Money Over 50

AUDIO FIXED During your working life, your superannuation fund has been growing and growing thanks to contributions from your employer and hopefully yourself. This money sits there for decades, slowly accumulating for you without being touched. But when can you actually access this hard-earned cash? There are three main conditions of release when it comes to your super. In this episode, Ali explains what these conditions are, and what you need to do to meet them.   For more information, please visit www.mo50.com.au

AUDIO FIXED You can’t have everything! Be realistic with your goals Do you ever feel like you’re trying to do a thousand things at once, and not really doing any of them well? Ali knows the feeling. Life is busy, but the more we try to do everything, the less we do them well. Sometimes we need to take a step back and think about what it is that matters to us the most. In this episode Ali gets personal about what’s important to him, and how you can, too – in order to achieve your financial goals.   For more information, please visit www.mo50.com.au  

Did you know that on the 1st of July 2024, you’ll be able to contribute more into your superannuation and take advantage of Australia’s best ‘tax shelter’? The reason for that is that superannuation contribution caps are increasing on the first day of the new financial year. In this episode, Michael and Ali discuss the contribution caps and exactly how much they are increasing by, and how you can take advantage of this year’s as well as future years’ contribution caps.   For more information, please visit www.mo50.com.au

For many people, getting their finances on track is high on the priority list. And to do that, they realise they need professional help. But how do you know which financial adviser is right for you? In this episode, Ali discusses what you need to consider and what you need to be aware of before selecting a financial adviser. For more information, please visit ww.mo50.com.au

If you held an investment for 15 years, would you prefer it to make nominal returns of 12.5% per annum, or 20.3% per annum? The answer may seem simple, but is a lot more complex than most people realise. In this episode, Ali and Michael discuss the ‘silent killer’ also known as inflation, and how it affects your investments and purchasing power. For more information, please visit www.mo50.com.au 

Alice, a regular listener, asks a question about what would happen if her and her partner were to sell their primary place of residence (PPR) and use the downsizer contribution to add $300,000 super.  In this episode, Michael and Ali discuss Alice's question, and downsizer contributions. They discuss what a downsizer contribution is, its eligibility requirements, some advantages (such as boosting your super without affecting your contribution limits!), and other important things to know about making downsizer contributions. For more information, please visit www.mo50.com.au 

Sue, a regular listener, asks a question about her husband’s 0% taxed super income stream and how they could make the most out of this money. She would like to know what investments, if any, she can make to increase their financial position. In this episode, Ali and Michael discuss Sue’s question and what would happen if her husband were to return to part-time work after retiring. For more information, please visit www.mo50.com.au

When you retire, your superannuation balance can become a 0% taxed super income stream. This is essentially the same as a tax-free trust fund. Australia has one of the highest income tax rates in the world; however, it is also one of the most generous when it comes to your retirement. In this episode, Michael and Ali discuss your super income stream, and the eligibility criteria you need to meet in order to receive it! For more information, please visit www.mo50.com.au

It's February 2024 and Michael & Ali are back with new Money Over 50 Podcast episodes! In this episode, Michael & Ali unpack a recent question they received from podcast listeners Paul and Renae. They discuss the yearly concessional contributions cap, the difference between concessional contributions and non-concessional contributions, and what carry-forward opportunities mean for you.   Click here to watch Ali explain Carry-forward concessional contributions, as discussed in this podcast episode.  This example has been provided for general explanatory purposes only and is factual information.   For more information, please visit www.mo50.com.au

In this episode, Ali discusses 4 potential options for a new retiree who doesn't have enough to retire on (Centrelink Age Pension, adjust lifestyle, downsizing your home, and semi-retirement). People may also find other options out there, or may even use a combination of these to achieve their retirement goals.   For more information, please visit www.mo50.com.au

Have you ever gone on a diet or started a new fitness plan? Chances are you found it painful at the start. Financial plans can be much the same. The good news is, the pain is only at the beginning! In this episode, Ali shares his expertise on starting a new financial plan, including how to build new habits and get rid of old ones in order to build yourself a better lifestyle. For more information, please visit www.mo50.com.au

Do you see yourself as a retiree, or a pensioner? Turns out, there’s quite a difference! Self-talk and self-identity are more important than you may realise. In this episode, Dallas and Ali discuss the implications of how you may see yourself at different ages, and what this means for your finances. For more information, please visit www.mo50.com.au  

