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Monday, 26 August 2019 / Published in GemLife

The 20 Commandments of Wealth for Retirees

GemLife Downsizing Forum 2019

GemLife Downsizing Forum 2019

As part of Queensland Seniors Week 2019, GemLife this week brought together top downsizing experts to share their top tips about how to do downsizing right.

Respected finance expert, columnist, commentator and author, Noel Whittaker, shared his “20 Commandments of Wealth for Retirees” in an informative presentation to more than 150 attendees.

Noel writes for newspapers across Australia and has a weekly radio talk-back spot on 4BC and is an author of 19 best-selling books. His Making Money Made Simple was recently listed in the 100 most influential books of the past century.

Here we share his commandments:

The 20 Commandments of Wealth for Retirees by Noel Whittaker

The 20 Commandments of Wealth for Retirees

  1. Ignore the prophets of doom—they are always with us and usually wrong.
  2. Make sure your children have adequate insurance. It’s much more affordable than your funding their misfortune.
  3. Understand compounding and appreciate that the rate of return your portfolio can achieve will be a major factor in how long your money will last.
  4. Understand the basics that never change and take advice on the things that do.
  5. Take advice before the deed is done— not afterwards. It’s hard to rewrite history.
  6. Always judge an investment on its merits—any tax benefits should be regarded as the cream on the cake
  7. If a person contacts you by phone with an offer of an investment, or even to help you pay your mortgage back faster, hang up.
  8. Don’t have all your eggs in the one basket—diversify across the major asset classes and certainly have some international exposure.
  9. Involve your partner, if you have one, in all your financial decisions. This will make it easier if one of you passes away or becomes incapacitated.
  10. Don’t panic when the share market has a bad day—volatility is the price you pay for the unique benefits of shares.
  11. Make sure your wills are up-to-date and include a testamentary trust if that is appropriate.
  12. Give Enduring Powers of Attorney and an Advance Health Directive to trusted people. And make sure they have copies and can locate the originals when needed.
  13. One of the most expensive evenings you can go to is a “free” investment seminar.
  14. Be extremely wary of going guarantor for any of your children—especially if they are in business.
  15. Don’t spend unnecessarily just to maximise your Centrelink benefits. Further cuts to benefits are possible.
  16. Investigate if you should have a Binding Death Nomination in your super fund. Keep in mind that what is appropriate in one situation may not be appropriate in another.
  17. Each year assess whether it is to your benefit to stay in super. In some cases you may be better off to withdraw the balance and invest outside the superannuation environment.
  18. Don’t follow the herd and back last year’s winner—that’s a recipe for disaster.
  19. If you decide to take on a reverse mortgage involve family members in the process and have them pay the interest if possible. This will stop the debt increasing.
  20. Finally—keep in mind that your potential worst enemies can be the media who focus on the negative, and well-meaning acquaintances who may give you information that may be half right.

The GemLife Downsizing Forum line-up also included doyen of retirement living and aged care, Rachel Lane and real estate and downsizing trends authority, Adam Downes.

GemLife, an innovative Australian developer of over 50s lifestyle resorts.

To sign up for Noel Whittaker’s free regular newsletter visit www.noelwhittaker.com.au

GemLife Downsizing Forum 2019
The 20 Commandments of Wealth for Retirees
GemLife Downsizing Forum 2019 - image 3
Adam Downes
Noel Whittaker
Rachel Lane

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Bribie Island

9 Dux Drive
Bribie Island QLD 4507

MAP1800 193 177

Gold Coast

McCabe Avenue
Pimpama Heights QLD 4209

MAP1800 325 229

Highfields

75 Highgrove Drive
Highfields QLD 4352

MAP1800 910 278

Maroochy Quays

6 Charlston Place
Maroochydore QLD 4558

MAP1800 982 056

Pacific Paradise

40 Menzies Drive
Pacific Paradise QLD 4564

MAP1800 430 885

Palmwoods

38 Landershute Road
Palmwoods QLD 4555

MAP1800 718 414

Lennox Head

67 Skennars Head Road
Lennox Head NSW 2478

MAP1800 571 954

Rainbow Beach

20 Forest Parkway
Lake Cathie NSW 2445

MAP1800 718 413

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30 Fraser Drive
Tweed Heads South NSW 2486

MAP1800 325 226

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1849 Mount Macedon Road
Woodend VIC 3442

MAP1800 931 188

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Disclaimer & Important Notice

The information on this website has been carefully compiled but is only intended as a general guide. It may be changed without notice and must not be relied upon. Plans, elevations and images are not to scale. Plans only show approximate dimensions, areas and layouts. All images including those of the exterior and interior style, colours, fittings, finishes, roof lines, landscaping and appearance are for illustrative purposes only. Prospective buyers must satisfy themselves about all these matters and can only rely on specific information, representations and warranties contained in a formal contract. Nothing on this website constitutes an offer to sell nor does it form part of any contract. Prospective buyers should obtain independent advice from their own consultants and legal/financial advisers. GTH Resorts No 8 Unit Trust and its associated entities disclaim all liability for any loss or damage of any nature incurred by any person arising from the use of or reliance on the contents of this folder. All information correct as at September 2018.

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