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Transitioning into a retirement home is a significant life decision that involves careful planning and consideration.
Transitioning into a retirement home is a significant life decision that involves careful planning and consideration.
The Great Wealth transfer is underway, with around $3.5 trillion expected to be passed on during the next 30 years in Australia and women are set to be the major beneficiaries of this transfer.1https://www.moneymag.com.au/why-women-will-lead-the-intergenerational-wealth-transfer
Still expected to live longer than men, women may inherit three times in their lifetime – from parents, parents-in-law and husbands, meaning they have an 80 percent chance of being in sole control of their family’s finances at some point in their lives.2 https://www.afr.com/wealth/personal-finance/baby-boomers-and-their-families-ill-prepared-for-big-wealth-transfer-20231002-p5e95w
This is fantastic news for financial gender equality. Becoming the director of family wealth can be empowering provided women have the resources and confidence to make good financial decisions.
A survey by Household, Income and Labour Dynamics in Australia (HILDA) in 2021 found that financial literacy scores had declined for both men and women since their previous survey in 2016, with women scoring lower than men in all age groups in both cases.3https://www.afr.com/wealth/personal-finance/most-australians-can-t-answer-all-of-these-five-basic-money-questions-20221130-p5c2kv
Women were also found to be more likely to opt out of receiving financial advice after the death or divorce of a partner – a time where making informed financial decisions is crucial.4https://www.afr.com/wealth/personal-finance/baby-boomers-and-their-families-ill-prepared-for-big-wealth-transfer-20231002-p5e95w
Over the past decade, the team and I have worked hard to encourage greater engagement from women in their financial affairs and we are pleased to see increasing numbers becoming more actively involved. More women are attending meetings, asking questions, owning the relationship with us, taking on the role of family CFO and playing an active role in decision making.
While this is a promising shift, there is still a large gap in financial knowledge and wellbeing between men and women.5https://www.anz.com.au/content/dam/anzcomau/documents/pdf/aboutus/esg/financial-wellbeing/financial-wellbeing-australian-women-report-march-2023.pdf?mboxid=session%235f1cc59f3f9b4c138642a9abd10dd8eb%231710111128%7CPC%235f1cc59f3f9b4c138642a9abd10dd8eb.36_0%231773354068&adobe_mc=MCMID%3D64954702081314620664266727136715856507%7CMCORGID%3D67A216D751E567B20A490D4C%2540AdobeOrg%7CTS%3D1710109268
As with every client relationship, we find the crucial first step involves active engagement in the advice process. It is essential that women follow the same approach and lean into the process themselves in order to cultivate confidence and readiness for the Great Wealth Transfer.
Here are some key things that can help you become engaged with your personal and family finances. Remember, knowledge is power.
With such a large transfer of wealth headed our way, it is crucial that we overcome these barriers and prepare ourselves for the responsibilities that come with the ownership of family wealth.
View Jacqui’s website profile here or connect with her on LinkedIn here.
To have the impact we intend for our clients, as a team, we must continuously work on ways to manage our time effectively. I frequently engage with our team, discussing strategies to elevate our collaborative efforts while prioritising our client’s time. These principles are not limited to the workplace but can be seamlessly integrated into our daily lives, fostering a deep respect for both our time and that of our clients. I trust that this article has offered valuable insights on how you can optimise your time management each day.
Jacqui Sherlock – CEO
Like any other insurance policy, life insurance has many variations to meet different users’ needs. Thus, before choosing one, you must determine what you need in a life insurance policy.
The thought of retirement is an enticing one for many of us. Imagine throwing off the shackles of the workforce and being able to do whatever you want, whenever you want. But why wait until you are retired to do the things you love?
Retirement is a time where we finally have the space to do what we want to do with our lives, whether that’s travel, developing and learning new skills, taking up hobbies or just enjoying the company of those we care about.
The problem with waiting until we are retired is we are postponing engaging in things that could be making us happy right now. Exploring what gives us joy now and developing those skills will make for a much easier transition as you wave goodbye to your working years.
Retirement represents a big shift in the way we live our lives and it’s not uncommon for that adjustment to be a little challenging. For many, our jobs give us a profound sense of identity and define how we perceive ourselves, so our sense of self can suffer when we leave the workforce. There is also often a gap in our lives where work used to be.
That’s why rather than looking forward to retiring from something, ‘have something to retire to’ is a common piece of advice to encourage people to think about what they want their life to look like when they leave the workforce.
Think about what defines you now and satisfies you outside of work, and putting in place a plan of how that may play out in retirement can be a good idea.
While it can be hard to carve out time while you are still in the workforce, it’s possible to take small steps and set aside dedicated time each week or commit to activities that won’t take a lot of your time.
If you are keen to travel when you retire, consider signing up for a short course in the language of the country you are keen on visiting to get prepared for the trip of your dreams.
Or if you want to finally write that novel you’ve been mulling over for years, set aside a little time now to draft a framework and get a head start. Who knows by the time you retire you may be on your second novel!
Keen to do more exercise? Join a gym now and get into a routine – even if you only manage to get there a couple of times a week it’s a good start.
It takes a while to develop new habits and skills so starting to pick up the things you want to explore in retirement now sets you up for a smoother transition when you have more time to devote to these activities. Starting now also gives you a chance to try things out and see if they are something you want to commit time and energy to.
While spending time doing things you love makes for a happy and satisfying retirement, another important factor is being around people you enjoy being with.
Think about the people you enjoy spending time with and foster those friendships right now. Not only will it make for an easier transition when you retire, it will also bring you joy and the benefits of those relationships right now. There is always room in your life for making new friends too!
It’s important to be open-minded in your plan of how you see your retirement unfolding. Remember that not everyone retires on their own terms. Some need to retire sooner than expected or in a different manner than expected due to ill health, caring for a family member or because of a decision or situation in the workplace.
On that basis, it’s important to live well now – enjoy your present life and embrace the things that make you happy as you’ll also be setting yourself up to enjoy retirement – whether it’s just around the corner or still a way off.
Let’s discuss how you can plan for your ideal retirement, reach out to the Sherlock Wealth team here.
Andrew Sherlock is the Owner & Head of Advice at Sherlock Wealth.
A Sydney-based financial planning firm, Sherlock Wealth has been helping successful families, business owners and individuals with their wealth creation and wealth protection needs for more than two generations.
A Chartered Accountant with a background in funds management, Andrew’s career spans more than 30 years. Andrew was one of the first people in Australia to obtain the Self-Managed Superannuation Specialist accreditation and is one of only a few advisers in Australia to be a Certified Investment Management Analyst. He is a lifetime member of the international MDRT Top of the Table and holds a BA Economics degree from Macquarie University with majors in accounting and finance.
Helping clients achieve their lifestyle goals through smart investing and asset management, wealth structures, and strategic planning are the cornerstones of what Andrew and the team at Sherlock Wealth provide.
Andrew can also be contacted at ask@sherlockwealth.com.
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