Leading financial adviser Nick Bruining will show how you can live well with just $270,000 in superannuation and savings
WA’s best-known financial adviser has a simple message to every Australian worried about dying broke: Don’t Panic.
Three years after his first book ran off shelves as readers were drawn to his no-nonsense brand of advice, Nick Bruining’s fully revised and updated edition of Don’t Panic: More reasons you don’t need $1 million to retire well is now on sale.
At 160 pages, the book is 50 pages bigger than its predecessor.
Bruining’s easy-to-follow formula for a stress-free retirement has been fully revised and updated to take into account the plethora of superannuation law changes since 2015, the fallout from the banking royal commission and changes in the world investment environment.
With the repercussions of the royal commission still being felt, Bruining explains how readers can choose a good financial planner, how much they can expect to pay, and what fees and charges are reasonable when it comes to their nest eggs.
And the conservative blueprint for investing detailed in Don’t Panic will be welcomed by the army of investors feeling jittery after last week’s sharemarket rout.
“There’s a very clear five-step thought process that guarantees we all panic about not having enough money to retire on,” Bruining says.
“You read somewhere that a retiree needs $45,000-$50,000 a year to live comfortably.
“You figure that you and your partner won’t have to spend your golden years eating beans on toast washed down with a $4 cleanskin from Dan Murphy’s.
“Out comes the calculator and you work out that based on a safe, secure bank account return of about 3 per cent, the lump sum required to generate that income each year is: $50,000 divided by 0.03, or $1,666,666. “Now you start sweating. “You total up your superannuation, your savings and the odd clutch of CBA, AMP and Telstra shares that you have collected over the years and you come to a grand total of a little over $300,000. “Now you panic.” Bruining says investment “professionals” build fortunes convincing people they need a huge nest egg to avoid living in poverty.
“That’s why they will never tell you that a couple with $270,000 in superannuation and savings can easily generate an after-tax income of $48,000 a year, have it indexed for life using lower-risk strategies and still have funds for travel and other fun things,” he says.
Don’t Panic: More reasons you don’t need $1 million to retire well is published by West Australian Newspapers and is available at leading bookstores and
newsagents for $29.95, or can be ordered online at thewest.com.au/dontpanic. The book has the added bonuses of a pull-out, easy-to-use household budget spreadsheet and a ready-reckoner of financial thresholds and limits. Editor of The West Australian, Brett McCarthy, said the new book was timely given the scandals uncovered by the royal commission. “Every day for months Australians have been hit with new revelations of wrongdoing by the big financial services companies we have entrusted with our retirement nest eggs,” McCarthy said. “Nick Bruining prides himself on delivering unconflicted advice and he has continued that tradition in Don’t Panic: More reasons you don’t need $1 million to retire well. “If, like most people, you are bewildered by the world of investments and superannuation, then you will feel more in control of your future by reading this book.”
Nick Bruining with his revised and updated book about planning for retirement.