No question, the high cost of living affects us all. Whether you're retired with a pension, investments or just getting by with savings, it's not too late to review your financial plan. You can still get ahead. Look at your options carefully with the help of a financial adviser at Merideon Wealth Strategies.
Here are some ways we could provide you with greater peace of mind and help you enjoy your retirement.
- Protected Investment options
- Maximise Centrelink benefits
- Reducing investment risk
- Cashflow management
- Estate Planning
- Investment Administration & Advice
- Superannuation & Pension strategies
- Downsizing or Reverse Mortgage strategies
- Intergenerational Wealth Transfer
- Family Disaster Planning
Retired for four years, Harry is considering buying property overseas as a ‘holiday house' for his regular visits to his daughter in Vancouver. He would still like to keep his home of 20 years in Mandurah but it could do with a face lift. While his Super savings and Age Pension support him well enough, he's stuck when it comes to finding funds for property investment or renovations. He's puzzled about rollovers and what other options could enhance his cash flow. Is it time to find a part time job?
Harry's Action Plan
Harry would do well to speak to a financial adviser about how additional property ownership could adversely affect his benefits. As age pension may be critical to Harry's cash flow, he'll therefore need to examine benefit limits before he makes a move (especially about going back to work!) As an Investment, his mortgage-free home is still his biggest asset, especially with Mandurah's phenomenal market growth in recent years. In Harry's case, it's important to find out whether he can lock away funds (for greater yields) or have easy access to them. Before making another property commitment, Harry needs to see what impact his Insurance may have if his daughter should become sole beneficiary to his estate. Ultimately, Harry has some homework ahead of him even with the help of a financial adviser: He'll need to inspect properties in Vancouver to determine if they can be rented when he's not there. His adviser can let him know what impact this may have on his income and benefits.
At age 63, Jack suffered a heart attack only 9 months before he was due to retire. Angie, his wife, was still teaching and planned to continue for several years. Jack recovered fully but never returned to work. Fortunately, the Ingrams had Trauma Insurance which paid a lump sum following Jack’s heart attack. When they received the benefit, they consulted their financial adviser on how to stretch any remaining funds after making modifications to their home to ease Jack’s mobility. Another concern was whether Angie should go back to work when Jack recovered and how this would affect their finances.
The Ingram's Action Plan
Their financial adviser (who thankfully recommended their Trauma cover) first evaluated the financial impact of Jack's heart attack. Despite being prepared for imminent retirement, Jack's loss of income, his medical expenses and his changed living requirements (including the extended leave taken by his wife) greatly impacted their plans for financial security in retirement. Their saving grace was the Trauma benefit, without which there would have been significant differences in planning their financial future. With Jack living unassisted a year later, Angie's return to the workforce is a valid option. Given that she not only will continue regular earnings, the Investment strategy selected by their financial adviser gives them an income stream from one of Jack's Personal Pensions. This combination provides comfortably for them until Jack becomes eligible for his age pension.
