Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wordpress-seo domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /var/www/html/wp-includes/functions.php on line 6114 Warning: Cannot modify header information - headers already sent by (output started at /var/www/html/wp-includes/functions.php:6114) in /var/www/html/wp-includes/rest-api/class-wp-rest-server.php on line 1893 {"id":1166,"date":"2022-06-28T08:00:41","date_gmt":"2022-06-28T08:00:41","guid":{"rendered":"https:\/\/horvats.com.au\/backoffice\/?p=1166"},"modified":"2022-06-28T08:02:28","modified_gmt":"2022-06-28T08:02:28","slug":"family-planning-at-age-60","status":"publish","type":"post","link":"https:\/\/pma-prod.horvats.com.au\/family-planning-at-age-60\/","title":{"rendered":"Family planning at age 60"},"content":{"rendered":"\n

As we approach (what we thought to be) our retirement years, we are increasingly becoming aware of how much and how quickly our world has changed.

If we are aware and still capable\u00a0of adapting to the changes, all is for the better.

The advance in medicine and aged care,\u00a0as well as\u00a0our own awareness of lifestyle impact on our health has increased our longevity and quality of ageing beyond our own expectations.<\/p>\n\n\n\n

We are all, including our elderly parents, now reassessing our retirement plans.

Governments, all over the world have been caught out for lack of planning and making appropriate provisions for such a significant rise in longevity. Just one example of delayed recognition and reaction to our aging population is the increase of employer compulsory superannuation contributions, now\u00a0to age of 75 (previously 65).

The retirement age for Centrelink pension has been increased to 67 years and no doubt will be adjusted upwards again.<\/p>\n\n\n\n

Just 20 years ago (1993), the life expectancy for males was 75 years of age. In 2012, 50% of the male population aged 65 will be expected to live to almost 88 years of age. Although I\u2019m using different life expectancy tables (the first is based on expectancy from birth where the second is expectancy at age 65), the trend is clearly obvious.

It is also very obvious to life actuaries who are responsible for providing calculations on pensions and payments. In my opinion it is most likely that defined benefit pensions (as offered by government departments) will become extinct before their members.

Our 80 year old parents are expected to live beyond 90, often to their own surprise.<\/p>\n\n\n\n

Family Planning has changed.

It often falls as a task to the \u2018good\u00a0OLD\u2019 baby boomers, once again, to be the central coordinators of family business. We are now faced with looking after our parents financial and retirement living and care issues for which they often didn\u2019t prepare. We are also faced in reviewing their simple estate planning (wills, powers of attorney, guardianship) which due to changed circumstances may no longer be so simple. The property values have gone up but so has the cost of\u00a0retirement living, be that independent or care assisted. Our parents are rarely prepared for either.<\/p>\n\n\n\n

Then there are our kids (I hope this blog doesn\u2019t get edited by my kids). The protection and passing of family wealth will be increasingly more significant as governments reduce assistance to first home buyers. Our kids will find it more difficult to start families, set up homes and maintain lifestyles (which we have helped them become accustomed to) without our intervention.

They may also benefit from our guidance (although they\u2019d prefer cash) in managing their affairs.<\/p>\n\n\n\n

According to statistics, our grand children will be expecting more than a $2,000 dollar-mite savings account upon turning 21, from their grandparents. Chances are their children (our great grand children) will also be expecting a 21st birthday present from us.

Dementia may well be our only saviour!<\/p>\n\n\n\n

We have very much become aware of the importance of the intergenerational family wealth planning. On a personal level, all of the above is very much a part of our family life and planning.

Most of our clients find themselves in a similar situation. We also understand the need for privacy and individuality of family members. However, there are enormous differences and benefits\u00a0in structured family wealth planning as opposed to leaving it to chance and circumstance.

We try to bring all the required skills to maximising protection, preservation and passing of family assets in an orderly and harmonious manner.<\/p>\n","protected":false},"excerpt":{"rendered":"

As we approach (what we thought to be) our retirement years, we are increasingly becoming aware of how much and how quickly our world has changed.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1166","post","type-post","status-publish","format-standard","hentry","category-uncategorised"],"acf":{"sectionOneData":{"fontSizeTitle":80,"lineHeightTitle":93,"headerClass":"light","background":"","backgroundMobile":""},"sectionTwoData":{"headerClass":"dark","footer":{"title":"","color":"#5F1437","bgColor":"#5F1437","class":"show"}},"sectionThreeData":{"title":"Related Insights","blogs":[1146,1150,1163],"headeClass":"light","footer":{"class":"hide","title":"Insight"}},"sectionEndData":{"text":"The first step to financial independence begins with a talk.","description":"","link":{"title":"Get in touch","url":"https:\/\/horvats.com.au\/backoffice\/contact\/","target":""},"background":390,"backgroundMobile":"","video_url":"The first step to financial independence begins with a talk.","footer":{"class":"hide"},"headerClass":"hide"}},"yoast_head":"\nFamily planning at age 60 - 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