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491 | The 3 Stages of Retirement & Why Most Don’t Think Beyond Stage 1?  – Chat with Jennifer Langton

 

“What you do with your home will have the biggest impact on your fees and charges and how your cash flow works in residential aged care.”  Jennifer Langton  

Folks, there’s A LOT of considerations and work to be done to “get your ducks in order” before you retire. It can be overwhelming, from managing your pension to strategically positioning your home and investment properties.   

And it’s not just for elderly folks or those who are about to retire. Gen Xs, we’re talking to you too!   

To help guide you through Australia’s complex Aged Care system, we’ve got an exceptional, first-time property couch guest: Jennifer Langton!   

Jennifer is the Head of Personal Advice at Aged Care Steps and is an Educator, Financial Adviser, and Speaker who is an FAAA accredited Aged Care Specialist for Senior Aged Care and Retirement Living.   

Together, we unpack: 
✅ The 3 Major Phases of Retirement & why most people only think about Phase #1!  
✅ Why you want to avoid “Hospital Carpark Decisions” at ALL costs  
✅ Why You Don’t Want A Scottish Castle In Retirement!  
✅ How your home is assessed (Psst: It’s different between your aged care and aged pension!) 
✅ The intricacies between interest rates and pensions and the new incoming changes 
✅ Jen’s top tips and tricks for aged care and much more!   

 Tune in now to discover the answer to some of these age-old questions 😊   

 

Free Stuff Mentioned

  • 2024 TPC Survey Closing Soon! Let us know what we should start, stop and keep doing and as our thanks to you, we’ll give you a Case Study Series Unpacked for FREE (usually $297). Plus, the top #5 most insightful answers will win a $100 gift card. Share your thoughts now >>    

Timestamps

  • 0:00 – The 3 Stages of Retirement & Why Most Don’t Think Beyond Stage 1? 
  • 2:44 – 2024 Survey Closing Soon: Fill yours out & get our FREE Case Studies Unpacked Series 
  • 5:02 – If you are a Gen X, you’re going to want to do this…  
  • 6:08 Mindset Minute: Dream while you’re awake    
  • 9:53 – Welcome Jennifer Langton!  
  • 10:29 – We NEED to change these Aged Care myths  
  • 14:29 – Jen’s career from Flying to Financial Planning 
  • 16:50 – Her Traditional Money Backstory  
  • 19:04 – “Sit down and have that cup of tea”: The first big steps to financial literacy  
  • 21:30 – How Jen has always stayed in control of her finances  
  • 22:38 – The big transition away from a traditional upbringing 
  • 23:26 – The 3 Major Phases of Retirement  
  • 27:21 – The options available in Australia’s care system  
  • 32:03 – Who and what should you be considering when it comes to retirement?   
  • 33:54 – Application to approval codes: The Assessment Process  
  • 37:37 – The Scottish Castle: Why it matters WHERE you live 
  • 41:27 – “Your home is assessed differently for aged care and aged pension”  
  • 44:45 – Avoid ‘Hospital Carpark Conversations’ at all costs! 
  • 46:44 – THIS is where Financial Planners shine  
  • 48:12 – The messy middle of 1 investment property  
  • 50:27 – Option 1: Do Nothing?!  
  • 51:12 – Case Study: Beryl, aged 87  
  • 54:55 – The fine print: Refundable Accommodation Deposits (RAD) 
  • 58:06 – New changes coming out to interest rates and aged care?  
  • 1:01:55 – The wealthiest generation around the world    
  • 1:04:12 – Tips & traps of aged care 
  • 1:07:53 – The Granny Flat Catch  
  • 1:09:30 – Summary  
  • 1:10:23 – What options do you have for your home in retirement? 
  • 1:11:43 – Why we haven’t been talking about Superannuation 
  • 1:13:47 – Advice from one of the best in financial and aging care planning   

And… 

  • 1:16:04 – Thank you for turning on the lightbulb, Jennifer!  
  • 1:21:36 – Lifehack: Apple has added a game-changing feature for podcasts  
  • 1:23:40 – WMPN: Construction has hit new lows & the most expensive property on the planet?!  

 

354 | The Rise of Family Office Wealth & Investing Without Emotion

Logic vs Emotion. Unspoken Property Conversations. Family Office Wealth.

What do all these things have in common?

Well, we’re unpacking them all – and more! – in today’s Q & A episode where we welcome back ol’ mate Ben from his Big Trip by answering NEW listener questions about how to invest in property as an aspiring Australian in current property market conditions!

And it begs the question: How much money do you need to invest in property?

For example: if you have been priced out of the major capital cities or are a low income earner, what are your options?  And how can you balance both the investment strategy and this very real reality?

Plus, there’s a couple of unspoken property conversations we want to tackle, and let you in on some tips on how to take the emotion out of investing… and what to consider if you are considering gifting property to your kids or helping future generations to succeed…

Tune in now for the gold!

Q’s we answer further below 👇

 

Free Stuff Mentioned

AweGuest Series:

Winter Series:

 

The Questions We Answer

Question from Aaron about The “Unyolking” of Major Cities
In regards to the unyolking of major cities, what do you think that does to inner city suburb housing prices into the future? Do you think the appeal of these suburbs could start to reduce a bit and the property values will follow or at least slow in terms of growth?

 

Question from Anonymous on Buying in Ballarat, Bendigo or Geelong
Hey guys big fan of the show. I’m 26 years old and I’m currently to invest in a property but Melbourne is getting a bit too expensive, so I was thinking in the region in Victoria so around Ballarat, Bendigo or Geelong and my friends were thinking the same thing as well. I was just wondering what you thought about that. Thanks!

 

Question from Ross on Investing on Low Income
Good day guys. Love the podcasts, love the book and, like a lot like probably a lot of people who get in contact, with you wish I found you 10 or 15 years ago. Anyway, my name is Ross I’m 42. I only work as a mechanic, so I only make $52,000 a year before tax. Me and my wife have twin girls who are 7 and my wife is a teacher but she’s not working full time at the moment just doing casual relief teaching moments and looking to get back into it full time in maybe two or three- or four-years’ time. My question is she says we should wait until she’s working full time to look into an investment property, I say let’s do it now ‘cos I’m excited and I wanna get in the market, but our household income is not very much obviously mine being 52 grand, she makes around about 20 to 30 grand just depending before tax every year, but yeah my question mainly is, is there a minimum amount of household income that we should be making before we should start an property investment portfolio. We own our rent-a-home where we owe 100 grand on our own home loan at the moment and probably will have that paid off in a couple of years .

My main question is, Do you think we should wait on such low wages until she’s making more money or can we go for it now?

 

Question from Rosie on Gifting Properties to Children
Our mother is 73 and she is a single mum who’s worked hard all her life as a sole trader to be in a position to leave a property to each of her three children. She is finishing work soon and has decided that her children need these properties now at the most difficult time of their life with young kids, however, this means that she will not have these properties to live on over the next 30 years. What advice would you give her, having no superannuation? She’s decided she wants to go on the pension, but is now realising the tax implications of gifting these properties.

 

 

 

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