May 6, 2025 • 18 mins
So you’re retired, what now?
In this episode of the Friends with Money podcast, Money’s Michelle Baltazar is joined by Adam Nettheim, chief customer officer at Commonwealth Superannuation Corporation (CSC). They discuss the transition from traditional retirement planning to a more holistic approach, integrating both digital and human elements, early retirement coaching, and understanding the continuum of retirement.
They also explore the importance of financial and emotional preparedness, the role of super funds as retirement partners, and practical advice for current and future retirees.
00:56 Exploring global retirement trends
03:18 Retirement planning for Australians
06:21 Becoming a retirement partner
11:54 Practical tips for a successful retirement
Links: worldometers.info
#friendswithmoney #michellebaltazar #adamnettheim #retirement
Email Us: podcast@moneymag.com.au
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*Proudly brought to you by Commonwealth Superannuation Corporation (CSC)
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Welcome to the Friends with Money podcast, brought to you
by Money Magazine, creating financial freedom for Australians since nineteen
ninety nine.
Speaker 2 (00:12):
Hello, you're listening to Friends with Money. I'm Michelle Baltazar,
editor in chief at Money Magazine. Thank you for joining us.
When it comes to money, lifestyle and expectations, what does
retirement really look like? You might be surprised that it's
not entirely what you think it is. To unpack this topic,
we are joined by Adam nettheim Chief Customer Officer at
(00:36):
Commonwealth Superannuation Corporation or CSC for short. CSC is the
winner of our twenty twenty five Best of the Best
award for Innovation in Retirement, So this is most definitely
in Adam's wheelhouse. Adam, welcome to Friends with Money.
Speaker 3 (00:54):
Yeah, thank you for having me. Great to bay here.
Speaker 2 (00:56):
You've just come back from a global tour where you
met with pension and retirement organizations. Can you tell us
what stood out to you the most. Are there any
global trends or a country or organization that is doing
something particularly well or taking a different approach that Australia
could learn from.
Speaker 3 (01:17):
Yeah, it was a great greade two weeks that Damian Helen,
my CEO and myself spent overs He's talking to lots
of lots of fascinating people. The longevity was a core
theme of all of the people that we spoke to.
Every population in the world seems to be living longer,
and of course that's strenching the ability for super funds
(01:37):
to make up enough money to help people retire. Well,
certainly a lot of trends or themes around personalization and digitalization,
and you know, where a lot of companies have talked
about customer cohorts, they're really leaning into the cohorts of
one that was a significant post as well, retirement and
(02:01):
financial coaching. So long before people get into their fifties
and sixties, you know, how do you help people decades
in advance start to set up for their retirement shift.
And along with that still the complexity or challenge across
the world around getting people engaged in superannuation early enough
to make some of the early shifts. I think some
(02:24):
real standouts. I mentioned digitization, but now it's not digitization
or human it's the augmentation between the two that was
really significant. How do you help a customer have some
of their experience digitally and some of their experience through humans.
And I think that's a big shift from where we
(02:45):
were as an industry some decades ago with robo advice,
where it was all digital and know as humans and
maybe not as successful as people thought it might have
all should have been.
Speaker 2 (02:54):
Yes, I do recall those days when we were talking
about robo advice and I just thought of it just
another term that we use in the industry. But then
I spoke to a friend of mine who said, Michelle,
that sounds scary. There's robo. So even just the word robo.
So to hear you talk about augmented retirement planning, for example,
it's human augmented by technology. Sounds really good to me.
(03:18):
Now let's bring it back home and relate it to
everyday Australians thinking about or already in retirement. Have your
tour learning has given you some different perspectives about how
they could be approaching this period in their lives, assuming
that they haven't had the early retirement coaching that you
talked about.
