With a substantial sum of $9 million at hand, the question arises: What's the best course of action? Susan Edmunds, an expert in financial matters, offers her insights. Firstly, she suggests seeking personalized financial advice, as the amount in question allows for structured investments beyond bank deposits. Dean Anderson, CEO of Kernel, agrees, emphasizing the importance of support in understanding investment goals and the process of account opening and management. This is particularly relevant for individuals in their 80s, who may find it challenging to navigate the complexities of financial planning.
The article also delves into the potential of solar power as an investment. While there's no definitive data on the impact of solar installations on property value, Paul Fuge from Consumer's Powerswitch suggests that it's currently viewed as a bonus rather than a significant premium. However, as electricity prices rise, the understanding of solar power's value in terms of resilience and cost savings is expected to grow, potentially influencing buyers' decisions.
The discussion then shifts to retirement planning, specifically KiwiSaver. With retirement approaching, the focus shifts from building a balance to spending it wisely. Rupert Carlyon from Koura highlights the importance of conservative assumptions and regular monitoring. Edward Glennie from Genesis Advice recommends using projection calculators to determine safe withdrawal amounts. Ralph Stewart from Lifetime Retirement Income emphasizes the need for regular monitoring and a balanced approach to spending, aiming for a 7% annual drawdown to ensure a sustainable income stream over 30 years.
In conclusion, Susan Edmunds' podcast and newsletter provide valuable resources for individuals facing financial decisions. By seeking personalized advice, considering solar power, and carefully planning retirement, individuals can make informed choices and potentially secure a comfortable future.