It’s not uncommon for the government to make changes to our superannuation rules, and a few new things have come into effect since the 1st of July 2023. In this episode, Ali discusses three significant changes to superannuation that everyone should be aware of, especially those nearing retirement. For more information, please visit www.mo50.com.au

What are you afraid of when it comes to money and security? And have you discussed this with anyone, or really taken the time to sit down and think about it carefully? In this episode, Ali and Dallas discuss how and when to say your fears out loud, and what it means for your wealth and financial planning.   For more information, please visit www.mo50.com.au

In this episode, Ali explains his thoughts regarding travel after coming back home from a trip in Europe. He explains that even though he did enjoy his travels, he's gained a much larger appreciation for home and believes that finding enjoyment in the small things can be a lot more rewarding in life.   For more information, please visit www.mo50.com.au

This is a repeat of Listener Favourite: 275 Knowing you don't need to work makes work better Sometimes, you need to put your happiness before your job. Easier said than done, right? But if you’re close to retirement and you’re extremely unhappy in your job, perhaps it’s time to let it go. But how do you make that call, and how do you know if you’ll have enough money to retire with? In this episode, Dallas and Michael discuss why money isn’t everything (yes, they are still financial advisers!), why it’s okay to give yourself a break, and how to navigate big decisions about work and retirement. For more information, please visit www.mo50.com.au

This is a repeat of our recent Listener Favourite Episode: 303 You can compare things but you can't compare experiences It is human nature to compare ourselves to others. In fact, we compare everything – material possessions, the size of our homes. Experiences, however, are harder to compare, but often bring us more joy. In this episode, Michael and Dallas discuss what studies have already shown us: that spending money on experiences is better than spending money on material possessions; and why it is good for us financially, too. For more information, please visit www.mo50.com.au

This is a repeat of Listener Favourite: Episode 247 Why my kids won't get an inheritance    Dallas discusses with Michael his thoughts on the planning of providing an inheritance to children. There is no right or wrong answer on whether you should leave an inheritance, however, there are a few things to take into account when planning for this. For more information, please visit www.mo50.com.au

This is a repeat of our Listener Favourite episode 271 A moral guide to minimising taxation   Tax evasion or tax minimisation – what’s the difference? According to Kerry Packer’s famous speech during a parliamentary hearing, a lot. And if you’re not trying to minimise your tax, there might even be something wrong with you, according to Packer. In this episode Michael and Dallas discuss the difference between the two, and why you should be trying to do one of them (hint: it’s not the illegal one).  For more information, please visit www.mo50.com.au

This is a repeat of listener favourite episode 297 When to take advice. Do you like taking advice from other people? Or do you listen half-heartedly before doing the exact opposite of what they have suggested? In this episode, Michael and Dallas delve into when, and from whom, you should take advice – and why an ‘expert in all areas’ is really an expert in no areas. For more information, please visit www.mo50.com.au

This is a repeat of Listener Favourite of episode 218 3 simple things (in retirement planning).  In this episode (from all the way back in 2021), Michael and Dallas sat down and discussed how simple it can be to get ahead financially, but also how hard it can be to not make an error through panic. Michael uses a real-life example of investing at the worst possible point in time (i.e. right before the Global Financial Crisis), explaining how keeping to the plan and not panicking creates a positive outcome.  For more information, please visit www.mo50.com.au

This is a repeat of episode 248 The best way to avoid panicking in a downturn is not to panic! One of the quickest ways to derail your retirement or investment plans is to PANIC! It might be hard not to react, but panicking at the sight of downturns can undo all of your hard work. For more information, please visit www.mo50.com.au

This is a repeat of Listener Favourite: Fridges with ice makers Bringing you another Listener Favourite this week - Fridges with ice makers! When you were a kid, do you remember visiting friends’ fancy houses and comparing them to your own? For Dallas, the epitome of a fancy house was one that had an ice maker. If one of his friends had a house that featured one of these, in his eyes, they had really “made it” in life.  As an adult, Dallas is now contemplating becoming one of these people. Yes, he wants a fridge with an ice maker, because – well, they’re pretty cool. So should he spend the money on it, and when? And is it really worthwhile? This episode is not about fancy fridges or rich friends – it’s about making thoughtful financial decisions. Dallas and Michael discuss what and when to spend your money on (and when to hold onto it, instead). Spoiler alert: when it comes to your money, financial advisers are not always as frugal as you may think!   For more information, please visit www.mo50.com.au

This listener favourite episode is all the way back from April 2020; but is still relevant today! In this episode, Dallas and Michael discuss owning residential property in retirement, and highlight the many negatives that come with owning this type of asset. For more information, please visit www.mo50.com.au    

