Financial planning in my 60's

Career and business management


At this stage in your career you will be putting the finishing touches on your retirement plan, perhaps even preparing your business for sale, or succession planning for the next generation. 

We have a specialist Business Services division that focuses on making future planning simple.  As an introduction, here are some of the things you need to consider when being in business





Savings and Investments

Managing Your Investments

It is likely that you are becoming more conservative in your attitudes and approach to investing; however you are also acutely aware that the quality of your lifestyle is greatly influenced by the return you get on your investment.  You cannot afford to risk losing your capital, but hope for high returns on your money.  You could well have twenty years or more left in retirement.

So what do you do?  This is a delicate area, and the solution that is right for one person is not right for another, even if they are in a seemingly similar situation.  So where should you turn for advice?  Well you can canvass widely, talk to your friends and see what they are doing, and there is nothing wrong in this.  However you should consult with an investment professional to be sure these ideas fit well with what is right for your and for your personal situation.

We can assist you in this regard and provide you with the tools and the information you need to make an informed decision.  We will not try to influence you to do something you are not comfortable with: quite the opposite in fact.  We will help you to determine what is right for you and we can implement that plan on your behalf.  Take a look at our case study and success stories page to hear from our existing clients like you.

Saving for your children’s or grandchildren’s education

60protectA good education is critical to ensure your children or grandchildren get off to a great start in life.  Each year the cost of tertiary education rises and by the time your children or grandchildren are ready to enter University the costs may be prohibitive.  What a great gift for you to be able to fund your children’s or grandchildren’s education so there is no need for them to find the money themselves, or get a student loan?   We can incorporate this type of savings into your financial plan.  By putting a little aside regularly, you will be able to give your children or grandchildren a financial and educational advantage.

Saving for investment

Investment will help you reach your goals.  Investments can help you achieve an independent income - meaning that you're living off your interest and dividends from your assets for a comfortable retirement. Putting a little aside for investing is a wise move, and we can show you how easy it is.


Planning for a comfortable retirement

planningretirementWhatever your thoughts on retirement, it is likely that you will plan and invest to achieve your financial goals.  The investment strategy that best suits your needs will be individual to you, but is likely to be determined, amongst other things, by your investment risk profile, your stage of life, your time to retirement, your personal preferences around investing, and your previous investing experience.  When Iconic Financial constructs a financial plan and an investment portfolio, these factors and many others will be taken into consideration.

You can download a PDF format example of a financial plan including retirement planning.


The KiwiSaver Savings Scheme

Most people would like to have a retirement income greater than what the government may offer (if anything) and what the KiwiSaver scheme will provide; you may also like to retire earlier than the KiwiSaver scheme allows.  While investors currently have access to their KiwiSaver savings at the age of 65, given overseas trends, it is likely the age of eligibility will change; possibly as late as age 70.  So if you wish to be in control of when you retire and how much money you have to enjoy your retirement, you are likely to need a financial plan and an investment portfolio outside of the KiwiSaver scheme.

kiwicoinsFind out about what type of investments are available in NZ and what we recommend.

Your KiwiSaver savings need to be treated as a significant part of your portfolio; you should be with the right fund manager and in a portfolio in keeping with your risk profile.  As you get closer to retirement you may want your provide to be more cautious with your money and therefore seek a more conservative fund.  At Iconic Financial we can ensure that your portfolio meets your expectations over the long-term.


No Obligation Consultation at Our Expense

Contact us now, you have nothing to lose.  We offer a no obligation meeting at our expense.  It wont cost you anything to find out what benefits you will gain. Contact us today and discover how to get yourself on the track to retirement success and happiness.


Buying another home or Investment Property

Paying your mortgage off faster

propertyinvestmentIf you're thinking about moving home or purchasing investment property, we recommend you talk to one of our advisers to help you understand your options and plan your goals.  It is important that the ownership structures of these assets are appropriate for the outcomes you want to achieve.

We can assist in reducing the hassles for you and reduce your time commitment to the process. We can tell you how much you can borrow, arrange the paper work, and quickly get back to you so you can start looking for your new property.

Considering buying a new home or an investment property?

If you are purchasing an investment property it is possible to use the equity you have in your own home and this can greatly reduce your costs.  In this situation you can get the tax benefits on the full purchase value of your investment property.

If you are purchasing a new home it is likely you will have equity in your home, so you are borrowing a smaller percentage of the purchase price than you did, say when you purchased your first home.  This makes you more attractive to the lenders and increases your options.

If you have 20% deposit, which can be the equity in your existing home, then with the income to support the loan you are in a good position.  You may also be looking to pay your home loan off faster so you can be debt-free at retirement.  We have exclusive software with formulas designed to help you pay off your home loan faster than you imagined.  Our objective is to make you wealthy, and paying off debt is a huge step towards your financial freedom.

Other things to consider

At this stage of your life the ownership structures of major assets, and your Estate Planning needs take on an extra significance.  We can assist and guide you to make the right choices in this regard.

