Recession with higher inflation - should retirees panic?

In this Australian Retirement Podcast episode, hear why a global recession with higher inflation threatens retirees - how to manage it. Financial adviser numbers crash 46% since 2018 as government scraps degree requirement. Should you wait to retire until things settle down? In this Australian Retirement Podcast episode, your hosts Drew Meredith from Wattle Partners and James O'Reilly from Northeast Wealth both spent the holidays in Bright - talking reducing mobility, extending the golden years, and coaching. Plus Grace's bike crash and x-rays. The government just announced financial advisers will no longer need an approved degree - reversing post-Royal Commission reforms. Pre-2019 it was a diploma, post-RC it was a finance degree, now it's any degree plus required finance knowledge. Why the band-aid solution? Adviser numbers are collapsing: 28,000 in 2018, 22,000 in 2020, just 15,000 in 2026 - an all-time low and 46% decline. Red tape is outrageous, costs to deliver advice have ballooned (80% increase since 2019, with 320% increase in the financial advice levy), and there have been very few wins over the last decade. The Boomer Briefing tackles the global recession threat with higher inflation - slowing growth, higher costs for groceries, travel, fuel. How do you manage a recession with higher inflation where costs are increasing, returns may fall, and you have a finite pool of capital? Australia is in one of the worst positions as a net importer. If you're retiring today, should you be worried? Drew and James explain recession vs. crisis, why you can't "wait until everything settles down," and how markets rebound on outlook. Plus TermPlus questions: "If you could implant one belief into every retiree's brain on day one, what would it be?" and "If every Australian family had one conversation before someone turns 70, what's the topic?" If you like this Australian Retirement Podcast episode, don't forget to subscribe for weekly shows on Apple, Spotify, YouTube or wherever you get your podcasts. Topics covered today: - Financial adviser numbers crash 46% - why government scrapped degree requirement - Global recession with higher inflation - how retirees should manage it - Oxford Economics oil scenarios - US$140 vs US$190/barrel impacts - Should you delay retirement until things settle down? (Spoiler: no) - One belief for retirees + one family conversation before 70 Resources for this episode - Ask a question (select the Retirement podcast): https://bit.ly/R-quest Show partner resources - Visit TermPlus to learn more https://termplus.com.au/?utm_source=rask&utm_medium=podcast&utm_campaign=retirement_seekers&utm_term=general&utm_content=youtube_description - Have the chance to win a 5k travel voucher. Take the TermPlus survey here (last entry 31st of May) https://termplus.com.au/money-mindset-index/survey/?utm_source=rask&utm_medium=podcast&utm_campaign=money_mindset_index&utm_term=score&utm_content=ad_read_description Rask Resources - All services: https://bit.ly/R-services - Financial Planning: https://bit.ly/R-plan - Invest with us: https://bit.ly/R-invest - Access Show Notes: https://bit.ly/R-notes - Ask a question: https://bit.ly/R-quest - We love feedback! https://raskau.typeform.com/to/ZbfHy6IP Follow us on social media: - Instagram: https://www.instagram.com/rask.invest - TikTok: https://www.tiktok.com/@rask.invest DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg