The Nest Egg Protector’s First TV Appearance

Well I didn’t expect to become a star overnight and maybe I won’t šŸ˜‰ But anytime I can get in front of a camera to push my point about Baby Boomers needing to protect their nest egg it’s a bonus.

Today I got that chance. I did an interview with Channel 10 in Sydney Australia. It goes on air tomorrow at 11:00 am and the evening news. I might get 20 seconds or so. Still it all helps.

I am hoping I manage to strike the right chord, concerned, responsible and objective not alarmist. But after reading the survey by Mercer written about in my post “Government takes control of Baby Boomer Retirement Nest Eggs“, maybe I need to be alarmist.

Baby Boomers have only had 20 years in Australia and a lot less in other countries to prepare for financing their own retirement. To many this will still come as a shock. The pension looms large in their make-up from watching their parents retire.

However we Baby Boomers have been charged with the responsibility of looking after ourselves and even though there is a pension and social security life-line we want more than that.

However if the average nest egg is about $200K-$300K, there is a big problem. Most Baby Boomers won’t be able to survive on their nest egg.

The government has provided a safety net if all is not well. It just means Baby Boomers have to sacrifice their hopes and dreams if they do not have a decent nest egg if they end up on the pension alone.

It is ironic though that those that don’t make the effort to look after themselves will end up on the public purse getting all sorts of social services for free – the biggest being health services. Whist those Baby Boomers who took responsibility for their retirement will have too much money and will have to pay for their health services mostly out of their own pocket. Where’s the justice in that?

Anyway that’s an argument for another day.

I am hoping my interview will help Baby Boomers realise that it is time to take control of their nest egg and manage it. Let’s hope they play that bit of the video. I do believe we still need to find a financial planner who thinks in terms of protecting our nest egg in retirement and is willing to put in place active management strategies that help us do that.

Finding a financial planner is probably the number one task when deciding to take control. The second task is doing a full audit of your financial situation including getting an accurate and up to date statement of your nest egg capital position. Then you and your financial planner should put in place a strategy that meets the rules of protecting your nest egg in retirement. These are Rule #1 – avoid large losses. Rule #2 Minimize fees and charges. Rule #3 find ways to fight inflation and Rule #4 Make sure all taxes are legally minimised or eliminated.

Unless you can get proper control of your nest egg through a WRAP Account you may be better off putting your money into a self manager retirement fund and controlling your nest egg from there. The recent reports in the newspapers say that people in self managed retirement funds have faired a lot better this year in this market down-turn than the big professional wealth managers have.

Maybe there is a lesson there – No one looks after your money as well as you do. At 60 years old if we have managed our personal affairs well then taking on the responsibility to manage our nest egg with the help of a financial planner or wealth manager should be a no brainer. Just get started and you will find the way.

2 Responses to “The Nest Egg Protector’s First TV Appearance”

  1. Martin White says:

    Well done David.

    I will see if I can catch CH 10 News

  2. admin says:

    Thanks Martin,

    I’m not sure how long I’ll be on or how well I will come across.

    I’m hoping I’ll look like a concerned Baby Boomer as I am no expert on company returns or predicting future returns on funds where were two of the questions.

    I tried to get a plug in for Baby Boomers vs. the rest and one for my Web site. But I may end up on the cutting room floor.

    Anyway it is a start.

    David

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