Archive for September, 2025

Strategies for an unexpected retirement

Posted by Greg Provians

The best time to start planning for retirement is yesterday.

But the second-best time? Today.

About two-thirds of Australians retire earlier than they anticipated because of unexpected events such as job loss or redundancy, they need to care for a family member, have a sudden illness or injury, problems at work or a partner’s decision to retire.i

Whatever the reason, an unexpected retirement can disrupt your plans and finances.

But, whether you’re in your 50s, 60s, or even beyond, it’s never too late to take meaningful steps toward a more secure and fulfilling retirement.

In fact, many people find themselves revisiting their retirement strategy later in life often after career changes or family shifts.

The good news is that with the right guidance and a few smart moves, you can still build a retirement plan that reflects your values, supports your lifestyle and gives you peace of mind.

Where to begin

Before you make any changes, it’s important to understand your current financial position. This includes:

Boost your super

Even if you’re starting later, there are ways to accelerate your super growth using:

These strategies can be especially powerful in your 50s and 60s, when your income may be higher and retirement is on the horizon.

If you have more than one super account, rolling them into one fund can reduce costs and be easier to manage. After all, multiple accounts mean multiple fees.

It’s also a good idea to regularly consider your super investment options and review your risk tolerance and time horizon.

Deal with debt

If possible, getting your debt under control before you retire is a useful strategy.

You could consider using your superannuation or other savings or downsize your home to pay off a mortgage or other loans. But first, it’s essential to carefully check the tax impact, the effect on your super and whether any potential government benefits will be affected.

Reassess your lifestyle goals

Retirement isn’t just about money, it’s about how you want to live. Ask yourself:

Clarifying your lifestyle goals helps shape your financial strategy. It also ensures your retirement plan reflects your values, not just your bank balance.

How much will I really need?

Aim to create a retirement budget. Estimate your future expenses including housing, food, travel and healthcare and compare them to your expected income. This helps identify any shortfalls and guides your savings strategy. You will also need to consider

the amount of time you might spend in retirement. This will depend on when you retire (planned or unexpected) and how long you live. This is called longevity risk. Given life expectancy is unpredictable, there is a possibility that your retirement savings may not last throughout retirement.

Resources to help calculate a retirement income include:

Understand your entitlements

Many Australians are eligible for government support in retirement, including:

Even if you don’t qualify now, you may be able to restructure your finances to maximise future entitlements.

Review regularly and remain flexible

Retirement planning isn’t a one-time event. Life changes and so should your strategy. Regular reviews help you:

Flexibility is key. Whether you retire gradually, take a sabbatical, or pivot to a new venture, your plan should evolve with you.

Next steps

Retirement planning is about taking the next step rather than chasing perfection. Whether you’re starting late or simply refining your strategy, every step you take now helps shape a more secure and meaningful future.

And remember that retirement isn’t an end point. It’s a new beginning even if you retire earlier than you anticipated. With the right plan in place, you can step into this next chapter with clarity, confidence and purpose.

We’d be happy to help you review your current retirement plan and identify any gaps in retirement goals and create a strategy should you need to retire earlier than expected.

i Retirement and Retirement Intentions, Australia, 2022-23 financial year | Australian Bureau of Statistics

ii Understanding concessional and non-concessional contributions | Australian Taxation Office

Spring 2025

Posted by Greg Provians

Spring is here, bringing longer days and an opportunity to venture outdoors and enjoy the warmer months ahead.

A higher-than-expected jump in inflation figures may prompt the RBA keep interest rates on hold at this month’s meeting. Headline CPI climbed to 2.8%, up from 1.9%. The trimmed mean, the RBA’s preferred gauge of underlying inflation, also rose to 2.7% in July from 2.1% in June.

Markets responded cautiously, though the S&P/ASX 200 still edged higher for the month and notching another all-time high. The rally was driven by mining and banking stocks.

The unemployment dipped slightly to 4.2% in July and business confidence is upbeat. The number of Australian businesses rose by 2.5% over the past financial year to more than 2.7 million. Total wages and salaries increased 5.9 per cent year-on-year. The momentum appears to be lifting consumer sentiment with the Westpac-Melbourne Institute Index posting a solid gain 5.7% in August, a 3.5 year high.

As Aussie dollar finished the month at US65c and continues to be shaped by global factors.

In the US, the S&P 500 hit records highs, led by tech giants, as investors weighed tariff impacts and speculated on future rate cuts.

Strategies for an unexpected retirement

The best time to start planning for retirement is yesterday.

But the second-best time? Today.

