Thursday, July 14, 2011

Lifestyle Strategies 15 July 2011


For anyone on modest wages, you cannot realistically expect to produce enough wealth in 40 of working to sustain 25-30 years of retirement living. If you doubt this, just run the numbers.

However that hasn’t stopped us from thinking that a comfortable retirement is within everybody’s reach.

But it is becoming clear that most employees will never be able to retire, and the sooner we face this fact and plan for it, the better off we will be.

That doesn’t mean I don’t think people should save their money and do their best; just that, for a lot of people, doing their best is not going to be enough.

The goal for about half of us will be, perhaps, to be able to work only part-time in our latter years. That’s what many “retired” folks already do today. They work part-time, or they freelance, or they do temporary work part of the year, such as working in retail in the lead up to Christmas.

The pension will be around in the future, but it almost certainly will be scaled back. We’re fools if we think we’re going to be able to live on it. Look at what they're done already to the Widow's Pension.

Unless you’re making a generous salary, stop dreaming of spending your retirement traveling around. It’s not going to happen. Scale your expectations down a few notches. Plan to keep your house and to only have to work part-time. Hopefully, that will be doable.

Most of the financial experts out there are directing their comments only to their fellow well-off citizens. It makes sense, of course — there isn’t much fee income in financial planning for the poor.

So you need to do something totally different to your peers. My suggestion is to use the equity in your family home, plus the potential tax credits off an investment property, and rent from the tenant to tuck aside your first investment property. It’s really quite easy.

Alternatively – take whatever hobby you have and turn it into a “profitable hobby”.

Acknowledgements: Michelle Teheux “The Pekin Times” 6 July 2011


If you’re early into your retirement, you could well have an interesting time as part of Australian Business Volunteers – working in Oceania or South East Asia.

The focus is on “enterprise development”, and assignments for volunteers are generally three to four months, and they’ll pay you travel expenses, and on-site you’ll get a living allowance and accommodation.

You could be a pastrycook, kindergarten teacher, public servant , postman or you may have some banking experience, but if you’re got an adventurous spirit, ABV will have a place for you.
More detail


Here’s good advice for women with years to implement different strategies – such as your teenage granddaughters.


There are numerous web sites that focus on the financial interests of women, from asset allocation to retirement planning.

They are typically American, and here are just a few: offers an array of financial subjects important to women. features financial health goals and fundamentals.

Women's Institute for Financial Education provides features on a variety of financial matters, such as saving, budgeting and planning. Go to

Women's Institute for a Secure Retirement spotlights five key financial categories under "Your Financial Future" on its home page.


Many of us are approaching our retirement years with modest financial resources.
I’m sure that’s not what was intended, but nevertheless, that’s a fairly common situation – especially for women.

To make the most of our retirement years, we’ll need creativity, compassion, determination, a willingness to provide mutual support, and some luck.

Which reminded me of that popular TV show Golden Girls, which is now having another life on GEM (the second of Channel Nine’s other channels), as it offered a creative example of how to solve the “not enough money/don’t want to live alone” dilemma.

Remember the story line? It was that Blanche Devereaux, a widow played by Rue McClanahan, owned a home in Miami. Blanche placed a room-for-rent ad at a local grocery store, and she soon had two new tenants: another widow, Rose Nyland, played by Betty White and a divorcee, Dorothy Zbornak, played by Bea Arthur. Later they were joined by Dorothy’s mother, Sophia Petrillo, played by Estelle Getty, when her retirement home, Shady Pines, burned down. Blanche, Rose, and Dorothy were in their sixties, and Sophia was in her eighties.

Can that old sit-com give us some insight of a possible solution for anyone without adequate financial resources?


I recently came across Miriam Goodman’s second book “TOO MUCH TOGETHERNESS: Surviving Retirement as a Couple,” by Miriam Goodman; Cedar Fort, $9.99, 115 pages

She is also the author of “Reinventing Retirement” a handy treatise on your financial readiness for retirement

This new book offers advice on planning the end of a career and the beginning of the rest of a couple’s life together.