Speaker 3 (03:37):
Yeah. Absolutely, And I should be really clear too. In
some dominds in the world, Australi is seen as the leader,
so part of the tour was actually us helping outhers
and particularly the Uki and Canada, where do you see
superannuation accumulation accounts is a much newer thing for them
(03:59):
than it is Australia. We've been doing define contribution for decades, said,
they are doing it for about a decade, so they're
actually learning as much from us, but things that we
brought back and some things that we were already thinking
of and the tour helped confirm for us. Retirement is
not just one element in your life. It's a continuum.
(04:22):
You know, even when people have retired you start your retirement,
where you end your retirement is vastly different from where
you start. Where you start, You're younger in your retirement,
you're active, You're probably wanting to do more things in
your day to day. When you kept twenty years down
the track, you're probably a little more relaxed about the
(04:43):
things that you're looking to do. The work stop retire
is also not the three phases of life anymore because
so many more people are working in their retirement, and
whether it's paid work or volunteer work, or working for
some kind of charity or purpose. You know, that is
a significant shift that I think we're also beginning to
(05:05):
understand in Australia. As I kind of mentioned, I do
think we're leading the way in some of these elements,
and some of this is was news to some other
parts of the world. But I think also breaking down
the simple steps that people need to take into retirement
was one of the learnings, and particularly in the UK.
We spoke to one group who talked about giving every
(05:27):
individual as they approach retirement, five things they need to do. Now,
those five things could be different for each person, so
they are advancing in their cohort of one approach, but
really simplifying two a handful of steps. Here's the things
you need to do in order to get your retirement
in the best possible position.
Speaker 2 (05:46):
I like the sound of that. It feels like work stop,
retire just sounds so kind of siloed, and we don't
live like that. You know, we have hobbies that we
pursue while we're working, and then you kind of se
me retire maybe to that one year off gallivanting around
the world and once you're not in full time work.
And certainly a lot of people and this is definitely
(06:09):
the trend right now, is that we're becoming more philanthropic
where we're trying to be more engaged with the community.
So I am not surprised at all that this is
one of the focus right now. You've authored an article
where you titled it Becoming your retirement Partner. I haven't
(06:30):
really heard of a super fund talk about being a
retirement patna. It was always like you're the super fund,
and then when it's time for me to draw down
my money, I just come to you like a bank.
So that is definitely a different kind of language when
it comes to talking about superannuation and your retirement. You've
(06:50):
described retirement in this article as more than just a
financial milestone. Once someone is retired, what do you think
what does a true supportive partner experience look like? More importantly,
what kinds of things do you think funds should be
doing to support people during this phase?
Speaker 3 (07:10):
Yeah, great question. Little bit of background. CS. We've been
around for over one hundred years. We've helped people retire
in that right throughout that period. But what we've done
is we've administered retirement. As you said, somebody comes to
us and we help them get their money back. That's
the administration side of retirement. This retirement partner notion is
(07:35):
how do we help people engage in both the financial
side of retirement but also the non financial side, which
is just as critical. So how do we help people
give gun confidence, how do we give them coaching in
order to get to their kind of nirvana in retirement.
That's that partnership arrangement, and again that's going to be
(07:57):
very different for different people, but the emotional and practical
preparation for retirement is just as critical as the financial side.
In my career, which in this industry has spanned a
number of decades, I've seen lots of people retire with
lots of money, they don't have any financial challenges at all,
but their retirement's not a happy retirement. It's actually quite
(08:19):
a sad retirement. And that leads to one of the
greatest challenges in Australia that people don't spend well in
retirement and that's a problem for the economy. So it's
a social issue for us. So we're looking at how
do we help people understand their purpose in retirement. How
do we understand the change that they need to go through,
(08:40):
Because when you're working, there's a structure to work. When
you retire, the structure disappears. So what are the kind
of things that people might need from a structural perspective
to feel that they've got control and kind of our
definition in their life. What's the status change for people?
A number of funds, not just CSC. We have people
(09:03):
who do really important jobs, and from a CSC perspective,
the military is a great example. One of these days
these people are going to take off the uniform and
become a retirey. That's a big status change for them.
That's quite an emotional change for a lot of them.
