we recount stories of five very avoidable mistakes (not using real names). These examples are not intended to alarm you, but rather to encourage a review and  – if needed – a rethink of your strategies to ensure that you are maximising your potential income – and not the opposite.

1. Spending too little

Misunderstanding minimum withdrawals

John and Maya both retired as soon as they could, which meant 69 for John and 67 for Maya. As homeowners, they had (combined) a super balance of $380,000 (well below the asset limit of $470,000 for a full Age Pension as well as deemed income limits). So they have been living on a full Age Pension of just over $45,000 per annum. They believed that they were also able to withdraw super at the rate of 5% per annum as a top up. This amounts to $19,000 per annum, which makes their total retirement income about $64,000 per annum. They had plans to manage this income fairly frugally in order to travel every two years or so, for five weeks in Australia or the occasional three week trip overseas. Their house is large and has required quite a lot of their income for maintenance and minor, age-friendly, upgrades. But their plans are now unlikely to come to fruition, as John has received a diagnosis which suggests he has less than two years to live. They have maintained health insurance so believe that their medical bills will be largely covered. But the lost opportunity to have more adventures together is now a painful reality.

Superannuation rules change 1 July 2025

Superannuation rules change 1 July 2025

What’s the fuss? There has been a huge amount of coverage – as well as some scams – on what might happen on 1 July. Today we update you on the facts so you can better understand if super changes are relevant and if, therefore, some action will be required. First up,...

Three ways to reach your retirement sweet spot

Three ways to reach your retirement sweet spot

There’s no such thing as a perfect job, marriage or retirement life. We can always aim for perfection, but most mature adults soon realise that a ‘good enough’ situation usually suits them just fine. 

When it comes to retirement, the ‘good enough’ framework means hitting your own particular ‘sweet spot’. This involves 

having enough income to feel comfortable

knowing that you are continuing to live within your means, and

having peace of mind that there are no nasty financial surprises around the corner.

If this sounds like your sort of sweet spot, too, then how can this goal be achieved? One useful way to plan or review your retirement income options is to concentrate on a series of three very different, but related, actions.