FINANCE
How much income do I need in retirement
with Chris Smith Your Retirement and Age Pension Specialist SMI Financial Solutions
One of the most common questions I get from people looking at retirement is , “ How much income do I need in retirement ?”. And whilst it seems like a simple question , the answer generally surprises people .
Most people think that in retirement , their expenses will dramatically reduce , and most of the time this is not the case . And depending on the kind of activities you are planning to do in retirement ( travel is a good example ) your expenses may in fact increase .
This is why one of the first things I do for clients who are planning for retirement is to have them complete a detailed budget and estimate what they would like to spend in retirement , and we carefully consider things like existing home loan repayments , health insurance , into our calculations .
Once we have the budget in order , we can then consider whether we are going to keep these expenses in retirement , will they increase , or can they be reduced . Home loans for example may get paid out prior to retirement , but they may not , some people want to keep their private health insurance , and some don ’ t .
The earlier you establish the income needs in retirement , the easier it is to determine what assets you need to fund that income . Then you can consider , what Centrelink benefits will you be entitled to , how much can you draw down from your super , and most importantly , how long will your money last if you draw the desired income . If you are looking at your finances prior to retirement , and want to speak to someone with experience and knowledge , please give us a call , 1300 222 484 .
This information is of a general nature only and neither represents nor is intended to be specific advice on any particular matter . Infocus Securities Australia Pty Ltd strongly suggests that no person should act specifically on the basis of the information contained herein but should seek appropriate professional advice based upon their own personal circumstances .
SMI Financial Solutions Pty Ltd ABN 92 154 155 307 is a Corporate Authorised Representative ( No . 000418720 ) of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No . 236523 Head Office : PO Box 1856 Sunshine Plaza QLD 4558 Phone : 07 5406 5000
MAKE A DIFFERENCE : One Giant Leap Foundation
by Lorna Gordon
If the name of our Make A Difference article provokes thoughts of space travel and moon landings , then Jackie Carpenter who runs One Giant Leap Foundation has chosen the right name for her not for profit organisation .
Jackie , who was a teacher for 25 years , now focuses on encouraging school children to be out of this world and try workshops and camps looking at all things space related , and she does it all for free . She explained to me how the idea behind the organisation came about .
“ In 2007 I got the opportunity to do a program in space camp USA , when I was selected to do the course , I had no idea what I was heading into , but that one week changed my life . I was given the Right Stuff Award , which is scholarship for one student to go to space camp USA in Alabama , but I said I want to take all our students , so we fundraised for a year and forty three year 5 and 6 students , twelve parents , and seven teachers took the first trip to Space Camp USA . I was asked by people I knew and other parents if their kids could go but we could only take kids from my school .”
Realising that she couldn ’ t achieve her aims within the education department , her late husband , Bob , helped Jackie start One Giant Leap
and within three years they had a profitable business taking kids to Space Camp USA . While they were happy to do this , Jackie felt there was more they could be doing for kids in Australia , especially those in rural areas , and she wanted to offer more than just teaching the kids about space .
“ We started the free One Giant Leap Aerospace Academy and Aerospace Camp because there is a massive need for our kids to feel good about themselves . It ’ s not just about space , it ’ s about learning a transferrable skill set including things like problem solving , critical thinking collaboration , empathy and compassion in an environment where everyone wants to learn .”
They focus on rural areas as the children living in regional towns don ’ t have as much available to them as their counterparts in the larger towns and cities . Add that to the difficulties our regional areas have faced in the last few years , Jackie wants to encourage other people to travel and take their kids out of the city to explore other places .
One Giant Leap helps rural communities by holding Space Camps and Aerospace Academy ’ s for their kids .
“ We take our camps and holiday programs regional so that it ’ s open to everyone . We make sure that kids in regional NSW experience technology that they would never usually experience , they get to talk to an astronaut and work with kids that they might not know and form new friendships . The effects of the camps last for a long time with previous attendees wanting to help out at the next camp . People in the cities can travel with their kids , book a hotel and help the smaller towns by being tourists there .”
When I asked Jackie about holding a Space Camp or Holiday program in our area she was enthusiastic , as they already do STEM and Women in Space nights locally , but she said that it would be good if local families could get behind them by emailing her ( jackie @ onegiantleapaustralia . com ) to show their interest .
If you want to check out where the next holiday program will be happening , you can go to www . onegiantleapaustralia . com .
BLACKTOWN CITY INDEPENDENT theindependentmagazine . com . au ISSUE 28 // JULY 2023 17