So how do we help people overcome those kind of changes.
(09:23):
So these are the kind of things that we are
thinking about in being a retirement partner. Now there's an
element here which I think is really interesting. The sole
purpose test of that superannuation funds are bound by is
about the financials. So I think we need to see
some relaxation around the sole purpose test in order to
(09:45):
do this well. While CS has started down this path,
I actually think funds will be compelled to move in
this direction. I'm not sure it will be a choice.
I think the government will say to the super industry,
you've got over four trillion, this is partially your responsibility
to help people have successful retirements, not just well financed retirements.
(10:07):
So hopefully we are leading the way in this. We
are having conversations with government and regulators to some degree
around this kind of shifting thinking, and I'm hoping we
would see if that's a requirement on super funds that
the government would help support funds being able to do
this safely and without being challenged around things like that
(10:32):
sole purpose test which I mentioned.
Speaker 2 (10:34):
I think it's great that you think the industry is
moving in this direction. You also mentioned the word continuum
because you talked about retirement not being a fixed point
but a transition. So for those who have already retired,
what are some practical things they can do to manage
the transition and adjust to life after full time work.
Speaker 3 (10:57):
Yeah? Absolutely, I mean I can talk about the financials,
you know, for those in retirement, understand your income needs,
Appreciate or understand your income sources. Take stop of your
spending patterns. You know, I think when you're working and
you know you're getting a fortnightly steady income, you probably
(11:19):
spend in a particular pattern. When you move into retirement,
that pattern changes, and as you just said, a lot
of people restrict their spending as opposed to enjoying their
spending and then doing the things that they really like
to do. Understanding your longevity is really critical in that.
(11:40):
So both pre and post retirement, I think people should
have an understanding of their longevity. How long are you
going to last? Now at CSC, every month, our CEO
is writing twenty one hundred year congratulatory birthday cards. We
have a quite an extended lifespan in our membership and
(12:04):
that's continuing across all of Australia. So you have to
have a look at you, the factors around you, and
how long that looks like you're going to live. Being engaged.
You know, some retirees and this is the way retirement
used to be. Some retirees might think that what they
want to do in retirement is read the paper every
day and you know, maybe have a hit a golf
(12:26):
once a week or or something like that. I think
more and more is retirement is extended. That is not
fulfilling people's human needs. So being engaged, whether it's philanthropic,
whether it's a whether it's a hobby, create engagement methods
(12:46):
for yourself. You know, there's the health aspects you know
that any adoptors out there would be telling us, you know,
we have to stay active, you have to stay moving.
You know, you've got to get a certain amount of
steps up every day and all those type of things.
I think there's a range of elements that people can
can undertake. That structure piece I think is really important.
(13:10):
You know, again, it might be more important when you
retire and less important later on in your retirement, but
to begin with, it can keep your mental faculties in
the right shape. And you know, I know there's a
lot of talk about doing puzzles and regular reading and
being engaged in conversations with people because it keeps the
(13:32):
brain active. And unfortunately, I think even as we see
retirement extent, we're also seeing a lot more people have
cognitive de pline during retirement and that's another change that
people have to deal with. So how people keep their
brain alive and active is going to be critically important
to how successful their retirement is.
Speaker 2 (13:51):
Are you kidding me, Adam? I envision my retirement to
be skydiving at eighty five would CSC's base of military officials.
I'm sure they're all kind of going out. There's gooba
diving or doing something really active, and this is the trend.
Being a centenarian is no longer the exception based on predictions,
(14:12):
and we're living healthier. We have early retirement if you like.
For our Money listeners who are in their twenties or
thirties or forties, this is still the right time to
prep for this because then the sooner you prepare, the
easier the transition, the longer time you have to kind
(14:34):
of design your next move. Finally, Adam, you've mentioned this
before that planning for your retirement doesn't just stop when
you retire. It is a continuum. It is an ongoing thing.
