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James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
Thank you for the excellent information you provide.
I am thinking of booking a consultation and I would like to be prepared. I imagine you will need quite a bit of information from me so would you be able to give me a list of what is required and I can dig it out beforehand?
With kind regards,
B Kay Phelan
Hi Kaye. Well done on getting prepared. As a minimum you should have have a good understanding of the value of the balances of your bank accounts, super and investments and any other major assets along with any income you receive. The more details and statements you have the better but for an initial consultation that would be sufficient.
Regards
Retirement Essentials have never researched and addressed one of the largest costs for current, and especially future retirees, now that many people are moving into apartments, in place of houses, due to costs. Although free standing houses cost a lot more than an apartment, they (a brick and colour bond roof) have little costs associated with it, compared to that of apartment complexes which have high quarterly strata fees. Given most people have limited superannuation in retirement, and will have to rely on either a full, or part pension, how are they expected to pay, say in my instance, $300- $350 a fortnight, body corporate fees. Unlike child care, I cannot see the Government allocating funds to compensate the elderly, as Governments and many millennials are under a false belief all baby boomers are well off. Well that is not the case, and I believe the burden of paying Strata Fees is, and will cause financial hardship for pensioners and/or retirees going forward.
Comparing costs of strata fees with the costs associated with maintaining a free standing house is a trap for young players. If you review what strata fees are for: maintenance of the building, common areas and grounds, building insurance, and sometimes a portion of rates etc. and look at what any free standing home owner does to maintain and insure their property, you will see the purpose of the costs are virtually the same.
Apartments and the like often allow older people to maintain their independence without the property chores which can become more difficult and sometimes impossible as we age. Strata fees are part of the price of that approach.
If making a move to an apartment it is important to carefully make your comparisons of such costs as part of your decision making. And avoid apartment body corporates and apartment providers who cannot set out these costs, and any process for cost changes in simple language.
Perhaps Retirement Essentials could look at this question in an article, as many people may be affected in their housing decisions by the kind of arguments discussed in this thread. A neutral review of what is actually involved could be very helpful.
PS I live in a free standing home.