Consider pre- and post-retirement advice
Ralph Stewart, managing director of annuity provider Lifetime, said New Zealanders needed to be encouraged to think about how they would transition to a time when they needed more support, to enable them to retain their independence.
“What age will you be retiring, what will your monthly expenses be, and hardest of all, how long do you think you’ll live? How is your health now and what do you imagine it might be like in 20 years’ time? Some of this will always be guesswork but at least it will give you a plan and a financial goal to work towards.”
Stewart said, as well as considering whether they would have enough money for things such as increased healthcare costs, people could give thought to whether they could make alterations to their homes to allow them to remain there longer, or whether they needed to move to a community where they had easier access to things such as a local GP or a support network of family or friends.
He said this type of planning was not something that many financial advisers discussed with their clients, but was useful as part of a bigger picture.
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