Financial Adviser Dianne Charman says the most common question from clients approaching retirement is will they have enough funds to sustain their lifestyle through their later years.
In the latest podcast of AMP’s Simplifying Investing Series, Ms Charman shares this and other insights from her more than 20-years as a financial adviser helping clients manage the transition to retirement.
Another common question from pre-retirees is how soon they’ll be able to retire, while Ms Charman also says clients often underestimate the amount of time they need to plan their transition. She also sees opportunity for more Australians to engage with their finances.
“I see opportunity for Australians to be more engaged with their financial worlds – not just their super, but their spending behaviours. Research shows that 86 per cent of us don’t know how much we’re spending each month.”
Ms Charman also says that Australians are often too preoccupied with the financial side of retirement and don’t spend enough time planning for how they will spend their time when they finish working.
“As advisers it is our role to encourage our clients to think carefully about their goals in later life, what they want to achieve, and how they can live a fulfilled life.
“We need to help put the financial structures in place for our clients, but where we can also add value is helping them understand what they want to do with their lives. The dreams and aspirations of clients are very personal, but these are the conversations we need to be having, because they are so important to wellbeing in later years. Financial arrangements should work back from here.”
The podcast aims to de-mystify the often-complex world of investing. Whether it’s big or small, we are all invested in something. The podcast draws on the insights and knowledge of AMP’s experts to answer the big questions in superannuation, retirement, home loans and beyond.
Dianne Charman is the Principal Adviser and Managing Director of Jade Financial Group, an AMP-aligned advice practice operating in the Ipswich community in Queensland.
* The podcast is general in nature and hasn’t taken your circumstances into account. Remember the value of investments may go up or down and you may not get back the amount you invested. It’s important you consider your personal circumstances and consider speaking to a financial adviser before deciding what’s right for you. The opinions and views featured in this podcast reflect the individual’s own. Date of publication 9 July 2021. AWM Services Pty Ltd (ABN 15 139 353 496).
 Know Your Numbers Index, UBank, 2018