Q&As:
– Reader, 95, could become the little old lady of online share traders
– Spending little on clothes — and worrying about 65-plusers still working
– Money making idea for last week’s Dad
– How hard is it to withdraw KiwiSaver money in retirement?
– Former teachers appreciate my comments
– State schools produce some notable ex-pupils
– Is this column disclaimer-free?
Gender differences in handling money and investing
ASB info from customer transactions:
– Spending
– Money management
– Saving
– Retirement savings
– Knowledge
Other research:
– Risk
– Trading
– Scams
Messages for each gender
Reverse mortgages revisited, and 10 ways to make retirement easier financially
– Further thoughts about reverse mortgages — when younger retirees might use them
– Retire later — job satisfaction, social contact, financial
– Move house, and maybe town
– Boarders or flatmates or Airbnb
– Subdivide
– Rates rebates if on low income
– Rates postponement on any income in some places
– Accommodation supplements (government help with rent, board or home ownership costs)
– Sell your house and be a tenant
– Sell assets on Trade Me etc. including valuables
– At 90, you become the charity!
Changes to consumer lending – harder to borrow but less spiralling debt
Notes from Financial Services Complaints Ltd conference on May 4
– Changes in effect last year: Caps on interest and fees.
– Changes in October 2021: Lenders must assess whether borrower can afford loan.
– Consumer Data Right: Government considering this. Consumers can choose to give their financial data to providers, budgeting platforms or comparison websites, etc.
– Another topic: “A complaint is a gift”.
Q&As:
– Where to get help for worrying family member
– One way to help your child into the house…
– … And tax changes shouldn’t get in the way
– Capital gains already taxed if you aimed at profiting
– Tax on NZ Super when you continue to work
– Quitting job ‘best thing I could have done’
The wisdom (and otherwise!) of listeners
Runners up and winners of 5 copies of Mary’s new book, A Richer You — how to make the most of your money.
Some themes in the entries:
– Money and happiness
– Families and finances
– Shopping
– Investing in shares
Is paying down your mortgage still the best strategy?
What to do with extra savings — beyond KiwiSaver minimums etc.
Also lump sums — inheritance, redundancy, win
– Mortgage used to be the winner — after include tax and fees. Now — with 2–3% loans?
– Other options: more into KiwiSaver, non-KiwiSaver funds, shares, rental property?
– The main issue: risk — needs to be high enough risk, long-term. Can you cope with volatility? Are you strong financially?
– Other issues: security (psychological and financial), simplicity, but diversification, learning about markets
– Penalties for paying fixed-term mortgage early
– Conclusion: perhaps do what you want!
Watch Your Spending
New Zealanders’ household spending is way up, compared with late 2019.
Spending is OK if not getting into debt
Why spend on non-essentials?:
– Happiness. But often short-term.
– Appearances.
– Pressure to spend on special shopping days.
What to do:
– Use credit cards?: pluses and minuses
– Estimate spending in different categories, then keep track for 2 months
– Change a habit for just a month. Letter to futureme.org.
– 2 birds with one stone: Cut spending on unhealthy things
– Help w budgeting: MoneyTalks. Free, confidential and non-judgmental, around NZ.
Money and relationships
– Follow-up on last time’s financial knowledge quiz — angry comments about women
– Survey on money and relationship problems
– Worse for the young, and worse for low and high income than for middle incomes
– Conflict more likely if … overspending etc.
– What to do about it
Q&As:
– FIRE movement lets you retire many years earlier
– Keep up basic health insurance in retirement, despite cost
– Rental or shares could save woman from reliance on the state
– Sorry, but overseas relative can’t get KiwiSaver government contribution