Tell us what are some of the key things let's
narrow it to three that people should be reviewing or
(14:56):
doing in retirement to stay in control and conf and
about their financial future.
Speaker 3 (15:03):
Staying on top of your retirement product is as important
as staying on top of your superannuation product while you're retumulating.
So understanding what's happening in the world, understanding what that
means for your investments, whether you should make some shifts.
Those kind of things are really important both pre and
post retirement, particularly from an ability to maintain an income source.
(15:28):
Stay on top of when you might need when you
might plan to create another income source. So some retirees
won't need any of the aged pension at the start,
but they may need it towards the end, and that's
what the aged pension is still there to do. The
age pension is not disappearing anytime soon. It is there
(15:48):
to supplement the basis of your superannuation account, and that's
a really important feature. I know. Again certainly in my career,
I've send people who have said I've got enough money,
I'll never need the age pension, and I'm not expecting
to get it, but the reality is they do get
to the point where they do need some of that.
(16:10):
The third thing I think which is really important is
most of us are going to be the need to
think about downsizing our home or think about a shift
into aged care. So being very planned around that and
some earlier planning around that is really important because those
(16:30):
are complex situations to deal with, both financially and emotionally.
And again, the earlier you plan for these things, the
more successful you'll be in making that transition when it comes.
So they'd be a couple of things that I'd be
taking into my retirement that I need to continue to
think about, and of course, if you're in a partnered relationship,
(16:51):
working on that from a home perspective, not from an
individual perspective, because that makes a big difference to all
of those elements. So the house whole wealth and the
household position as opposed to the individual position.
Speaker 2 (17:04):
Well said, I don't know how you did it, Adam,
but we've covered such a dense topic there, but I've
learned a lot of new things here to recap. We
talked about early retirement coaching. We talked about augmented retirement
planning if you like, and much to my relief, that
there will still be age pension, likely age pension in
(17:28):
the not too distant future. Adam, thank you for your time.
Speaker 3 (17:33):
A pleasure, Thanks for having me, and I hope everybody
gets something out of the conversation we've just had.
Speaker 2 (17:38):
Until next I'm Michelle Baltazar. Bye for now.
Speaker 1 (17:42):
Thanks for listening to the Friends with Money podcast. For credible,
independent and easy to understand financial commentary, visit moneymag dot
com dot au. Please remember that the views and opinions
expressed in this podcast are general in nature and further
independent advice in research based on your personal circumstances should
(18:03):
be sought before making an investment decision.
Welcome to the Friends with Money podcast, brought to you
by Money Magazine, creating financial freedom for Australians since nineteen
ninety nine.
Speaker 2 (00:12):
Hello, you're listening to Friends with Money. I'm Michelle Baltazar,
editor in chief at Money Magazine. Thank you for joining us.
When it comes to money, lifestyle and expectations, what does
retirement really look like? You might be surprised that it's
not entirely what you think it is. To unpack this topic,
we are joined by Adam nettheim Chief Customer Officer at
(00:36):
Commonwealth Superannuation Corporation or CSC for short. CSC is the
winner of our twenty twenty five Best of the Best
award for Innovation in Retirement, So this is most definitely
in Adam's wheelhouse. Adam, welcome to Friends with Money.
Speaker 3 (00:54):
Yeah, thank you for having me. Great to bay here.
Speaker 2 (00:56):
You've just come back from a global tour where you
met with pension and retirement organizations. Can you tell us
what stood out to you the most. Are there any
global trends or a country or organization that is doing
something particularly well or taking a different approach that Australia
could learn from.
Speaker 3 (01:17):
Yeah, it was a great greade two weeks that Damian Helen,
my CEO and myself spent overs He's talking to lots
of lots of fascinating people. The longevity was a core
theme of all of the people that we spoke to.