Whether or not you are a fan of horses, this tale about our equine friends will have you thinking about your money in a different way. In this episode, Dallas and Ali discuss Red Boom and Sky High, two horses that have very different strengths. How we compare them depends on what metric we use, as with our cash and investments. So how does your money metric compare? Giddy up – let’s find out! For more information, please visit www.mo50.com.au

Did you know that there is a maximum age limit for making personal contributions to your superannuation fund? That age is 75, but there’s a twist to this rule. In this episode, Dallas and Ali discuss the twist, and exactly how late you can contribute to your super fund (to the day!). So if you’re in your 70s (or not far off!), this podcast is for you. For more information, please visit www.mo50.com.au

July 1st, 2024 is just over a year away, and it’s an important date for the financially savvy.  In this episode, Dallas and Ali discuss the yearly concessional contributions cap and what the carry forward opportunities mean for you. Making the most of this opportunity doesn’t just boost your tax savings; it also increases your retirement savings, too. For more information, please visit www.mo50.com.au

You may or may not have heard that from 1 July 2024, there are going to be tax cuts. What does that mean? How does that affect you? And most importantly, is there anything you can be taking advantage of before the changes? In this episode, Dallas and Ali sit down and discuss these questions, and give an example on how the current tax brackets can be used to increase your tax return. For more information, please visit www.mo50.com.au

This is a repeat of one of our listener favourites. If you wanted to lose weight, would you sit on the couch eating donuts, or have a salad and do some exercise? The answer is simple, yet many people don’t achieve their goals. Often, we want things to happen right away. This is instant gratification. And like losing weight, saving money and preparing for retirement is a long game.  In this episode, Dallas and Michael discuss the difficulties of investing in the long term – and why some people succeed while others don’t. For more information, please visit www.mo50.com.au  

This is a repeat of one of our listener favourites In our industry, it is common to see investors become fearful that bad times will last forever. There will always be forces at play that will work against this. Things will never get as bad you think they will, and if they do, there's nothing we can do about it. For more information, please visit www.mo50.com.au

This is a replay of one of our favourite episodes. Jerry Seinfeld is a hero when it comes to comedy. In our eyes, he can do no wrong! But when it comes to stocks, his strategy on the show is slightly more like gambling than investing …  In this episode, Dallas and Michael discuss how you can be smarter than Jerry when you invest, and why a diversified portfolio is less volatile than a term deposit. For more information, please visit www.mo50.com.au

What do you consider to be the worst-case scenario when it comes to your retirement? Running out of money? Outliving your partner? Whatever fears people may have, many don’t tend to think they will live long enough to see their 80s or 90s, anyway. But the fact is, it’s very common for at least one person in a couple to live for 30 years or more after they’ve retired. In this episode, Dallas and Ali discuss the implications of this phase of their clients’ lives. For more information, please visit www.mo50.com.au

If your partner or spouse decided to go and buy a new car for themselves, how would you feel? Would you want to upgrade your own vehicle, too? In this episode, Dallas and Ali discuss why only one member of a couple should get a new car at any one time, and how this impacts their savings.  For more information, please visit www.mo50.com.au

People often underestimate the power of compounding. Coupled with consistency, it’s how some people build a healthy retirement fund. It’s not that they’re just ‘good with money’ or that they have a higher income than most – rather, it’s a combination of consistency and compounding when it comes to their financial decisions. In this episode, Dallas and Ali discuss how and why this is the case (and why Ali could’ve been a professional Muay Thai boxer in another life!) For more information, please visit www.mo50.com.au

Buying a house is something that many people see as a milestone; something to aspire to. A place to call home and provide you with security. But once you’ve done the hard yards, bought the house and moved in, will you really be as happy as you anticipated? In this episode, Dallas and Ali discuss a recent property purchase by a Money Over 50 financial adviser, and how it really made him and his wife feel.  For more information, please visit www.mo50.com.au

How does a $9,000-tax return sound? Getting a lump sum of money at the end of the financial year can come in handy for those large, unexpected expenses you haven’t accounted for. In this episode, Dallas and Michael discuss how you can leverage your concessional contribution cap to get a significant tax return and pay less income tax, and how to set up your bank accounts with the most effective structure. For more information, please visit www.mo50.com.au

