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Retirement case study

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Retirement case study

Keeping the good times coming in retirement

 

Ed & Susan, both in their early seventies, sought ways to maximise their retirement savings. While having superannuation and some savings, the majority of their net wealth was tied up in the family home, which was up for sale.

With their adult kids living independently with their partners, Ed & Susan decided to downsize the family home, head to Spain, and purchase an apartment.

Goals

  • Sell family home and make the best use of the sale proceeds
  • Buy an apartment in Spain and do some renovations
  • Take advantage of the super downsizer contribution
  • Maximising their con-concessional super contributions to fund their retirement
  • Having the financial freedom to do what they wanted in retirement
  • Leaving something for their children and grandchildren

How we helped

 

We helped Ed & Susan understand the importance of diversification and the benefits of the superannuation and pension environments to provide a tax-effective income stream whilst retiring in Spain.

By discussing their objectives in detail and modelling the future outcomes, they had a clearly defined retirement goal and roadmap to get them there.

 

  • Developed a comprehensive financial model of their current situation, further modelling scenarios of different housing expenditure and investment strategies and the impact it would have on their retirementMaintain adequent cash buffers to prepare for any market downturns

 

  • Make a $300,000 contribution each into superannuation via the downsizer contribution

 

  • Took advantage of the the 3-year bring-forward rule which allows you to contribute 3 years worth of Non-Concessional Contributions (after-tax Contributions) so $360,000 each

 

  • Diversified their investment portfolio and invested inline aligned with their balanced risk profile

 

  • Set up pension payments to supplement existing income so that they can maintain their desired retirement income of $120,000 p/a, indexed to inflation and after tax

 

  • Updated their estate plan and non-lapsing binding death super nominations

“While the thought of retirement is exciting, it’s also daunting. Getting good advice made us feel like there was someone who cared about our future as much as we did.”

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