Patricia Rickard Clarke has unique experience in preparation for, and planning for future life. Patricia shares her insights on:
- Preparing for our financial future
- Preparing for care and health wishes
- Preventing and avoiding abuse issues of ourselves or loved-ones.
Patricia has, and continues to work across many organisations and groups who are focused on the promotion and development of rights and wellbeing of people who are or may at some point be vulnerable.
If you are wondering 'how does an ARF work', may I suggest we consider instead the question; 'how should an ARF work'!? Given that your draw-down strategy in retirement will be one of the biggest financial decisions you will make in your mature life, this really is a topic worth doing some homework on.
Unfortunately, ARFs are generally managed in a pretty laissez-faire manner by most providers. They take your money, stick it into a mid-volatility fund and hand you a cheque every month for 4% of the average over the month, and let your hard-earned pot do whatever it will do. There are options.
This week I share with you 5 instances where you should seriously question the advice you get from your financial advisor, and some questions to ask to help explore the suggestions!
Now, if you've got a good one whom you trust, your Financial Advisor can be the difference between you having a successful financial life, and not. But if your advisor gives you a bum steer that you act on, the impact of that could be significant on your long term financial success.
Paddy Delaney Informed Decisions
Dr. Thomas Gilovic has conducted several studies, some spanning decades, which measured the level of satisfaction and joy that people get from experiences versus material purchases. Here is a link to one particular study he was involved in, the insight of which is really quite fascinating. There appears to be three core reasons that experiential purchases give us more long term satisfaction.
Hopefully you get some value from this week's episode. Enjoy!