Retirement options a plenty

Client: Luke & Kiera

What were their challenges:

Luke and Kiera were planning to relocate to build new home, with plans to retire in 5 years, but were unsure about accessing Centrelink benefits once they became eligible.

What did they overcome:

We worked on how to fund their new home build. That also left us with what to do with excess funds once they sold their existing home, preparing for retirement for Luke considering a move to part-time or to completely stop work.

How did I help:

I facilitated a construction loan for their new home build and helped manage the process to ensure funds were available so that the build was not unnecessarily delayed. We now have a comprehensive plan for their transition to retirement, and I walked them through the various scenarios comparing part-time to stopping work completely.

I was a sounding board for considering the various options, offering up the pros and cons. Once the plan was decided upon, I helped them adjust along the way.

Now Luke is finally stopping work and we are ready for the next phase to apply for a partial Centrelink benefit to supplement income from their retirement savings. This will help the longevity of their savings, reduce their living expenses and provide more options for the future.

What did they learn that I can share:

Having a sounding board helps work through the multitude of options available to figure out what works best for you. Accessing Centrelink is beneficial but should not be the sole determinant of your retirement strategy.

I see my role as a financial adviser as a project manager and financial coach. It starts with helping clients articulate their vision of their future and success, understanding their challenges and complexities and their starting point.