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Forum Index > The Women's Forum > Debt - the day of reckoning

Author	Message
Trish 2011-05-07 02:26:10	Debt - the day of reckoning That recent article - 'Over 50's Struggling with debt' got me thinking and wondering who of you out there have had the courage to face up to a reality check in the finance sector of your life. Recently I had the opportunity to have a very informative chat with a financial planner who works with many people in 50 plus to help them mange their income through their retirement years. It was very sobering to hear that the average person has a cash surplus beyond their own home of not more than $50,000 to take them through the remainder of their lives. Sure, we are still fortunate enough to have the pension which allows one to eat and pay rates etc but it isn't much is it? As New Zealanders we do very little to provide adequately for our retirement years. As the planner said, we have to do the reality check sooner or later and readjust our budgets before our working incomes cease if we are to have any quality of life. It's a pretty big step to trust your planning to another person given the failure of so many finance companies and 'blue chip' type investments, so just asking for the average women are there some recommendations of who to go to for advice?
Nicky 2011-05-07 06:56:01	Burden of Debt with Age Being in my mid 50's has suddenly highlighted the fact that surviving another 30 or 40 years as I age is going to be a hard road to finance. The traditional idea of owning property is just becoming too costly and a risk - who wants to manage the headaches that come with it too once you are over 60+. I have been to a couple of seminars and listened to many advisors. If you do have a nest egg on fixed deposit it will be quickly be eroded by bank fees, taxes and inflation. My conclusion, is to seek out (do your own thorough research) a company that offers managed funds. So your money is split across a number of things, property, bonds, shares and fixed deposits. You need to ensure that who ever you invest with is a credible and certified member of the new NZ Association (the name escapes me now) Discuss what you require and how much risk you wish to take - or not take and they can customise a plan that works for you. Let the experts maximise the interest and gains you can get across a number of different offerings (reducing your risk). START NOW. It doesnt matter how small the amount..get into the habit of creating a regular savings plan to grow a retirement fund you can live with - rather than the hand to mouth existence most of us face on NZ superannuation. have you thought about how you would life on $330 a week (for a couple?). It's impossible.....and frightening to contemplate - but now's the time to get serious!

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