About two-thirds of Australians retire earlier than they anticipated because of unexpected events such as job loss or redundancy, they need to care for a family member, have a sudden illness or injury, problems at work or a partner’s decision to retire.i

But, whether you’re in your 50s, 60s, or even beyond, it’s never too late to take meaningful steps toward a more secure and fulfilling retirement.

The good news is that with the right guidance and a few smart moves, you can still build a retirement plan that reflects your values, supports your lifestyle and gives you peace of mind.

Where to begin

Before you make any changes, it’s important to understand your current financial position. This includes:

Boost your super

Even if you’re starting later, there are ways to accelerate your super growth using:

These strategies can be especially powerful in your 50s and 60s, when your income may be higher and retirement is on the horizon.

It’s also a good idea to regularly consider your super investment options and review your risk tolerance and time horizon.

Deal with debt

If possible, getting your debt under control before you retire is a useful strategy.

You could consider using your superannuation or other savings or downsize your home to pay off a mortgage or other loans. But first, it’s essential to carefully check the tax impact, the effect on your super and whether any potential government benefits will be affected.

Reassess your lifestyle goals

Retirement isn’t just about money, it’s about how and where you want to live, how much travel you’d like to do and if you’d continue to work part-time.

Clarifying your lifestyle goals helps shape your financial strategy. It also ensures your retirement plan reflects your values, not just your bank balance.

How much will I really need?

Aim to create a retirement budget. Estimate your future expenses including housing, food, travel and healthcare and compare them to your expected income. This helps identify any shortfalls and guides your savings strategy.

You will also need to consider the amount of time you might spend in retirement. This will depend on when you retire (planned or unexpected) and how long you live. This is called longevity risk. Given life expectancy is unpredictable, there is a possibility that your retirement savings may not last throughout retirement.

Understand your entitlements

Many Australians are eligible for government support in retirement, including:

Even if you don’t qualify now, you may be able to restructure your finances to maximise future entitlements.

Review regularly and remain flexible

Retirement planning isn’t a one-time event. Life changes and so should your strategy. Regular reviews help you:

Flexibility is key. Whether you retire gradually, take a sabbatical, or pivot to a new venture, your plan should evolve with you.

Next steps

Retirement planning is about taking the next step rather than chasing perfection. Whether you’re starting late or simply refining your strategy, every step you take now helps shape a more secure and meaningful future.

And remember that retirement isn’t an end point. It’s a new beginning even if you retire earlier than you anticipated. With the right plan in place, you can step into this next chapter with clarity, confidence and purpose.

We’d be happy to help you review your current retirement plan and identify any gaps in retirement goals and create a strategy should you need to retire earlier than expected.

i Retirement and Retirement Intentions, Australia, 2022-23 financial year | Australian Bureau of Statistics

ii Understanding concessional and non-concessional contributions | Australian Taxation Office

Protecting what matters most

We plan for holidays, home renovations, and retirement but we’re less likely to plan for the unexpected. Life insurance is one quiet but powerful way to protect the people you love from financial stress if something happens to you.

Whether you’re raising a family, supporting a partner, or building a business, life insurance helps ensure that your legacy includes stability rather than uncertainty. It can be a powerful tool for your family’s financial resilience.

Life insurance is designed to provide a lump sum payment to your nominated beneficiaries when you die or, in some cases, are diagnosed with a terminal illness. The payout can help ensure that your loved ones aren’t left scrambling to cover costs such as mortgage repayments or rent, outstanding debts, funeral costs and living expenses during an already emotional time.

It can be particularly helpful if:

Even if you’re young and healthy, life insurance can be affordable and locking in a policy early may mean lower premiums over time.

How much life insurance do you need?

There’s no one-size-fits-all answer, but a good starting point is to ask yourself: “If I were gone tomorrow, what financial gaps would my family face?”

Here’s a simple framework to help you estimate your coverage needs:

1. Calculate your financial obligations

Start by listing the major expenses your loved ones would need to cover:

Add these up to get a baseline figure.

2. Consider your income

How long your family would need financial support. Multiply your annual income by the number of years you’d want to replace it, for example, five to 10 years.

If you earn $100,000 and want to provide seven years of income, that’s $700,000.

3. Factor existing assets

Do you have savings, superannuation, or investments that could help cover costs? Subtract these from your total needs to avoid over-insuring.

4. Account for inflation and future needs

Costs rise over time, and your children’s needs will evolve. It’s wise to build in a buffer of say, 10-20 per cent to future-proof your coverage.

5. Review regularly

Your life changes, and so should your insurance. Marriage, children, mortgages and career shifts can all affect how much cover you need. We can help with a regular review to ensure your policy stays aligned with your goals.

