407 this episode is not for you (it's for your mum or dad)

Share this with your mum/dad/aunty/uncle/older person in your life - it's all about money stuff for over 55s. Marc Bineham, the former president of the Association of Financial Advisers (AFA), joins Glen to answer the questions you sent in on behalf on your parents/older contacts, touching on:

👉Q1: How do you actually access super and what do you do with it when you retire?

👉🏽Q2: What are some good reasons for both spouses or partners not to retire at the same time? Any tips for a staggered retirement?

👉🏿Q3: I'm a Boomer and finally taking an interest in my finances. I don't have a mortgage or debts, earning $50k a year and have $100k in super. After maxxing my super this year, what should I do with $30k in savings if I need it in 5 years time?

👉🏽Q4: My parents asked what to do now that they've paid off their house, are maxxing out super, and are not ready to retire yet?

👉🏻Q5: Getting a new mortgage close to retirement - selling one to move into a more retirement friendly house - how do our parents go about getting these loans and is it possible? Any tips for parents wanting to better their financial situations just like us?

👉🏼Q6: Any tips for getting better with your financial situation?

👉🏾Q7: My mum's always been a stay at home mum, and dad was always the breadwinner. She feels like she wants to leave him but has no job or money to fall on. How do you go about starting afresh in your 50s with not much work experience or money? Also, homelessness in women over 50s - is it on the rise?

👉Q8: Question from a daughter: at what age should you sign as enduring Power of Attorney on behalf of your parents in relation to finances?

Check out my millennial coffee, roasted by Glee Coffee Roasters: http://bit.ly/m3coffee

Here's the estate planning episodes Glen mentions:

346 estate planning: wills and power of attorney (part 1): https://player.whooshkaa.com/episode?id=758594

346b estate planning: dying with a blended family + Q&A (part 2): https://player.whooshkaa.com/episode?id=759534

Get in touch if you're keen to chat with someone about your situation or find out more about Marc's book, The Money Sandwich, head here: https://www.sortyourmoneyout.com/reach-out

Get $20 off The Glen James Spending Plan using the code "MAGIC". Link to course below!

For podcast resources, links to our stuff, disclaimers & warnings about this episode + more... check out: https://www.sortyourmoneyout.com/shownotes

🛑 This podcast is for education and entertainment purposes. It is not intended as a substitute for professional financial, tax or legal advice. Any advice is general financial advice only which does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you do choose to buy a financial product read the product disclosure statement and obtain appropriate financial advice tailored to your needs. We may discuss products, services and answer listener questions on this video for entertainment & illustration purposes only. We may change the name of the questioner for anonymity. It is impossible to give you personal advice on an entertainment podcast as we do not know the details of your personal financial situation. While we do our best to provide accurate information, we accept no responsibility for any inaccuracies that may be communicated in this podcast. SYMO interactive Pty Ltd, the publisher of the podcast, is an authorised representative of MoneySherpa Pty Ltd which holds financial services licence 451289. Please read our Financial Services Guide located at sortyourmoneyout.com. This podcast is intended for residents of Australia.

We acknowledge the darkinjung people, Traditional Custodians of the land on which our studio sits, and pay respects to their Elders past and present. We extend that respect to Aboriginal and Torres Strait Islander peoples who may listen to our podcast.