Each chapter begins with a quote from an author or other expert that sets the tone of the unique topics covered. Goodman does a good job covering issues such as different perspectives on socialization, varied interests and energy levels, hopes and dreams, health and dividing the work.

“Too Much Togetherness” is geared to women, but Goodman believes cooperation and compromise will benefit both husband and wife. People live longer now and more technology is now available. The transition to retirement should smooth for the person who has always worked hard.

At a time when everything old is new again, women frequently look forward to making up for lost time and doing the things they couldn’t do when they had family and/or work obligations.

On the flip side, after years of faithful commitment to a career, a man may be looking forward to winding down, relaxing more and staying at home for a change.

Rich in interviews, anecdotes and good advice, Goodman provides a guide to issues that all couples must face. She has created a concise and useful book.

Acknowledgements: Deserert News, Salt Lake City, 19 June 2011


Civic Ventures in San Francisco recently ran a competition: “Tell us about your encore career in six words”.

Without further ado, here are the 10 top vote getters:
• Done climbing ladder; now lifting others. (Grand prize winner)
• From power suits to passionate pursuits.
• Medicare and Masters in the same year.
• Lost my job. Found my purpose.
• Empty nest, full heart, new direction.
• Former programmer, future minister. Why not?
• Losing fears, changing gears, new career.
• Energetically renewed by renewable energy work.
• Been there. Done that. Now what?
• Gray hair, hell of a crown.

And here are a few honorable mentions, by theme.

On the transition:
• Rags to riches. Unemployed to entrepreneur.
• Self reinvention is my heart’s intention.
• Free: used blackberry, briefcase. Will deliver.
• Kids left building, mother for hire.

On the choice of a specific encore career:
• Substitute teach. Life’s a constant education.
• Nursing. More than worth the wait.
• Surprise! Tending the dying enriches life.
• Wrote off old job. Teaching writing.

On hardship and recovery:
• My midlife crisis fixed my life.
• Lost home, lost job, found purpose.

On pride, experience and age:
• Graduated at 60, doctorate in life.
• Lost my teeth, found my voice!
• Feel important for the first time.
• Age 59: End of the beginning.
• Crowning achievements in my later years.

On change – and refusing to move to the sidelines:
• Following my passion is finally okay.
• Work got stale but I didn’t.
• Perfect job came late. Retire? NOT!
• I refuse to be a dinosaur.
• Changed gears so often, transmission busted.

On optimism:
• Backpack full; mountains still to climb.
• New script for the third act.
• Didn’t follow recipe, cake still baking.

On the power of helping others:
• Looking for gift, gave of myself.
• Returned to the nonprofit world. Paradise regained.
• Many jobs, one thread: social justice.
• Investing in others pays big dividends.
• Giving back what was freely given.


In our next issue, I’ll keep you up-to-speed with what’s happening with retirement planning.

Remember, even if an investment property doesn’t increase one penny over the next ten years, you’re still going to be $100,000 better off.


You can now buy my manual “37 case studies of Profitable Hobbies for immediate application” at

At $19.75, it’s excellent value if you think you’ll be needing an additional source of income at some stage.


I use this for current news – as part of my social network tools


Go to


there's about 40 vidios there


Bernard Kelly mobile 0414 778 518
Australia’s Retirement Strategist®

“expect to reap an extra $449,999* when you’ll really be needing it”.

PS As I don’t spend my advertising budget on traditional media, I’m able to pay you $5000 for successful referrals

About Bernard Kelly:

Bernard Kelly BEcon MBA CRPC Australia’s Retirement Strategist®, is a highly sought-after advisor, retirement authority, thought-leader, author and radio commentator because he makes the complicated and mundane topics of investing and retirement fun! Bernard has over 20 years’ experience providing families with financial thought. He is the author of Live Your Dreams in Retirement, Property Investing for Couples, Goolwa by Breakfast and Raising Decent Kids into Substantial Wealth and publishes a fortnightly newsletter that reaches thousands of subscribers worldwide.

19 Prospect Street, Box Hill 3128 Australia. Tel 61-3-9899 8577 mobile 0414 778 518


Following my own advice, I have now established my own “profitable hobby” – a webhosting service. Go to

and also