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Richard and Wendy, a couple in their early 60s and late 50s, faced an unexpected financial transition after Richard suffered an adverse medical diagnosis. Richard was medically retired, while Wendy had also stepped back from work. With two adult daughters recently finishing their education, they wanted to secure their financial future without Richard’s income and avoid Wendy needing to return to work.
Client Stories - Retiring Now
Richard & Wendy’s Retirement Transition After a Health Event
Client Overview
The Challenges They Faced Included
- Replacing employment income with a sustainable retirement income strategy
- Managing their small remaining home mortgage while preserving cash flow
- Navigating Centrelink entitlements effectively
- Clarifying whether insurance benefits were still available after Richard’s illness
- Addressing significant estate planning gaps, including no wills or death benefit nominations
- Coping with the administrative burden of complex financial decisions, with a reduced capacity for paperwork
Our Solutions Focused On
- Paying off their mortgage using a combination of superannuation withdrawals and available cash
- Consolidating superannuation and aligning investments with their investment preferences
- Establishing a structured income plan to provide regular income whilst quaranting funds from Centrelink assessment
- Utilising strategies to transfer some of Richard’s assets to Wendy to optimise Age Pension entitlements
- Introduction of innovative lifetime strategies to enhance Centrelink outcomes
- Assisting with Centrelink applications and correspondence nominee arrangements to reduce administrative pressure
Where Richard & Wendy Are Now
Richard and Wendy now enjoy a reliable, sustainable income that gives them confidence they can maintain their lifestyle without Wendy returning to work. Eliminating their mortgage reduced financial stress, and their retirement income plan is projected to meet their needs well into their later years. Wendy feels reassured knowing their strategy maximises Centrelink benefits, while Richard is supported by simplified superannuation management and reduced paperwork. With estate planning addressed and ongoing professional support in place, they are financially secure and can focus on health, family, and enjoying their retirement years with peace of mind.
These stories are real client stories. For privacy protection, we have changed their name and used an stock image.
