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Pressured pre-retirees given new guidance

retirement financial guide

A former financial adviser has launched a guide for pre-retirees facing financial pressure supporting three generations of family.

A former financial adviser has launched a guide to improve how people over 50 years of age plan retirement strategies, while also supporting their children and parents.

Noall & Co managing director and former Association of Financial Advisers national president Marc Bineham said the guide – titled The Money Sandwich – is targeted at people in their latter working years before retirement.

“This is a demographic I know very well because I belong to it, as do my friends and family. It is also a demographic I feel really needs help as many are at a critical time in their lives, both personally and financially,” Bineham said.

Bineham, who had a 30-year career as an adviser, said people in this demographic were the “sandwich generation” as they were in the last 20 years of their working lives and trying to financially support adult children and ageing parents while preparing for their own retirement.

The book covers how to manage debt, plan a retirement strategy, diversify investment portfolios with minimum risk, find a suitable financial adviser, optimise superannuation and safeguard the financial future of children.

The Money Sandwich is designed to help people successfully navigate these challenges by providing practical, easy-to-understand knowledge, tips and action lists on all aspects of financial management for pre and post-retirement,” Bineham said.

“This is a great period of our lives, but financially it comes with significant challenges because of the competing priorities,” he added, pointing to Association of Superannuation Funds of Australia research that found while the average 67-year-old couple needs $640,000 in super at retirement, most only have $418,000 when they reach that stage.

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