Home and other asset protection

Home, contents and car need insuring and regular reviewing to ensure you are fully covered in the event of a disaster.  Trying to recover from a disaster like an earthquake could ruin the best financial plan.  Iconic financial is able to recommend the best type of protection for you and your family home, or investment property and advise of a reputable supplier. Contact us today.


Estate Planning

estateplanningIt’s intrinsically human to avoid thinking in advance about the inevitability of death.  But as the old saying goes; death, like taxes is the only certainty in life.  Perhaps some people don’t care about what happens to their material wealth after passing.  After all, they wont be around.  But it’s a given that most of us do care what happens to our loved ones in the event of our demise – premature or otherwise.

Put simply, estate planning involves making plans for the transfer of your estate after death. Your estate is all the property that you own. It can include cash, clothes, jewellery, cars, houses, land, retirement, investment and savings accounts, etc. Estate planning usually has several objectives and goals. They include:

  • Making sure most of the estate is transferred to your beneficiaries

  • Paying the least amount of taxes on your estate

  • Assigning guardians for minor children, if any

Some important terms to know for estate planning purposes include: 


Wills: A will is a legal document that lays out the fate of your property after your death. It states who receives your property and in what amounts.     


Trusts: A trust is an arrangement where you entrust property to one person or an organisation. The person or trustee is taxed with managing the property on behalf of your beneficiary or beneficiaries. Trusts aren't just for the wealthy.  Trusts are legal mechanisms that let you put conditions on how and when your assets will be distributed upon your death. They also allow you to reduce your estate and gift taxes and to distribute assets to your heirs without the cost, delay and publicity of probate court, which administers wills. Some also offer greater protection of your assets from creditors and lawsuits.


Enduring Power of Attorney (EPA): Enduring power of attorney gives a person or organisation the legal power to handle your affairs when you're unable to do so.

Estate planning is something that should be done when a person is legally competent, which means that the person must be of sound mind and at least 18 years old. It should also be done when the owner of the estate is in good health and free from emotional stress.

No matter what your net worth, it’s important to have a basic estate plan in place.  Such a plan ensures that your family and financial goals are met after you die.  These days, estate planning is more than deciding who will benefit from your assets when you die. In today’s world of modern family structures and legislative changes, a more thorough approach is called for.

The aim of Estate Planning is to minimise emotional and financial hardship for the people you care about. An up-to-date will is still the cornerstone of a good estate plan and depending on your circumstances, a trust may be necessary to achieve the right level of planning and protection. You should also have enduring powers of attorney to provide for your personal care and welfare, as well as the ongoing management of your assets and financial arrangements if you should become incapacitated.

A thorough estate planning exercise needn't be costly or complicated, but it is important to get the right advice from the start.  As part of your financial plan Iconic Financial can recommend experienced and knowledgeable partners to assist you with your estate planning.


Protecting yourself and your family

retirementplanningWhen you’re 60 or over your insurance costs will increase significantly; however your need for insurance protection may have diminished.  You should have your insurances reviewed if you have not done so recently.  We will do this for you at our cost (conditions apply).  In some instances your need for cover will not have diminished, but a review will identify this.

Your need for medical insurance is increasing, but so is the cost.  There are solutions to this problem, which can help you maintain medical insurance protection throughout your lifetime.


Call or email us to find out more.  It is highly likely that you will benefit from a review.

Income Protection

The last five years, or so, of your working life are when you are most likely to be putting the finishing touches on your retirement savings.  This is frequently a period where people focus strongly on putting something away for their retirement.  Imagine if your working life was cut short at this point? What if a health condition or disability prevented you from working? Your retirement could look very, very different.  However you may want to review your cover in light of your stage of life.  Should you have cover?  Should you invest the money that would otherwise be spent on the premiums?  Of course there is no single answer to this, it depends entirely on your personal situation.  Call us for a review and find out what is best for you.

Life Insurance

Provides financial security for your family should you become terminally ill or die.  This should be enough to pay off the mortgage, your debts, and provide for your family. Life insurance policies can have crisis cover, which means that you're also covered for serious illness, like heart disease, cancer, or stroke.  When you are in your 60’s your need for cover may be less, however it is likely you will still benefit from some cover.  Talk to us about the best options for you. View more information about life insurance.

Private Medical Insurance

This cover provides the funding to enable you to have private hospital treatment whenever you require more immediate access or a broader range of treatment options than are available to you through the public health system.  For example access to cancer medication which may be the most effective type of treatment, but which is not subsidised by the government.  This becomes even more important as you get older, and if we leave it too late, and you get a medical condition you will not be able to insure this.  Do you have the best medical cover for your family?  There are lots of options available and professional advice is required to ensure you have the best cover for your needs.  Talk to us about this now.   View more detailed information about private medical insurance.

Trauma Insurance

Trauma cover provides a lump sum payment should you suffer a major condition that by nature is serious and life threatening, and as a result can have a significant financial impact on you and your family.  This type of insurance helps alleviate the financial worries and can reduce debt, purchase specialised equipment, pay for home modifications, provide additional care, or create an investment fund to generate ongoing income, amongst other things.  The purpose of the funds is entirely yours to decide.  It is likely that your need for this cover is less than when you were younger; however a lump sum payment for a trauma event could take care of the gap you have in your retirement fund, and contribute an amount to compensate for you not working.  View a list of Trauma conditions covered and more details about trauma insurance.

