CASE STUDY – Doris & Wally had concerns about the small super they had and would it last

Doris & Wally had concerns about the small super they had and would it last

WHERE they were at –

Doris and Wally had put in a lot of effort in their respective jobs. They mainly depended on their pension for income, and were keen to avoid using up the limited superannuation savings that Doris had managed to build up when it became mandatory late in their working lives. William had not been able to contribute to superannuation through his laboring job as it was introduced after he had retired. At the age of 72, Doris reached out to us for assistance. Jim, their financial advisor for may years, had been involved in providing personal insurance for many years and had also served as an advisor to both Dorothy and her husband.

What they WANTED to have –

They aimed to maximize the potential of their limited superannuation savings through conservative growth and some earnings, with the goal of minimizing withdrawals from the principal amount if feasible. Their priority was to support their children and their expanding families, rather than focusing solely on leaving an inheritance upon their passing. They found more significance in providing assistance and support during their lifetime rather than accumulating wealth for the future.

What it will COST –

Doris and Wally were already receiving the full pension. They determined that they required an additional $9,000 per year to complement their pension income in order to sustain their living expenses and provide support to their family as much as possible.

What they would NEED –

To have access to a pension to draw down the super they had.

What to do NOW – To transition from the extensive corporate super fund to a self-managed super fund, she desired a more personalized and approachable approach to managing her finances. She specifically sought assistance from individuals whom she had trusted for an extended period and who were more familiar to her.

Now the components were in place –

Strategy – was to take more control and be more directly accessible to their super without the “Big” institution feeling, but a boutique “local” firm who could work as her team as she needed.

Structure – after careful study and advice, a self-managed super fund (SMSF) ticked many boxes for them.

Support – they appreciated how we would support their needs with an advisor she had known for many years. They also liked that all the compliance would be handled and they didn’t need to concern themselves. They thought it was great to be able to learn about investment with the education SuperBenefit provided, but they really didn’t want to understand the detail and were happy to receive broker advice and recommendation after seeing the rigorous process Jim and the broker undertook to find healthy growth companies, all the while avoiding speculation or too much risk – and that a specific low risk selection would be tailored by the broker for her situation.

Note – This is a simplified summary of one client – we recommend asking for a FREE consultation and/or seeking further professional advice.

If you want experts who have years of helping others, without the hype – then call for a FREE strategy session today and see how our Super-Connector Service assists you to  find the right expert to answer your question – it’s FREE also!

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