4 Client Stories That You Could Relate To

Client Stories

1. A client who was recently made redundant from Alcoa came to see me with a sizable redundancy package. Although he had no concerns specifically about whether he had enough money to live on, he was more concerned about how much tax he had to pay, how he was going to receive income now that he was no longer employed and what was the best way to structure his situation. We put strategies in place to save his beneficiaries nearly $90,000 upon his death and ensured that his funds were invested appropriately to provide him income for the long term, tax free.

2. I saw a couple recently who thought they were in need of a little tweaking to their financial situation to help them achieve their longer-term goals. To help these clients, I was able to find superannuation funds that resulted in savings of over $2,700 each year just on administration and investment fees. This will amount to a huge difference in their account balance up to their retirement. This is only part of the situation though. I was also able to review their various insurance policies, and help them to purchase policies with extra benefits over and above those they currently had, almost double their sums insured, and all that at a lesser cost than their current inferior solution gave them.

Next up for this couple is to implement a sensible budget, although I’m not allowed to call it a budget for them – I have to call it a spending plan ☺ This will ensure that they can make contributions to their super funds that will help to give their retirement savings a huge boost over the years leading up to their retirement. So all up this couple will have better insurances to ensure their wealth isn’t eroded by health issues or an untimely death, cheaper superannuation that will ensure their super is working harder for them, and not the provider, and a budgeting system that will allow them to enjoy their lifestyle whilst increasing their investments which will ultimately lead to a more comfortable retirement.

3. Another couple I saw were in the early stages of a somewhat forced retirement after a redundancy. The advice I gave will result in an extra $35,000 of Age Pension entitlements being payable to the couple once the older of the two reaches 65. This $35,000, which will be funded by the Government through Centrelink is an amount that they themselves do not have to self-fund. This means that their accumulated retirement savings will be able to last longer into their retired years.

4. Another strategy recently put in place for a client was to help alleviate a looming capital gains tax bill. The strategy for this client helped to offset tax of around $25,000, and in anyone’s language $25,000 in your pocket is better than $25,000 in the ATO’s pocket right?