Total and Permanent Disability Insurance (TPD)

TPD cover provides a lump sum payment should you lose your ability to ever work again (or carry on normal task, if you are not employed), as a result of illness or injury.  Most people figure they are covered by ACC however does not cover illness, and it is very limiting in terms of payment.  TPD cover can provide a lump sum to reduce debt, purchase specialised equipment, pay for home modifications, provide additional care, or create an investment fund to generate ongoing income, amongst other things.  The purpose of the funds is entirely yours to decide.  Again it is likely that your need for this cover is less than when you were younger; however a lump sum payment if you were unable to work again could take care of the gap you have in your retirement fund.   View more information about Total and Permanent Disability insurance.

Mortgage Repayment Insurance

If you still have a mortgage you may benefit from this type of cover; if you have already paid your mortgage off, well done, you’ll have no need for this.  Mortgage repayment cover provides a financial safety net should you suffer a total or partial disability which causes a reduction in your ability to meet mortgage repayments and which lasts longer than the chosen waiting period.  The monthly benefit is designed to cover mortgage repayments on your behalf during treatment and recovery.  View more information about Mortgage Repayment Insurance.

Your home and other assets

Home, contents and car need insuring and regular reviewing to ensure you are fully covered in the event of a disaster.  Trying to recover from a disaster like an earthquake could ruin the best financial plan.  

Family Trusts

Trusts are usually set up for five main reasons:

  1. To protect against creditors.

  2. To protect separate property against claims by a new spouse or partner.

  3. To provide for future generations.

  4. To qualify for means-tested entitlements to aged care.

  5. For tax advantages.

In New Zealand there is a widely held view that trusts are the best general-purpose asset protector.  However, even the experts hold widely differing views of the efficacy of trusts.  Law changes to trusts will come into effect in November 2011.  At the moment, you can only gift up to $27,000 per year without paying gift duty.  After November 2011 there will be no such restriction. 

But is a family trust right for you?  It really depends on your situation.  Say, for example you are self-employed a trust could benefit you by protecting your family home from creditors should things go awry.  Trusts can also be useful if you’ve got a family and have large assets and you will be lending money to the next generation, and want to make sure that money stays within the family. 

The dilemma about family trusts is, like wills, they’re set up to protect and disperse assets in a way that safeguards the signatories, however these documents are only as safe as current legislation makes them.  To understand your options, you need to consult with an expert.  While Iconic Financial is not registered create family trusts we can steer you in the right direction if a family trust is the best option for you. 


willsIt's all about protection.  Knowing that the right steps have been taken to safeguard yourself, your family, and your assets.  Doing the right thing is both noble and practical, but the goalposts have changed. If you're in a relationship, do you know what you stand to lose if you break up? Did you know that marriage nullifies a will, divorce does not?  So you could be divorced for years and unless you renew your will your ex is going to inherit your assets. 

Did you know that over 85% of Kiwi’s don’t have an up-to-date will?  It's important to have an up-to-date will, so your assets go to the people you want.  If you die without a formal will, your nearest and dearest automatically get your assets?

No one wants to think about their own death, in fact we mostly try to avoid the subject altogether.  But picture what happens after a death.  Often the tears of grief are followed by a second round of pain as relatives and loved one’s squabble over the deceased worldly possessions.  All too often bank accounts are drained in the ensuing protracted legal battle, which defeats the whole purpose.  It all ends up in an undignified mess potentially with the deceased possessions ending up in the wrong (unintended) hands.  This ugly scenario can be avoided with a will and family trust.

The good news is that it’s simple and inexpensive, thanks to 2007 changes to the Wills Act, which relaxed many of the rules around wills.  Some advisory services even offer them for free.  The bad news is that, if you’ve remarried, or have a complex web of children (and stepchildren) from different marriages, you will need to seek professional advice before creating a will.   Employing the services of a professional will lead to a legally watertight document.  When a will is prepared properly, and that person dies, there is a clear legal process for those staking a claim.

Iconic Financial cannot offer specific advice on creating your will, however, we can refer you to one of our trusted professional partners.  Contact us today to find out more.      

Enduring Power of Attorney

We can all suffer an injury or illness that, while not fatal, may leave us unable to make decisions about our affairs. Enduring Powers of Attorney (EPA) is a legal document that enables someone who you to trust act on your behalf if you become incapacitated.  Say if you have a stroke or an accident that leaves you unable to sign cheques, pay bills, manage investments, or make wise decisions about your medical care.  If no one has the legal right to act on your behalf, your loved ones would need to apply to the Family Court to be appointed as your manager.   Not even your spouse can automatically act on your behalf if they are not legally appointed. 

Without these documents it can be messy and costly to sort things out.  Only by acting in advance and giving someone authority through an Enduring Power of Attorney (EPA) will you have a say in who looks after your affairs if you are unable to.  Trusts and EPA's are an important part of a package of solutions to deal with risk.  Iconic Financial do not directly create EPA's. We give advice on the best structures to have in place to give peace of mind.