When Jacqui and Ingrid were planning this series Midlife Money Matters, we knew we wanted to keep it simple and cover the basics as much as we could

Jacqui realised that there is NO podcast for older women in Australia and we set out to fix that!!

We are really pleased with your response to this series of money episodes and we thank you for all your emails and your reviews

In this the final episode for this series we revisit some of the key topics we have covered

Paying attention to your Superannuation is critical - start with episode 4

Estate planning - 70% of women in Australia do not have effective estate planning instructions in place - check episodes 14 and 16

Knowing how much income you need every year to live on is extremely important - and best not to guess this amount. Episode 3 helps you calculate the amount you are spending each year

We have thoroughly enjoyed putting these episodes together and we truly believe that this information will make a difference and will continue helping women make informed decisions about money in their lives as they plan for and think about retirement.

Oh, and we have heard that some men are finding the information very helpful as well 

We'll be checking those emails so if you have any questions please email us at midlifemoneyquestions@gmail.com

And we would love if you would please leave us a review wherever you listen to your podcasts 

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience. 

You have probably heard these terms and maybe wondered ... what do they actually mean? and why would I get one?

Powers of Attorney

Enduring Guardianship  

Binding Death Nominations 

In this episode - less than 15 minutes - we cover the basics of these 3 important aspects of effective Estate Planning

Who would you appoint?

What would they making decisions about?

and the all important - what happens if something happens and you don't have these instructions in place ??

We don't specifically talk about Wills in this episode - we covered Wills in Episode 14

If you have any questions please email us at midlifemoneyquestions@gmail.com

And we would love if you would please leave us a review wherever you listen to your podcasts 

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience. 

Our listener Maddie sent in a question:

"Thanks so much for your podcast, am learning a lot already

I don’t really understand how interest works – can you please explain what it is and how it works?”

In explaining the cost of credit card interest in this episode we mention 2 online interest calculators:

We encourage you to click the link and plug in some of your own numbers - maybe from your credit card statement.

Credit card calculator:

https://moneysmart.gov.au/credit-cards/credit-card-calculator

Compound interest calculator:

https://moneysmart.gov.au/budgeting/compound-interest-calculator

We love the "magic of compound interest" - it's not really magic, it's pure maths! and it absolutely works! Check out the Compound interest calculator ... 

It its never too late to start building wealth with compound interest

Are you enjoying this podcast ? Please leave us a review wherever you are listening. Thank you. It truly helps others find the show

If you have any questions or suggestions please email us at:

midlifemoneyquestions@gmail.com

We need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.

What is your most valuable asset?

How do you ensure that you have the right insurance for your most valuable asset?

In this episode we look at the 4 different types of personal risk insurances:

1. Life insurance - which most people have heard of - with life insurance your estate receives a lump sum in the event of your death. Most policies will also pay out early if you can prove you have less than 12 months to live

2. Total and Permanent Disability insurance (TPD) - which pays you a lump sum if you are permanently disabled

3. Income Protection insurance  - which replaces your income if you are unable to work due to sickness or injury

4. and finally, one not so many people will have heard of, which is Trauma or Critical Illness insurance that pays a lump sum if you are diagnosed with a specific injury or illness such as cancer or a heart attack.

What are the key considerations regarding these insurances?

The cost of insurance premiums is on the rise - we offer 3 suggestions for 3 ways to reduce those premiums

We answer 2 listener questions:

From Bridgette: 

"Hi, I’m enjoying your podcasts.

What information could you provide on protecting income? I.e insurance. It’s very expensive insurance and could go onto the mortgage but is it needed??"

From Tania:

“Great podcast. My question is about mortgage protection insurance. Is this the same as income protection insurance?”

Thanks so much Bridgette and Tania for your questions

If you have any questions or suggestions please email us at:

midlifemoneyquestions@gmail.com

We need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.

And if you are enjoying our podcast please do leave us a review wherever you are listening 

As at 1 July 2023, the super guarantee rate in Australia is 11%.

The Superannuation Guarantee requires employers to pay 11 per cent of an employee's earnings into their superannuation fund.

Further increases of 0.5% are scheduled each financial year until 2025 when the rate reaches 12%.

As we mentioned in episode 4 one of the most important aspects of superannuation is to make sure all your superannuation money is in one fund - unless you have a specific reason to have more than one fund.

So you have your money in one fund - what next?

We want the money to grow - how does it grow? 

The superannuation fund will invest your money based on your instructions.

Most funds offer a variety of options for you to choose between - Balanced option, Growth option and Conservative option - as well as a DIY option - with some being more risky and some are less risky

What is "risk"?

