Kaye Fallick, Author at Retirement Essentials

Top ten retirement destinations: Which postcode works for you?

Are you dreaming of a sea change or a tree change? You’re not alone. Many Australians love the idea of moving to the coast or a country block. But whether or not you can make it work is the real question. Would moving from your current neighbourhood really improve life in retirement? And does it make financial sense? In today’s real-life scenario, we learn how Keith and Cathy made the change. We’re also sharing the top ten retirement destinations according to a recent AMP/Citro report. And we pose the three most important questions you will need to address if you think a major relocation might ensure the retirement ‘good life’.

Meet Keith and Cathy

Keith and Cathy used to holiday from time to time in Palm Cove, where their daughter had an Airbnb. They had a dream of retiring there from suburban Melbourne at some stage. Then the Covid pandemic landed, they were locked up during a cold winter and as Keith put it, the ‘dream’ became a ‘want’.

They decided to make the move when a suitable block became available, one street from the beach, with cafes, shops, and a pub also nearby. Although they did manage to inspect the block (between lockdowns), they needed to select builders, fittings and finishes online.

‘We had to make decisions on the hop,’ says Keith. “We also needed to fund the build and with most of our money in super and our Melbourne home, this was tricky.’

Luckily they sold their Melbourne home through a single enquiry, so much of the burden of inspections, marketing and auction costs were alleviated.

Has the move worked?

‘We now enjoy a daily walk beside the beach in a beautiful climate rather than on a footpath in Melbourne in the cold’ says Keith with a laugh.

On a serious note, the move has been a very positive one for both of them. They built a home that accommodates adult children and their grandkids so they see family regularly, citing Jetstar $89 airfares as a great incentive. They both love living in a town with no winter. Their neighbours are also retirees who take time to make friends and socialise, so life is good.

If there is a downside, Keith talks about a few people who moved to Palm Cove from Sydney, Adelaide or Melbourne and then returned as the summers are ‘brutal’ with humidity day in, day out. It’s fine for those with a pool and air conditioning, but tough otherwise Keith notes.

Building your retirement confidence

by Kaye Fallick | Retirement Advice

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.’