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Case Study #1 - Ready for retirement

Financial Planning  |  8/09/2016  |   2 min read

The scenario

Dave is retiring with approximately $800,000 in superannuation. His wife, Rebecca, retired five years earlier from her part time job with $38,000 in super across a number of funds. They own their own home outright, have an additional investment property with a mortgage, $30,000 in savings, and another $15,000 in shares. They have three adult children.

The plan

The couple would like an annual retirement income of $70,000, with $20,000 set aside for emergencies. In the meantime they want to eliminate their investment loan, purchase a new car, take an overseas holiday, and spend about $30,000 refurbishing their home.

The solution

After sitting down with Dave and Rebecca we made a number of recommendations that would help their super last longer. 

Based on their decision to sell their investment property and pay off their mortgage, we suggested that they use the proceeds to fund their new car purchase, renovations, and overseas holiday.  

Rebecca’s superannuation was relatively straightforward. We recommended that she consolidate her funds into a single account (to save money), and invest in Equip’s Conservative option, so her money could continue to grow without having to take excessive risk.

Dave’s large super balance gave the pair considerable options. We recommended setting up a regular income stream using an Equip Account Based Pension. This would provide the couple with a weekly income of $1350, or roughly $70,000 per year, which is what they were aiming for. It also meant their remaining super balance could be reinvested and continue to grow.

Since Dave is over 60, all the income he receives from super via an Account Based Pension is tax free. It also means the couple qualify for a low income Health Card from Centrelink. We calculated they would be eligible to start receiving age pension part-payments in several years, once their super income drops below a certain threshold. Which means their future lifestyle is looking good.

Find out how  Equip Financial Planning can help you plan for the future here. 


*The case study outlined above is based on a real-life financial planning situation presented to Equipsuper Financial Planning. For privacy purposes, the names of the clients and their family members have been changed.
This information is provided for general information only. It does not take into account your personal objectives, financial situation or needs and should therefore not be taken as personal advice. You should consider whether it is appropriate for you before acting on it and, if necessary, you should seek professional financial advice. Before making a decision to invest in the Equipsuper Superannuation Fund, you should read the relevant Equip Product Disclosure Statement (PDS). Past performance is not an indication of future performance. Issued by Equipsuper Pty Ltd ABN 64 006 964 049 AFSL 246383.  



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