In finance, risk refers to the degree of uncertainty and/or potential financial loss inherent in an investment decision.

In general, as investment risks rise, investors seek higher returns to compensate themselves for taking such risks.

Jacqui and I talk about the ups and downs of the "risky" options

Depending on your stage of career and life and depending on your natural "risk profile" will influence how you choose to invest your superannuation

Disclaimer: This is not financial advice. It is information based on our many years of working in money and finance 

You can contact us on moneymattersquestions@gmail.com

In this episode we go even more into superannuation and explain different ways it can help you - help you to build wealth and prepare you financially for your retirement. 

Many people truly do not understand what super is and how it works and why it is important

In Australia it is compulsory for all employers to contribute super for all employees - from 1 July 2023 the amount is 11 % of your salary or wage

Jacqui and Ingrid talk about a few key steps to ensuring you make the most of your superannuation 

One of the most important actions to take from this podcast episode - make sure you have only 1 super fund. 

It is very easy for people in Australia  to have multiple super funds and this happens for a few different reasons - multiple jobs, moving or changing jobs and/ or old funds from jobs a long time ago

Jacqui and Ingrid talk about the importance of putting a Binding Death Nomination into place - to make sure that your superannuation monies are paid into your estate 

Ingrid and Jacqui answer 2 listener questions:

I am a 56 year old woman nearing retirement and want to save more. I have put together a budget that I am going to try and stick to. This shows I will have a small surplus of around $200 every month. How can I make sure I don’t fritter this away? 

and 

Carol (aged 63 and retired) has a son who wants a loan to help pay the legal fees for his divorce. She asks “How can I make sure he pays me back as I don’t have a lot of savings?”

We share a couple of listener tips for not spending money

If you have any questions or suggestions please email us at:

midlifemoneyquestions@gmail.com

We need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.

Building Wealth for Retirement

Statistics show that most people in Australia want to retire at about age 65 - the reality is that  the majority of people actually retire - stop working - at age 55, and for a variety of reasons.

In Australia you are only able to apply for the Aged pension from age 67

If this was you, what would you do for money to live on between age 55 and 67??

Remember in the intro episode we mentioned that by 2030 (in just 7 years time) one in three people - 1 out of every 3 people - will be over 55 years of age - Astonishing!

In this episode we look at some of the ways that you can build your wealth - and some of them might not be what you expect

We provide answers to these listener questions we received:

“I am aged 54, divorced and hoping to retire by 60. I have a small house and was thinking of renting out my spare room for extra cash. Do you think this is a good idea? What do you think Jacqui?”

“Last week you were talking about having a cash reserve. I don’t have one and it really worries me. I work and at the moment my expenses eat up all of my salary. How can I build up a cash reserve?”

If you have any questions or suggestions please email us at:

midlifemoneyquestions@gmail.com

We need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.

Do you know how much money you earn every week, month, year? 

How much lands in your bank account every week, month, year?

These numbers might be quite different to each other

Where does your money come from? 

In the previous episode we looked at how to calculate how much you need to maintain your lifestyle and in this episode we’re all about how you pay for what you need

Once you know how much money you have coming in - what next? 

Saving and investing - it’s never too late to get started with your savings

How can you increase your income? 

Your ability to earn income is your most valuable asset - how do you protect that asset?

How do you keep your skills relevant ?

How do you ask for a pay rise? 

This is a rich 20 minute conversation where Jacqui and Ingrid build on the previous episode by looking at where does your money come from and where is it going ?

The 2 building blocks of your money equation

Setting you up for the next episode - a deep dive into building wealth for retirement

email us on:

midlifemoneyquestions@gmail.com

We need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.

Do your eyes glaze over when you hear someone talking about calculating how much it costs you to live - we promise our approach will help make this easier for you

We know that many people avoid doing this and in this episode we are here to encourage you to take the time to do this - truly you only need to do this once and then afterwards only need to tweak when things change

We give practical examples to help you see how simple it can be to calculate your expenditure and costs 

The first step to saving and building your wealth happens when you know what you realistically are able to save rather than just pulling a figure out of the air and not achieving it and giving up. When you know how much you need to live then you can calculate how much to save

Once you know what it costs you to live, this is such a powerful piece of information, and it truly is the key to all your financial planning decisions going forward into the future and for your retirement. 

Your task: make a start on calculating how much it costs you to live and if you need any help, let us know

email us on:

midlifemoneyquestions@gmail.com

We mentioned:

Money smart - the ASIC website mentioned, including spreadsheet

We need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.