Every population in the world seems to be living longer,
and of course that's strenching the ability for super funds
(01:37):
to make up enough money to help people retire. Well,
certainly a lot of trends or themes around personalization and digitalization,
and you know, where a lot of companies have talked
about customer cohorts, they're really leaning into the cohorts of
one that was a significant post as well, retirement and
(02:01):
financial coaching. So long before people get into their fifties
and sixties, you know, how do you help people decades
in advance start to set up for their retirement shift.
And along with that still the complexity or challenge across
the world around getting people engaged in superannuation early enough
to make some of the early shifts. I think some
(02:24):
real standouts. I mentioned digitization, but now it's not digitization
or human it's the augmentation between the two that was
really significant. How do you help a customer have some
of their experience digitally and some of their experience through humans.
And I think that's a big shift from where we
(02:45):
were as an industry some decades ago with robo advice,
where it was all digital and know as humans and
maybe not as successful as people thought it might have
all should have been.
Speaker 2 (02:54):
Yes, I do recall those days when we were talking
about robo advice and I just thought of it just
another term that we use in the industry. But then
I spoke to a friend of mine who said, Michelle,
that sounds scary. There's robo. So even just the word robo.
So to hear you talk about augmented retirement planning, for example,
it's human augmented by technology. Sounds really good to me.
(03:18):
Now let's bring it back home and relate it to
everyday Australians thinking about or already in retirement. Have your
tour learning has given you some different perspectives about how
they could be approaching this period in their lives, assuming
that they haven't had the early retirement coaching that you
talked about.
Speaker 3 (03:37):
Yeah. Absolutely, And I should be really clear too. In
some dominds in the world, Australi is seen as the leader,
so part of the tour was actually us helping outhers
and particularly the Uki and Canada, where do you see
superannuation accumulation accounts is a much newer thing for them
(03:59):
than it is Australia. We've been doing define contribution for decades, said,
they are doing it for about a decade, so they're
actually learning as much from us, but things that we
brought back and some things that we were already thinking
of and the tour helped confirm for us. Retirement is
not just one element in your life. It's a continuum.
(04:22):
You know, even when people have retired you start your retirement,
where you end your retirement is vastly different from where
you start. Where you start, You're younger in your retirement,
you're active, You're probably wanting to do more things in
your day to day. When you kept twenty years down
the track, you're probably a little more relaxed about the
(04:43):
things that you're looking to do. The work stop retire
is also not the three phases of life anymore because
so many more people are working in their retirement, and
whether it's paid work or volunteer work, or working for
some kind of charity or purpose. You know, that is
a significant shift that I think we're also beginning to
(05:05):
understand in Australia. As I kind of mentioned, I do
think we're leading the way in some of these elements,
and some of this is was news to some other
parts of the world. But I think also breaking down
the simple steps that people need to take into retirement
was one of the learnings, and particularly in the UK.
We spoke to one group who talked about giving every
(05:27):
individual as they approach retirement, five things they need to do. Now,
those five things could be different for each person, so
they are advancing in their cohort of one approach, but
really simplifying two a handful of steps. Here's the things
you need to do in order to get your retirement
in the best possible position.
Speaker 2 (05:46):
I like the sound of that. It feels like work stop,
retire just sounds so kind of siloed, and we don't
live like that. You know, we have hobbies that we
pursue while we're working, and then you kind of se
me retire maybe to that one year off gallivanting around
the world and once you're not in full time work.
And certainly a lot of people and this is definitely
(06:09):
the trend right now, is that we're becoming more philanthropic
where we're trying to be more engaged with the community.
So I am not surprised at all that this is
one of the focus right now. You've authored an article
where you titled it Becoming your retirement Partner. I haven't
(06:30):
really heard of a super fund talk about being a
retirement patna. It was always like you're the super fund,
and then when it's time for me to draw down
my money, I just come to you like a bank.
So that is definitely a different kind of language when
it comes to talking about superannuation and your retirement. You've
(06:50):
described retirement in this article as more than just a
financial milestone. Once someone is retired, what do you think
what does a true supportive partner experience look like? More importantly,
what kinds of things do you think funds should be
doing to support people during this phase?
