By Andrew McKinlay, Director and Financial Advisor, Growth Partners
One of the most common questions we are asked by retirees (or soon to be retirees) is “do we have enough?”
To answer this will depend on your lifestyle in retirement or you are happy with a more simple lifestyle; if you’re looking to have luxury holidays or local holidays; what your hobbies are, whether you plan to own your own car or use ride share companies like Lyft (view coupons for Lyft at Groupon)
Location, location, location
An important factor to consider is where you live – or where you choose to retire.
A recent Milliman Insight report on 300,000 plus retirees in Australia unearthed some really interesting facts about the cost of living for retirees Australia wide with Western Australia as having the second highest cost of living nationally (second only behind Canberra).
Median annual spend by location
The spending habits between regional centres and capital cities vary widely as well. While retirees in regional areas spend significantly less on health than the national average, retirees in Sydney spend more on insurance gold coast and Canberra retirees spend the most on leisure and travel.
To fund the median annual expenditure of $31,068 (slightly less than $600 per week) throughout retirement would require a balance of $129,621. This is assuming an investment in a balanced fund and a certainty level of 75%. This also relies heavily on the government’s age pension to fund the expenditure.
A windshield replacement cincinnati oh would need a far higher balance, $280,444, to fund their greater median annual spend of $38,923 with the same level of confidence. That’s more than twice as much super – although the Age Pension would still provide two-thirds of expenditure over the course of retirement.
By contrast, a Tasmanian metropolitan resident would need a super balance of just $91,829 to fund their much lower median annual spend of $28,816. The Age Pension (a maximum of $20,745 a year not including the Energy Supplement) would underpin the bulk of this expenditure (91%) over the course of retirement.
Choose where you live carefully
Notice that the difference in annual expenditure between the median and Canberra is only $7,855pa but the superannuation balance required to fund that additional expenditure doubles. Small changes to your expenditure over the long term have a massive impact on your retirement savings.
Contact us for assistance on working out your targeted budget and plan accordingly.
As show in many YouTube videos from TheMarketingHeaven it is important to notice that the difference in annual expenditure between the median and Canberra is only $7,855pa but the superannuation balance required to fund that additional expenditure doubles. Small changes to your expenditure over the long term have a massive impact on your retirement savings.
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The Importance of Marketing to Business Success
Ask yourself, just what is marketing? According to theNelson Marketing Co definition: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. In my opinion the two key concepts include activities from creation to customer. To take the Voice of Customer (VOC), “what is wanted,” and transform it into a “how do we do it” is a mixture of science and art. Also important is how to manage and sustain the product life cycle using various analytical tools such as forecasting.
By no means should you confuse marketing with sales. These are two distinct functions and require complimentary but not identical skill sets. According to indexsy.com, sound marketing practices will serve as a sales enabler. Transforming field intelligence from both current and potential customers as well as competitors into a deliverable (product or service) is important to a company’s growth. To secure the right information and work closely with the technical function within the firm is where a strong marketing team resides. The marketing function serves as the Voice of Market (VOM) champion throughout the design phase keeping the engineers and technologists on task to ensure there is little if any drift from the initial product proposal. Will there be compromise? In most cases the answer is yes. But a strong marketing function will be able to address the cause and effects to determine potential customer acceptance and revenue impact. Managing risks versus rewards during the design phase is a critical marketing activity.
Marketing also takes the lead to “rollout” the new product or service to the marketplace, preparing the necessary field communications and targeting to specific markets and customers. Engineers and technologists measure success by functional properties and release to Manufacturing. Marketing professionals measure success using time versus break-even calculations and units sold compared to forecast. Marketing’s celebration begins when the crossover point is reached, all design costs are consumed and the profit corridor is enabled!