Did you know that by 2030 - in just 7 years time - one on three Australians will be over the age of 55 years

This is astonishing

In this Intro episode of Midlife Money Matters podcast, Jacqui Irwin and Ingrid Thomspon introduce themselves and outline “Why this podcast?” and “Why now?”

We need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.

Part 3 of our series about Retirement Living options

What are the Issues and Costs of a Move into an Age Care Facility

We understand and acknowledge this is or can be an emotional topic. Both Jacqui and Ingrid have been through this with their parents - so we understand completely

You may have read and heard about residential age care in the media.

Most people are quite resistant to going into care.

However there are a lot of really good age care homes in Australia with very caring dedicated staff.

If people are on their own at home and not managing they are often not getting the correct medical care, likely not eating properly or maybe not looking after themselves as well as they had been when they were younger.

Older people are also very susceptible to having a fall or a medical event and no one being notified to get them help.

We talk about: How do you find a suitable age care facility?

and

What are the fees involved? Jacqui explains:

There are 3 different fees payable, sometimes 4 as some facilities have an extra services fee for things like wine with dinner, better meals, streaming services etc.

In this episode we give an overview of the 3 main fees and how they are calculated

This is an important episode if you are in a situation where you have a loved one who is reaching the stage of considering Aged Care. 

We understand and acknowledge this is an emotional topic. Both Jacqui and Ingrid have been through this with their parents 

Access My Aged Care - click here

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience. 

Estate Planning is more than just having a will 

We answer some of the following questions about Estate Planning

Why is Estate Planning important ?? and there are many reasons why Estate Planning is important 

Almost 70% of women in Australia do not have their Estate Planning in place

What is a Will?

What needs to be included in your Will?

What motivates people to make their Will?

Did you know that 14% of people say "There is nothing that would encourage me to make a Will!"

We talk through what happens if you do not have a Will in place - the impact it has for the family to manage and deal with the assets of the deceased.

The courts will make the decisions about the assets and this can be time consuming - which can be avoided by having a legally documented Will

An important consideration - and probably one that most people don't want to have to think about - is what happens to your children if you die while they are still under legal age

This also applies to any vulnerable dependants that you may have

We love reviews and would appreciate if you were to leave a review and share this episode with friends and family

If you have any questions or suggestions please email us at:

midlifemoneyquestions@gmail.com

 Financial Disclaimer

We need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.

When it comes to Retirement living many people like the idea of downsizing from the family home and moving into a Retirement Village

In this episode we talk about some of the key factors to consider when assessing a Retirement Village as a retirement option

A few key points from this episode:

It is essential to fully understand all the fees and charges involved. There are entry fees and exit fees as well as monthly charges.

Buying into a Retirement Village is not the same as regular property investment. You don't ever own the property, you buy the right to live in that property - and that includes using the facilities, you're buying into the community and the access to the activities. People value the safety aspects of being in a Retirement Village. 

Retirement Village contracts are not like any other property contract - so you need specialised legal advise AND from a professional who is familiar with that specific state in Australia 

Assess the financial viability of the Village operator as a whole and any future development plans they may have. Ask for copies of their Annual Report

A few questions we suggest it is important to consider:

What happens if you are in a Retirement Village as a couple and one partner needs to move to Aged Care due to health conditions?

How do you pay for this next stage of living?

If you are in Retirement Village as a single person and then need to move to Aged Care, how do you pay for that while you wait for the Retirement Village operator to sell your existing property?

This is a information dense episode and we have kept it deliberately short and covering the basic information to get you started thinking about Is Retirement Village the right option for you?

As always we encourage you to please email any questions or comments to midlifemoneyquestions@gmail.com

If you are enjoying the show please share with another woman who might find it helpful and leave us a review wherever you listen to your podcasts

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience. 

This is the first of a series: Retirement Living 

This episode is: Accessing Care at Home

This episode is recorded and contains accurate information as at August 2023

"I want to stay in my own home as long as possible"

We know this to be true for so many people. Yep! Including us!!

In this episode we look at ways you CAN stay in your own home for a long as possible

What are the steps to take to ensure this is possible and where and how to access support and assistance with the daily tasks in your home  

Many people start out with a lower level of support, say community-based services such as meals on wheels which is often sufficient initially. This is accessed through  Commonwealth Home Support Programme. 

A greater level of support at home is available through access to a Home Care Package.

You can find out about these services on the government's age care portal ‘My Aged Care at www.myagedcare.gov.au or by calling 1800 200 422.

