Planning
After 65
Reaping the rewards of the hard work
Age 65 has traditionally been when people aim to finish work. However, from our experience, a number of our clients wish to continue working, to get the mental stimulation and experience of the community at work. Other people are chafing at the bit to end work, or to change how they work.
This is the time when you reap the rewards of the hard work of repaying your mortgage (if you have chosen to be a home owner), and of contributing to your KiwiSaver and building up an investment portfolio.
However, it can be a scary time, as you transition from having a regular income to living off those investments. This is also the time where your money has to continue working for you, so that the purchasing power of your money keeps up with inflation and lasts as long as possible.
The change of mind-set is often difficult, and working out how to set up your income and drawings (on top of NZ Superannuation) takes time. Moneyworks helps our clients with the technical calculations as well as adjusting to the change of mind-set.
A core part of the work that we do with our clients is working out how long their money will last, based on their anticipated spending. This may mean that some clients need to work a little longer to fund that future income and save a little more, but making sure that your money is well invested is crucial.
If you have surplus funds after you have retired, it may be time to think about gifting small amounts to your family on a regular basis to help them out. After all, you could live to be over 95 - and how old will your children be then? 65? 75? - retired themselves.
Find out more about all the things that you need to consider by scrolling down the page and clicking on the different boxes.
Lost’ Australian Super – first steps to change legislation so that this can be transferred to a New Zealand KiwiSaver (thanks to Chapman Tripp)
It really isn’t possible to ‘time’ the markets – investors with $1.4 billion in KiwiSaver funds learned this in March
Richard Murcott - Wellington
I have worked with Carey and Moneyworks for many years now. I value very highly the trusted financial advice Carey provides. It is always timely, tuned for my circumstances and profile, and educational. I very much appreciate this relationship, and this includes the learning founded on rock solid, consistently sound guidance.
In particular, I value the fact that she is there for me to talk to if a need arises, I have a strong sense of partnership, like having an invisible highly-trusted adviser sitting on my shoulder. I also know that she will take the initiative to advise or alert me if or when something needs to be changed or adjusted. The proactive advice and guidance is so reassuring.
That leads to peace of mind from knowing someone is there who clearly cares about my financial health and strategies.
John and Ngaire Durnford - Wellington
When we first started working with Peter about 17 years ago, we had an expectation that once we engaged you (or any other financial adviser), you would just invest for us as per our initial goals and there would be nil or very little ongoing or frequent communication with us. Also that you wouldn't be advising on insurances, private superannuation, EPA's, on-line security, etc.
The favourite feature of Moneyworks service that we look forward to and most value is the annual review meeting and how it is conducted. The single biggest benefit from Peter and Moneyworks is their complete wrap-around financial and general all-life advice services (like a one-stop-shop for a secure lifestyle).
Eileen Barrett-Whitehead and John Whitehead – Wellington
We have been working with Carey for over ten years now and the favourite part of her service is the annual review. The discussion makes us think and plan rather than drift. We value the investment management that comes as part of the service.
When we first started working with Carey we had a general wariness that a financial adviser would be trying to sell a particular financial product or service and this hasn’t happened with Carey.