It’s called funding your retirement, not saving for your retirement, points out Max Newnham in his introduction – you need an income when you retire, and simply saving what you earn at work isn’t going to cut the mustard. Of course, most property investors are only too aware of this, which is why you buy a rental. 

Newnham does a good job of explaining how much you’ll need in retirement and how you can plan to get there, though there is some Australian-specific advice regarding superannuation. It’s a surprisingly good read, considering the subject. 

FAVOURITE FEATURE: Excellent cartoons. (Tax auditor: “Stockings and guns are allowed, but you can only claim a portion of your car. How often was it used to get away?”) The Q and A section is also useful.

FAVOURITE QUOTE: “There have been numerous cases where clients have been sold financial planning advice by a commission-based adviser, who, on the surface, has appeared cheap. In nearly all of these cases this advice was not as thorough or tax-effective, and cost them significantly more than if they had gone to a fee-for-service professional adviser.” 

FAVOURITE TIP: Ensure you have a will. If you already have one, this probably seems obvious, but you’d be surprised how many people have overlooked this important detail.

Published: May 11