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When can I actually retire? A calm reality check from an Investment Adviser · The SME Stream

• 0:00
  Speaker 1: It is four minutes to eight. The number of kiwis
• 0:01
  Speaker 1: working past retirement age is steadily increasing and for many
• 0:06
  Speaker 1: the idea of being financially ready.
• 0:08
  Speaker 2: To retire it feels like a bit of.
• 0:09
  Speaker 1: A pipe dring. So how do you know that you do,
• 0:13
  Speaker 1: in fact have enough to retire? Here to help us out,
• 0:16
  Speaker 1: as forsythe Bar, Senior investment Advisor, Brad Gordon, thanks to
• 0:20
  Speaker 1: our partners at Forsyth Bar, it's a big question, isn't it, Brad?
• 0:24
  Speaker 1: How much is enough? And how do you know when
• 0:26
  Speaker 1: you've got it? Because it's hard to go back once
• 0:28
  Speaker 1: you've retired.
• 0:29
  Speaker 3: Yeah, And I think that's why it's important now to
• 0:31
  Speaker 3: take these times a year.
• 0:33
  Speaker 2: When we perps go to a little bit.
• 0:34
  Speaker 3: Of a quiet period to think about what and make
• 0:38
  Speaker 3: some changes towards towards setting some goals, because yeah, it
• 0:43
  Speaker 3: is a big goal and it means something different to
• 0:45
  Speaker 3: everyone and so there's no one size fits all, but
• 0:49
  Speaker 3: you do need to probably go back to, Okay, what
• 0:51
  Speaker 3: have we got, what resources have we got? We know
• 0:53
  Speaker 3: we're going to get a New Zealand superannuation at age
• 0:56
  Speaker 3: sixty five for a couple that's about twenty five thousand
• 1:00
  Speaker 3: dollars each. For an individual living alone, it's about thirty
• 1:03
  Speaker 3: two thousand dollars per mundum and that's before tax.
• 1:07
  Speaker 2: So is that enough? Well, if you hear us on
• 1:11
  Speaker 2: what your lifestyle is like, absolutely depends on your lifestyle.
• 1:14
  Speaker 3: And we're not all late Ryan and have to subscribe
• 1:17
  Speaker 3: to every streaming service that we go. So not all
• 1:20
  Speaker 3: of us are like that, but some of us are.
• 1:22
  Speaker 3: And that's just a personal adjustment that we need to make.
• 1:25
  Speaker 3: But if you own your own home, you're talking about
• 1:28
  Speaker 3: ten to fifteen thousand dollars just going out and fixed costs.
• 1:31
  Speaker 1: Yeah, because that's your insurance, your rates, your maintenance, all
• 1:34
  Speaker 1: those things.
• 1:35
  Speaker 2: Water.
• 1:36
  Speaker 3: Yeah, And so you think about twenty five thousand dollars
• 1:40
  Speaker 3: pre tax from New Zealand super and most of that
• 1:44
  Speaker 3: is just your fixed costs. So you do need to
• 1:46
  Speaker 3: save and you do need to think about having some
• 1:49
  Speaker 3: other resources.
• 1:50
  Speaker 1: So if we're doing this reset over the summer, what
• 1:54
  Speaker 1: changes should we be weighing up?
• 1:56
  Speaker 3: First of all, it's what contributions am I making to
• 2:00
  Speaker 3: saving Paul? First of all, that's probably the first and foremost.
• 2:03
  Speaker 3: But the second one, and depending on your age and
• 2:06
  Speaker 3: risk profile, is what adjustments can you make to that
• 2:08
  Speaker 3: risk profile to in order to put yourself in a
• 2:11
  Speaker 3: better position in retirement. I mean, if you're under guessing
• 2:15
  Speaker 3: age fifty now, it's probably going to be sixty seven
• 2:18
  Speaker 3: before you receive music on superannuation.
• 2:20
  Speaker 2: It there's a lot of political change and that may
• 2:22
  Speaker 2: or may.
• 2:22
  Speaker 3: Not happen, but these are things you've got to start
• 2:25
  Speaker 3: planning for.
• 2:25
  Speaker 2: And thinking about.
• 2:26
  Speaker 1: Yeah, I'm sort of thinking that by the time I
• 2:28
  Speaker 1: get there, it's not going to be as universal or
• 2:31
  Speaker 1: maybe as generous, because it's despite my advancing age, it's
• 2:34
  Speaker 1: getting still a long way away if I am going
• 2:40
  Speaker 1: to make those changes. When you say relook at your
• 2:44
  Speaker 1: risk profile, what informs whether that can change?
• 2:47
  Speaker 3: Well, Look, there's a lot of tools out there to
• 2:50
  Speaker 3: what we call robo advice and a number of providers
• 2:54
  Speaker 3: and bars. Tempo Service will put you through a series
• 2:57
  Speaker 3: of questions that will hopefully optimize your asset mix and
• 3:03
  Speaker 3: particularly the first change you can make is to your
• 3:05
  Speaker 3: Keiwi SAB and just optimize that for where you need
• 3:09
  Speaker 3: to be at retirement.
• 3:10
  Speaker 2: Yeah, people go.
• 3:11
  Speaker 1: A bit too conservative too soon often, don't they, And
• 3:16
  Speaker 1: you might not be calling on that money at sixty
• 3:18
  Speaker 1: five other resources.
• 3:20
  Speaker 2: No, well, hopefully you do, but not everyone.
• 3:22
  Speaker 3: Well, but the sooner you start planning for it, the
• 3:25
  Speaker 3: better position you will be in.
• 3:26
  Speaker 1: All right, So kick back this summer and crunch some numbers.
• 3:30
  Speaker 1: So thank you so much, Brad Brad Gordon from forsythe Bar,
• 3:33
  Speaker 1: Senior Investment Advisors, thanks to our partners at forsythe Bar