The analysis released by the Australian Bureau of Statistics (ABS) showed the number of over-45s who say they will not retire before turning 70 has dramatically increased, from eight per cent to 23 per cent in the past decade. The recent ABS findings have sparked fresh concerns that a comfortable retirement is now ‘out of reach’ for hundreds of thousands of Australians.
Ask My Advice Day is a nationwide community initiative where the Yellow Brick Road branch network opens up their doors to hold obligation free ‘open house’ sessions for any locals that want to come in and discuss any financial questions or concerns.
Mark Bouris, executive chairman of Yellow Brick Road said starting early is the key to building wealth for retirement.
“Everyone deserves the chance to retire comfortably but people need to take action. Getting financial advice early in life allows you take advantage of time and compound interest. These are a powerful pair when it comes to creating a comfortable life. Ask My Advice Day is an easy way to get started by just coming in and asking a qualified adviser any burning questions - whether it’s on your retirement, your home loan, superannuation, insurance or savings.”
A poll of Yellow Brick Road advisers said the most popular client questions include:
- Should I negatively gear my investment properties?
- What should my interest rate be?
- How can I help my children break into the property market?
- How can I protect myself against interest rate volatility?
- How much super should I have at my age?
- How much do I need to live on each year in retirement?
- Should I pay down my loan or pay into my super?
Recent Yellow Brick Road research showed the reasons people aren’t seeking advice from a financial adviser include the belief they don’t need one, cost, reputational worries, perception that advisers are only for the wealthy and embarrassment in the state of their finances.
Mr Bouris said that many times people are nervous or embarrassed to ask what’s on their mind but that his business is pulling back the obstacles and saying no question is too big or small.
Obligation free 30 minute consultations for Ask My Advice Day can be made by with a local branch by visiting the Yellow Brick Road website at www.ybr.com.au/advice.