Speaker 3 (07:10):
Yeah, great question. Little bit of background. CS. We've been
around for over one hundred years. We've helped people retire
in that right throughout that period. But what we've done
is we've administered retirement. As you said, somebody comes to
us and we help them get their money back. That's
the administration side of retirement. This retirement partner notion is
(07:35):
how do we help people engage in both the financial
side of retirement but also the non financial side, which
is just as critical. So how do we help people
give gun confidence, how do we give them coaching in
order to get to their kind of nirvana in retirement.
That's that partnership arrangement, and again that's going to be
(07:57):
very different for different people, but the emotional and practical
preparation for retirement is just as critical as the financial side.
In my career, which in this industry has spanned a
number of decades, I've seen lots of people retire with
lots of money, they don't have any financial challenges at all,
but their retirement's not a happy retirement. It's actually quite
(08:19):
a sad retirement. And that leads to one of the
greatest challenges in Australia that people don't spend well in
retirement and that's a problem for the economy. So it's
a social issue for us. So we're looking at how
do we help people understand their purpose in retirement. How
do we understand the change that they need to go through,
(08:40):
Because when you're working, there's a structure to work. When
you retire, the structure disappears. So what are the kind
of things that people might need from a structural perspective
to feel that they've got control and kind of our
definition in their life. What's the status change for people?
A number of funds, not just CSC. We have people
(09:03):
who do really important jobs, and from a CSC perspective,
the military is a great example. One of these days
these people are going to take off the uniform and
become a retirey. That's a big status change for them.
That's quite an emotional change for a lot of them.
So how do we help people overcome those kind of changes.
(09:23):
So these are the kind of things that we are
thinking about in being a retirement partner. Now there's an
element here which I think is really interesting. The sole
purpose test of that superannuation funds are bound by is
about the financials. So I think we need to see
some relaxation around the sole purpose test in order to
(09:45):
do this well. While CS has started down this path,
I actually think funds will be compelled to move in
this direction. I'm not sure it will be a choice.
I think the government will say to the super industry,
you've got over four trillion, this is partially your responsibility
to help people have successful retirements, not just well financed retirements.
(10:07):
So hopefully we are leading the way in this. We
are having conversations with government and regulators to some degree
around this kind of shifting thinking, and I'm hoping we
would see if that's a requirement on super funds that
the government would help support funds being able to do
this safely and without being challenged around things like that
(10:32):
sole purpose test which I mentioned.
Speaker 2 (10:34):
I think it's great that you think the industry is
moving in this direction. You also mentioned the word continuum
because you talked about retirement not being a fixed point
but a transition. So for those who have already retired,
what are some practical things they can do to manage
the transition and adjust to life after full time work.
Speaker 3 (10:57):
Yeah? Absolutely, I mean I can talk about the financials,
you know, for those in retirement, understand your income needs,
Appreciate or understand your income sources. Take stop of your
spending patterns. You know, I think when you're working and
you know you're getting a fortnightly steady income, you probably
(11:19):
spend in a particular pattern. When you move into retirement,
that pattern changes, and as you just said, a lot
of people restrict their spending as opposed to enjoying their
spending and then doing the things that they really like
to do. Understanding your longevity is really critical in that.
(11:40):
So both pre and post retirement, I think people should
have an understanding of their longevity. How long are you
going to last? Now at CSC, every month, our CEO
is writing twenty one hundred year congratulatory birthday cards. We
have a quite an extended lifespan in our membership and
(12:04):
that's continuing across all of Australia. So you have to
have a look at you, the factors around you, and
how long that looks like you're going to live. Being engaged.
You know, some retirees and this is the way retirement
used to be. Some retirees might think that what they
want to do in retirement is read the paper every
day and you know, maybe have a hit a golf
(12:26):
once a week or or something like that. I think
more and more is retirement is extended. That is not
fulfilling people's human needs. So being engaged, whether it's philanthropic,
whether it's a whether it's a hobby, create engagement methods
(12:46):
for yourself. You know, there's the health aspects you know
that any adoptors out there would be telling us, you know,
we have to stay active, you have to stay moving.