The key takeouts from this episode are:

·         Start thinking about where you want to live earlier rather than later

·         Make sure your home is suitable and safe as you age with low maintenance and access to services and social activities

·         Don’t wait to get an ACAT assessment, get a package in place and start to build up a relationship with a good home care provider (make sure they are an Approved Aged Care Provider so you can slowly increase services as you age

·         Get respite care added to your assessment for possible future use

·         The cost of these services is very reasonable and you can top up your package with privately paid care if needed

As always we encourage you to please email any questions or comments to midlifemoneyquestions@gmail.com

If you are enjoying the show please share with another woman who might find it helpful and leave us a review wherever you listen to your podcasts

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience. 

Midlife Money Matters is a podcast about money in retirement and helping you figure out how much money you need to live your best life when you finish working. So, today's topic is important

One of the important considerations is how are you going to spend your time? how will you keep your mind active? Who will be the people you spend time with?

In this episode we don't define retirement, what we offer is a variety of questions to consider and topics for discussion for you and your partner, as well as other members of your family

Your retirement will certainly impact different members of your family in ways they may not expect

As always we encourage you to please email any questions or comments to midlifemoneyquestions@gmail.com

If you are enjoying the show please share with another woman who might find it helpful and leave us a review wherever you listen to your podcasts

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience. 

The Bank of Mum and Dad is a hot topic right now as we record this episode - July 2023

We know the media is talking a lot about this topic.

We have received a number of emails with questions from parents who are considering helping their kids, and in some cases their grandkids, financially 

In this episode we offer some questions for your consideration

We also offer some possible and potential scenarios to consider as you and your family discuss and decide about the financial arrangements between the generations

Jacqui and Ingrid created Midlife Money Matters podcast to help Australian women understand what it takes to have a comfortable and financially secure retirement.

This is an important topic as affects later life financial security

If you have any questions or comments please email midlifemoneyquestions@gmail.com

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience. 

Here in Australia the Aged Pension is managed through Centrelink

In this episode we walk through some of the basics when it comes to dealing with Centrelink

A few key points to take from this episode:

• Start the process early - don't wait till you reach pension age
• Gather all your documents together before you start the application process
• Simplify your financial matters and assets - to help with the ongoing reporting obligations
• Keep copies of documents you provide as well as copies of the information regarding your financial situation
• If your assets change by more than $1000 you are obliged to advise Centrelink within 14 days

Jacqui talks about the different financial assessments which are carried out by Centrelink to determine the level of aged pension you might receive

We talk about the Commonwealth Seniors Health Card - which is different to the pensioner concession card

We talk about financial gifting and how that might impact your pension

This is a pretty dense episode with a lot of information, you may want to listen to it more than once. 

So much to think about and prepare

There are thresholds to receiving the aged pension and there will be some listeners who have arranged their financial matters so that they are able to self-fund their retirement years. This is a terrific situation to be in

For those who need it, the aged pension is available

This episode will help you understand what it takes to apply and some tips on how to manage that process to make it easier for you to receive your pension

If you have any questions remember moneymattersquestions@gmail.com

If you know someone who would find these episodes helpful, please share the podcast and we'd love if you are able to leave us a review wherever you listen to your podcasts

Financial Disclaimer:

We need to make it super clear though that we will NOT be providing personal financial advice to listeners, but just providing general advice on these topics based on our knowledge and experience. 

You might be surprised to learn that the divorce rate for over 50s in Australia is the fastest growing divorce AND most of the divorces are instigated by women, and not the men!

If you are considering divorce - or if someone you know is in this situation - then this is an important episode for you

We discuss some of the basic mistakes that we have seen and offer suggestions of what has worked for others

We need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.

In fact when it comes to matters of divorce your lawyer is not in a position to provide financial advice. It is essential to consult an accountant or other financial professional.

Some of the key messages from this episode:

1. Important to make a comprehensive list of all the assets
2. If there is a business involved - do you need a professional financial valuation?
3. What are the collective and individual outstanding debts - mortgage, credit cards, loans etc
4. Consider putting together your own professional team - lawyer, accountant etc   Remember your lawyer is legally not allowed to provide financial information
5. Make a new financial budget to identify how much you need - super important to figure out what the new costs are/ will be
6. Think very deeply about the best outcome for you when it comes to splitting the entire portfolio of assets. Seek professional advice to ensure that this decision will be of greatest benefit you in the long term - this is about you being able to enjoy a full and satisfying retirement
7. Review Estate planning and power of attorney and binding death nomination

Of course this is an extremely emotional time - for everyone

We recognise that and encourage you to seek out the best professional guidance to ensure you are financially secure for your future

We have a question from one of our listeners:

Shelley asks “I am trying to pay off my mortgage before I retire, hopefully in around 5 years time and I want to know if I should change my payments from monthly to more often?”

Again, we need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.