Financial advice for 69-year-olds: living well and planning ahead

At 69, you’re likely well into retirement or enjoying the flexibility of semi-retirement. This is a time to focus on sustaining your lifestyle, protecting your assets, and ensuring your legacy is in place. Here are some key areas to review and actions to consider:

Review your retirement income: Make sure your income streams, New Zealand Super, KiwiSaver, investments, or rental income, are still working well for your needs. Talk to a financial adviser as they can help with a strategy to make your money last.

Simplify your finances: Now’s a good time to consolidate accounts, reduce financial clutter, and make things easier to manage. This can also help loved ones if they ever need to step in and support you.

Reassess insurance needs: You may no longer need some types of cover, or you might want to adjust your policies to reflect your current health and financial situation. Talk to a financial adviser to ensure your cover is still fit for purpose.

Consider your living situation: Is your current home still right for your lifestyle and health needs? Downsizing or modifying your home could free up capital and make life easier in the years ahead.

Think ahead about retirement living: Even if moving to a retirement village isn’t something you’re considering right now, it’s worth putting your name down early. Being proactive means having a plan so you’ll have options later, rather than leaving it to family to make decisions reactively if your needs change. Many villages have waitlists, so getting ahead of the curve can give you more control over your future.

Estate planning: Ensure your will is up to date and that you have enduring powers of attorney in place. If you haven’t already, consider writing a letter of wishes to guide your loved ones on how you’d like things handled.

Support your family wisely: Helping your family financially during retirement can be a meaningful way to give back, but it depends on your personal financial situation, goals, and boundaries. Here are some things to consider.

• You’ve planned for retirement and have surplus income or assets.
• You’ve worked with a financial adviser to ensure your long-term needs are covered.
• You’re helping in ways that are sustainable and don’t create dependency.
• You’ve clearly communicated expectations and boundaries with your family.
• You’re not dipping into essential savings or emergency funds.
• You’re not feeling obligated or pressured to help, rather than choosing to.
• You have made sure you’re not compromising funds for future health costs for lifestyle needs.

Talk to a financial adviser to find the right balance.

Plan for travel: Retirement is a great time to explore new places, whether it’s local getaways or overseas adventures. Make sure your travel plans fit within your budget and consider setting aside a dedicated travel fund. If you’re planning extended trips, talk to a financial adviser about how to structure your spending so it doesn’t impact your long-term financial security. And don’t forget to organise comprehensive travel insurance.

Keep learning and stay engaged: Stay informed about your finances and the world around you. Whether it’s through reading, volunteering, or mentoring, staying active and connected is key to a fulfilling retirement.