Transitioning to retirement

Client: Dave & Lauren 

What were their challenges:

Preparing for retirement, they were considering whether to keep their investment property or sell? They were concerned about having enough retirement income and running out of money with plans to do regular overseas trips to visit their kids who live in Canada.

What did they overcome:

There was a lack of confidence that they could actually afford to have Dave stop work, and adjusting to life after work finished. A detailed exit strategy for their investment property, having never thought as to what they both would like from this investment. All coming together in a cohesive plan for retirement, bringing their individual goals together and compromising where needed.

How did I help:

It was an education, facilitating discussions around what retirement means to each of them, what they hoped to achieve and what would make them happy. Putting together a comprehensive financial plan that detailed their assets and income to build confidence around stopping work and meeting goals. I provided guidance around minimising tax especially for the investment property and their super transitioning to retirement. I was available to adjust their plan when their needs and goals changed along the way.

What did they learn that I can share:

You need to have open conversations about what is important to you and what concerns you have. Retirement is a very big life change, especially a mental one; for some a big leap/cold turkey works for them, for others a gradual staged approach to retiring works best. Decide what your ideal approach is.

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.