It is human nature to compare ourselves to others. In fact, we compare everything – material possessions, the size of our homes. Experiences, however, are harder to compare, but often bring us more joy. In this episode, Michael and Dallas discuss what studies have already shown us: that spending money on experiences is better than spending money on material possessions; and why it is good for us financially, too. For more information, please visit www.mo50.com.au

Fact: volatility is something we should all WANT to have! Only high volatility brings high returns – without it, we are virtually guaranteed very low returns on our hard-earned money. In this episode, Michael and Dallas discuss returns from the sharemarket versus returns from term deposits and junk bonds, and why some dodgy companies will try to tell you that you can have high returns without volatility. For more information, visit www.mo50.com.au 

If you’re about to retire, you might feel pressure to be more conservative in your investments. One way to do this is to move your money from super to cash. This is not always a good thing, though – especially if you have kids. In this episode, Dallas and Ali discuss the ‘buffer’ of money you should have in your retirement and why moving everything into a term deposit won’t serve you well in your golden years. For more information, please visit www.mo50.com.au

If there is a significant age gap between you and your partner (five or more years), there are 5 things you need to be aware of that will affect your retirement planning and finances.  In this episode, Dallas and Ali discuss Centrelink, account-based pensions and your super, and how to ensure that you are getting the most out of your money. For more information, please visit www.mo50.com.au

It never feels good to lose something important in our lives. This is certainly true when it comes to our money – we don’t want to see its value going down, and yet it’s unavoidable due to volatility when it comes to investments. In this episode, Dallas and Ali discuss our perceptions of losing money, how loss aversion affects us and what you can do about it so that you don’t make any hasty financial decisions. For more information, please visit www.mo50.com.au

If you have a home loan and can draw from it, that’s a good thing, right? Not necessarily. While having your income be paid directly into your loan account can reduce your interest, the negatives of doing this well and truly outweigh the positives. In this episode, Michael and Dallas discuss what the negatives are, and why you are better off having your salary paid into your bank account, instead. For more information, please visit www.mo50.com.au

Do you like taking advice from other people? Or do you listen half-heartedly before doing the exact opposite of what they have suggested? In this episode, Michael and Dallas delve into when, and from whom, you should take advice – and why an ‘expert in all areas’ is really an expert in no areas. For more information, please visit www.mo50.com.au

Warren Buffett, well-known investor of over 70 years, has said that to invest successfully you only need to own three companies. In this episode, Michael and Dallas argue against this statement and why this strategy won’t work for everybody. They also discuss the role of hindsight when it comes to investment success. For more information, please visit www.mo50.com.au

We can get caught up in a million different things when it comes to retirement planning, when there are only two numbers that actually matter. In this episode, Michael and Dallas discuss what they like to call the red numbers and the green numbers, and why they are the most important numbers once you have retired. For more information, please visit www.mo50.com.au

Over the last decade, we've come to realise that people who check their super balance frequently are also the ones prone to panic when it comes to market volatility. So how can you avoid this? In this episode, Dallas and Michael discuss how often you should check your balance, and why setting the bar at the highest mark is not a good idea. For more information, please visit www.mo50.com.au

Have you ever embarked on building a 9,000+ piece Lego display? This is Michael’s current project with his young son, Richie: building a giant model of the Titanic. For Michael, instead of ripping his hair out, there’s only one way to build the ship – brick by (Lego) brick.  If you want to improve your financial standing, you can apply the same philosophy – take small steps, one at a time. In this episode, Michael and Dallas discuss what those initial small steps should be. For more information, please visit www.mo50.com.au

What do you see yourself doing when you retire? Going on holidays? Fishing? Taking mid-afternoon naps on the couch? All of those things sound amazing, but could you do them for 33 years straight? In this episode, Dallas and Michael will get you thinking about the many years of retirement that we are lucky to get these days. For more information, please visit www.mo50.com.au

Have you ever thought about when you’re going to die? It’s probably not something most of us think about often. Yet when we have meetings with clients, many are quick to tell us they’ll be dead by 80. The statement can lead to some awkward laughter; however, the reality of how long you’re likely to actually live and how much money you’ll need might seem more grim than the thought of dying before 80. There’s nothing grim about this episode, though – listen to Dallas and Michael discuss how life expectancy affects retirement. For more information, please visit www.mo50.com.au

Are your investments diversified? Isn’t it better to invest in big companies like Amazon and Netflix instead of just the top 500 companies of Australia or the world? In short, no. In this episode, Michael and Dallas discuss why diversifying your portfolio is healthy, and whether or not you should diversify across asset classes, too. For more information, please visit www.mo50.com.au