James (65) and Louise (64)
James and Louise had concerns that they couldn’t make their retirement savings last the distance, so they reached out to Andrew, their Active Super financial planner.
James and Louise have been married for nearly 40 years, almost as long as they have both been working. James continues to work full time, and Louise works one day a week.
While Louise is eligible to access her super when she turns 65 later in the year, she’s decided to keep working for a few more years to keep herself busy and to continue to build their nest egg.
Here’s how Andrew, their Active Super financial planner, helped.
Accessing their entitlements:
Andrew suggested that Louise get a NSW Seniors Card, so she could be entitled to $2.50 train fares, and many other discounts and benefits for when they were out and about.
Making a transition:
James took up a ‘transition to retirement’ strategy, which meant he could salary sacrifice into super and still enjoy his lifestyle. This also helped him minimise his overall tax liability.
Andrew also recommended a guaranteed lifetime income stream for James, which means they will have a certain level of income for life, regardless of market volatility.
Andrew provided advice on the best way to put extra cash into their super. Both James and Louise made some additional contributions into Louise’s super. They realised they could have been making these additional contributions and receiving these bonuses for years, and regretted not taking action sooner.
Peace of mind:
Both were concerned that their funds may not last their lifetime, so Andrew ran some modelling projections, which again gave them peace of mind that they would remain comfortable in retirement. Andrew also completed a risk assessment for Louise and James to give them comfort that they were invested appropriately. The results showed that both of them were in an option that matched their risk appetite.
To see how an Active Super financial planner* can help you maximise your super and reduce your overall tax, request an appointment now, or call us on 1300 547 873 between 8.30am and 5.00pm, Monday to Friday.
*Whether or not a fee applies will depend upon the scope of the financial advice you require. Your financial planner will discuss any fee payable when meeting with you and, if a fee is applicable, will advise you of the fee should you decide to proceed with obtaining the advice.
This case study is illustrative only and is not an estimate of the investment returns you will receive or fees and costs you will incur. Member names have been changed to protect anonymity.
This has been issued by LGSS Pty Limited (ABN 68 078 003 497) (AFSL 383558), as Trustee for Local Government Super (ABN 28 901 371 321) (Active Super). Any advice in this case study is general in nature and is not a substitute for personal advice as it does not take into account your investment objectives, financial situation or particular needs. Accordingly, you should seek professional personal advice and refer to the relevant Product Disclosure Statement at lgsuper.com.au before making a financial decision.