You know, you've got to get a certain amount of
steps up every day and all those type of things.
I think there's a range of elements that people can
can undertake. That structure piece I think is really important.
(13:10):
You know, again, it might be more important when you
retire and less important later on in your retirement, but
to begin with, it can keep your mental faculties in
the right shape. And you know, I know there's a
lot of talk about doing puzzles and regular reading and
being engaged in conversations with people because it keeps the
(13:32):
brain active. And unfortunately, I think even as we see
retirement extent, we're also seeing a lot more people have
cognitive de pline during retirement and that's another change that
people have to deal with. So how people keep their
brain alive and active is going to be critically important
to how successful their retirement is.
Speaker 2 (13:51):
Are you kidding me, Adam? I envision my retirement to
be skydiving at eighty five would CSC's base of military officials.
I'm sure they're all kind of going out. There's gooba
diving or doing something really active, and this is the trend.
Being a centenarian is no longer the exception based on predictions,
(14:12):
and we're living healthier. We have early retirement if you like.
For our Money listeners who are in their twenties or
thirties or forties, this is still the right time to
prep for this because then the sooner you prepare, the
easier the transition, the longer time you have to kind
(14:34):
of design your next move. Finally, Adam, you've mentioned this
before that planning for your retirement doesn't just stop when
you retire. It is a continuum. It is an ongoing thing.
Tell us what are some of the key things let's
narrow it to three that people should be reviewing or
(14:56):
doing in retirement to stay in control and conf and
about their financial future.
Speaker 3 (15:03):
Staying on top of your retirement product is as important
as staying on top of your superannuation product while you're retumulating.
So understanding what's happening in the world, understanding what that
means for your investments, whether you should make some shifts.
Those kind of things are really important both pre and
post retirement, particularly from an ability to maintain an income source.
(15:28):
Stay on top of when you might need when you
might plan to create another income source. So some retirees
won't need any of the aged pension at the start,
but they may need it towards the end, and that's
what the aged pension is still there to do. The
age pension is not disappearing anytime soon. It is there
(15:48):
to supplement the basis of your superannuation account, and that's
a really important feature. I know. Again certainly in my career,
I've send people who have said I've got enough money,
I'll never need the age pension, and I'm not expecting
to get it, but the reality is they do get
to the point where they do need some of that.
(16:10):
The third thing I think which is really important is
most of us are going to be the need to
think about downsizing our home or think about a shift
into aged care. So being very planned around that and
some earlier planning around that is really important because those
(16:30):
are complex situations to deal with, both financially and emotionally.
And again, the earlier you plan for these things, the
more successful you'll be in making that transition when it comes.
So they'd be a couple of things that I'd be
taking into my retirement that I need to continue to
think about, and of course, if you're in a partnered relationship,
(16:51):
working on that from a home perspective, not from an
individual perspective, because that makes a big difference to all
of those elements. So the house whole wealth and the
household position as opposed to the individual position.
Speaker 2 (17:04):
Well said, I don't know how you did it, Adam,
but we've covered such a dense topic there, but I've
learned a lot of new things here to recap. We
talked about early retirement coaching. We talked about augmented retirement
planning if you like, and much to my relief, that
there will still be age pension, likely age pension in
(17:28):
the not too distant future. Adam, thank you for your time.
Speaker 3 (17:33):
A pleasure, Thanks for having me, and I hope everybody
gets something out of the conversation we've just had.
Speaker 2 (17:38):
Until next I'm Michelle Baltazar. Bye for now.
Speaker 1 (17:42):
Thanks for listening to the Friends with Money podcast. For credible,
independent and easy to understand financial commentary, visit moneymag dot
com dot au. Please remember that the views and opinions
expressed in this podcast are general in nature and further
independent advice in research based on your personal circumstances should
(18:03):
be sought before making an investment decision.
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