Saturday, July 5, 2008

Australian Retirees Having Money Problems

The Association of Independent Retirees says a poor financial year worldwide has put its members on the bread line.

Queensland president Helen Sava says over the last financial year retirees who have savings invested in stock have lost 50 per cent of their value while superannuants' investments have also declined. She says retirees are preparing for a mini-recession.

"They're taking the wise approach at the moment and not selling, they're holding on to them just waiting to see what sort of dividends they're going to get," she said.

"The superannuants, their funds are down between 15 and 30 per cent depending on which fund they're in and this is giving them a very lean living at the moment and it's forecast to last for at least another 12 months."

The money you enjoy spending frivolously to enhance your retirement is money well spent.
— from How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won't Get from Your Financial Advisor by Ernie J. Zelinski