Danny Maher from Fiducia Private Wealth Management talks technology, investment and planning for your retirement
When Fiducia principal Danny Maher first began his career in financial planning over 25 years ago, the average life expectancy in Australia was around 77 years of age.
Fast forward to today, and the average age has climbed to over 82 years.
It's even higher for Aussie females, who can expect to live to nearly 85, the sixth highest life expectancy in the world. Coupled with this increase in life expectancy is a corresponding rise in health outcomes.
Not only are we living longer, we're also enjoying more active, adventurous lifestyles.
That’s the good news. The bad news is government support for retirees is tightening as public budgets strain under the weight of rising costs in health care, education, infrastructure, welfare and other services.
In response, each of us needs to think more carefully and strategically about how we fund the extra years – in some cases decades – of extra life and activity.
This is the type of complex scenario Danny and his team at Fiducia work with clients to address.
“Our clients are predominantly professionals, self-employed business owners or self-funded retirees,” Danny tells TropicNow.
“Most people who are retired or are nearing retirement are concerned about being able to fund their retirement lifestyle reliably over the their life expectancy.
"It’s quite daunting when you think that if you retire at 65, it is likely you will have to fund 20 years of living.
"If you need $60,000 per year, you are going to spend $1.2 million over that timeframe, and that’s without accounting for inflation.
With this in mind superannuation advice is often top of mind for people who are referred to us.”
FIND OUT MORE: fiducia.net.au