Different types of life insurance

There are a few key types of cover to be aware of:

Life insurance in super

For many Australians, life insurance is already tucked away inside their superannuation fund. Most super funds automatically include a basic level of life cover and TPD insurance, and some also offer income protection.ii

Premiums are typically lower than retail policies and are deducted from your super balance. In many cases, you won’t need to complete a health check to get default cover, and the premiums may be more tax-effective depending on your circumstances.

While insurance in super is convenient, it’s not always comprehensive and it’s not guaranteed to suit your needs in the long term.

If you’re relying on insurance through super, it’s a good idea to review your fund’s policy and consider whether it’s enough especially if your circumstances have changed.

If you’re unsure where to start, we’re here to guide you through the options, crunch the numbers, and make sure your policy reflects your values and responsibilities

i The Cost Of A Funeral In Australia | Finder

ii Insurance through super – Moneysmart.gov.au

From bad reputation to dream destination

When you start researching for a trip overseas it’s easy to be swayed by what can be a lingering bad reputation of a region or country. The landscape of travel is constantly shifting and what may once have been a no-go zone can now be a dream destination – and vice versa.

Some of today’s most compelling places to visit were once dismissed as too dangerous, politically unstable, or simply unattractive. Thanks to urban renewal, political shifts, and the sheer resilience of local communities, these destinations have reinvented themselves and now welcome travellers with open arms.

Here are a few places that were once avoided but now deserve a spot on your bucket list.

Albania: Europe’s little secret

Let’s start with Albania. The once-hermit kingdom of Europe, it spent most of the 20th century shut off from the world under a dictatorship. Today? It’s a Mediterranean dream in disguise.

While tourists crowd into Italy and Greece, Albania’s beaches remain blissfully peaceful. The mountains are rugged, the food is incredible (think olive oil, cheese and stunning wines), and the prices? Almost suspiciously low. It’s a reminder that the best destinations are often the ones that haven’t been given the glossy treatment – yet.

And by going now, you’re not just ahead of the trend, you’re helping shape the nation’s tourism story from the ground up.

Rwanda: The quiet recovery

Few countries have flipped their narrative like Rwanda has. Once known for the horrors of the 1994 genocide, it is now one of Africa’s safest, cleanest, and most forward-thinking destinations. Kigali, the capital, is plastic-free, progressive, and is pulsing with creativity.

But the real magic lies beyond the city. Rwanda’s forests are home to some of the world’s last remaining mountain gorillas and tracking them in Volcanoes National Park is one of the most profound wildlife experiences on the planet. It’s not cheap, but every permit supports conservation and local communities so you can feel good about travelling with purpose.

There’s a quiet pride here and a sense of renewal. And for travellers, it offers that rare thing: a trip that’s humbling, hopeful, and unforgettable all at once.

Sri Lanka: The comeback island

Hop over to Sri Lanka, and you’ll find another country rising from the ashes of conflict and challenges. After decades of civil war, the 2004 tsunami, and an economic tailspin that led to widespread protests in 2022, the island nation has really started to shine as a holiday destination.

From leopard-spotting in Yala National Park to sipping world-class tea in the hill country, the island is a compact slice of paradise. The trains rattle their way through lush green hills, elephants roam wild, and its beaches are postcard perfect. Sri Lanka isn’t hiding its past; it’s simply writing a better future. It’s travel that feels good – and does good.

Vietnam: From conflict to cool

Vietnam is a nation that’s spun a difficult history into a compelling narrative. Once the setting for a war that defined an era, it’s now the backdrop for stunning cuisine and jaw-dropping natural beauty.

But what links Vietnam to places like Sri Lanka is its authenticity. The chaos of Hanoi’s Old Quarter, the sleepy magic of Hoi An, the emerald waters of Ha Long Bay all strike a chord when you remember just how far the country has come.

And yet, prices remain low and you can still find yourself the only tourist at a countryside café sipping egg coffee like a local.

The final boarding call

So, what do these places all have in common? They’re not perfect. And that’s exactly why they’re perfect. Destinations that have overcome hardship – be it conflict, natural disasters, or political upheaval – often offer something more rewarding than your average sun-and-souvenir spot.

These are places where your visit helps fuel recovery, where locals genuinely want to welcome you back, and where the scars of the past give way to a kind of hospitality you won’t find in more polished places.

So, skip the predictable and go where the stories are. Because sometimes, the best places to visit are the ones that were once off the map entirely.

Note: It’s crucial to stay informed about the current safety situation in any destination, even those that have undergone positive transformations. 

 

Coral Coast Financial Services