We have previously written about how much you might need to fund the next stage of your life, which concluded that it largely comes down to how much you spend. In addition, the amount you need may be less than you think due to declining expenditure as we age.
To put this into context, let’s review a case study.
Self-managed superannuation funds generally provide their members with greater control and flexibility over the types of investments that are selected to fund investments.
As a result, you see a significant minority of these funds make investments such as purchasing real property or investing in unlisted companies and unit trusts, which are associated with members of the funds.
The majority of seniors want to maintain their independence for as long as possible, but more often than not there will come a time when they require support. Your parents were there for you and now you need to be there for them, so how do you support your parents during this challenging time without causing conflict or taking away their sense of independence?
With record low interest rates, many term deposit holders are questioning where else they can invest to maintain their income. While you can’t get away from having to take a bit more risk to generate additional returns, this may be a sensible approach, depending on your circumstances.