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Active Retirees : Active Retirees Aug-Sept 2012
expectancy in 1975-1977, which for a female was 76.6 years and 69.6 years for a man. Now consider that the average retirement age in 2010-11 for people over 45 was 57.9 years for men and 49.6 years for women. What this means is that many of us will spend a considerable period of our lives not working. Longer life spans, coupled with increasingly complex family structures involving numerous partners and children, are making estate planning a top priority for those nearing and in retirement. Where to start The frst step when it comes to estate planning is to review and record all of your assets, including your investments, retirement accounts, insurance policies, real estate, business interests and valuable items such as jewellery, cars, valuable collections or assets of general value. Next, decide what you want to achieve with those assets and who you want to inherit them. "After you decide what kinds of bequests you wish to make, discuss your plans with your heirs. The sooner you outline your intentions to your family and friends, the less chance there will be disagreements after you're gone," says Diane Terzian, a partner with accounting frm JI Moore & Partners. » Active RetireesTM | 29 There is a fundamental shift happening as baby boomers leave the paid workforce and consider how they will manage their assets in retirement and set up their estates. Although many had long assumed they would be leaving a tidy nest egg for their kids and grandkids, fnancial crisis-ravaged share markets mean this is not necessarily going to be the case. People are living longer and need their savings to fund their retirement, sometimes for decades after they stop working. According to Australian Bureau of Statistics fgures, the average life expectancy from birth for a female in 2007-2009 was 83.9 years, while for men this fgure was 79.3. This compares with the average life BEQUESTS Don't want to leave it all to the kids? Most not-for- profit or charitable organisations are happy to provide assistance in setting up a bequest. Here are a couple of ideas, but there are plenty more organisations out there needing help -- Google a cause close to your heart and track down a reputable association you can help. Project Hope Horse Rescue Victoria is a dedicated band of horse lovers who rehabilitate horses that have been abused or neglected. W: www.phhwv.org.au. Anaphylaxis Australia supports people living with severe food allergies and provides education to the community about this condition. In addition, it develops education and training modules for schools and health professionals. W: www.allergyfacts. org.au Australian Rotary Health provides grants for worthy medical and health research projects. W: www.australian rotaryhealth.org.au
Active Retirees June-July 2012
Active Retirees Oct-Nov 2012