Planning for your retirement could be one of the most exciting phases of your life. After having worked so hard your whole life to get yourself into the best possible position, you have arrived at the point where you can consider a life after work and what your financial situation will look like when you cease working.
We specialise in working with our clients to understand their specific situation as they approach retirement. We investigate the history that has brought you to this point and look forward to your plans, goals and dreams of the future. We aim to provide and implement a financial solution for you to achieve the goals you have set for your retirement.
The case studies below highlight two commonly used strategies in our office for our clients approaching retirement. Of course feel free to contact the office if you have any questions about how these might apply to your circumstances.
Transition to Retirement (TTR) Illustration
Susan loves spending time with her grandchildren, playing tennis with her friends and she is keen to make the most of her retirement in 5 years’ time. Susan is aged 60 and currently earns $120,000 p.a. as a Human Resources Manager. She has worked hard her whole life and made regular contributions to accumulate a Superannuation balance of $300,000.
Susan is looking forward to travelling the globe after she retires, but is concerned that her current Superannuation balance won’t be able to provide her with a comfortable lifestyle. She speaks with her wealth advisor to discuss her situation and was very interested to learn about a Transition to Retirement (TTR) strategy that would enable her to save tax, boost her Superannuation savings and retain the same level of take home pay.
The strategy works by utilising:
+ The tax benefits available to Susan from salary sacrificing a portion of her salary into her Superannuation,
+ The ability to commence a pension to draw down an amount to top up Susan’s take home pay,
+ Further tax benefits from having her Superannuation funds in ‘pension mode’
The scenario will look slightly different to each individual, however for Susan, her Superannuation balance could be almost $50,000 higher by utilising a TTR strategy at the end of her career. This could mean a more comfortable retirement, more opportunities to spoil her grandchildren, or the odd flight upgrade on her travels instead?
Heather and David, age 65, have had long and rewarding careers. Heather volunteers at a local Not For Profit and David is still enjoying working Part Time two days a week to top up their cash flow. Their house is paid off and they’re looking forward to relaxing in their retirement and spending more time with their grandchildren.
The couple have a meeting with Endorphin Wealth Management to start preparing for retirement and to look at strategies that may assist them get the most out of their situation. Their Wealth Advisor assisted them to determine how much money they might need and discussed strategies to maximise their Government Age Pension benefits by taking advantage of lifetime annuities.
The income from the annuities were found to receive beneficial treatment when it is assessed by Centrelink for the Age Pension calculations. As the case study below highlights, by investing part of their Superannuation money into annuities as part of their overall strategy, the couple is able to potentially boost their Government Age Pension by around $80,000 over 15 years.
The annuity also provides the couple with a capital guarantee and a fixed income for the life of their investment. Heather and David feel good about her future knowing they have the income to be able to relax and focus on more important things like their grandchildren.
Challenger Liquid Lifetime Annuity
Heather and David, age 65, are married and live in their own home. They have a Superannuation balance of $600,000 combined and David works Part Time earning $31,200 per year.
The additional Government Age Pension will enable the couple to splurge a bit more in their retirement – perhaps a couple more large holidays or even better, spoil the grandkids!
For an obligation free conversation about your financial future, please contact us.
What our Clients Say
Robert Rich is a gun and has been a pleasure to work with, he spent a lot of time asking questions and listening to both my husband and I to get a deep understanding of our current financial situation of who we are and where we want to be. His advice has been comprehensive and easy to understand. The genuine interest and enthusiasm he has demonstrated has made the whole experience to date, fun and engaging (it has also been awesome to see some great financial results!). Rob is a great communicator and is always available to chat, meet up or respond to an email. We wish we had seen Rob earlier, and plan to have him as our advisor now and into the future, I have and will continue to recommend him and his services.
- Ellen Bond
Rob has been fantastic helping us set all our financials in order. We didn't want to have to worry about any of this stuff day to day. Rob put together a set and forget strategy that will see us in good shape for the future. Good guy, good advice, great help. Thanks again Rob
- Andy Wright
My husband and I had a wonderful experience with Rob. He is genuine and honest. He has done amazing things with our finances to ensure our future is set up the right way. He has gone above and beyond our expectations. I highly recommend Rob, he is an expert in his field.
- Anthea Husing
love working with Robert. He is highly skilled, practical and empathic. Nothing is a problem and he goes ‘above and beyond’. I have no hesitation in recommending Robert as an excellent financial advisor.
- Rebecca Carter
Robert has managed our finances over the last 12 months as if they were his own. He has an eye for detail and is incredibly enthusiastic. We have recommended him to all our friends & family.
- A. Miles
Rob has handled our finances for some time now. He provided us with sound advice and options. I highly recommend his services.
- Mathew Quinton
Robert Rich provided me excellent financial advice and assistance in finding the right insurance for me. He was incredibly patient, and I'd recommend him without hesitation.
- Edward Murrell
Rob has been helping me with my finances for just over 12 months now and i couldn't be happy, he is a wealth of knowledge and is amazing at what he does.
- Paul Scott Ray White
Phillip and the team provide quality advice. They carefully explain the available options and clearly set the client's interests as the priority.
- Jon Sutton
Rob has provided fantastic advise and clarity to myself and clients
- James Ruddick
Great guys! Amazing financial advice.
- Jay Boston
I cannot say enough about their professional manner and would highly recommend anyone I know to seek their services
- Heather B
Your knowledge of the financial market is up to date and your approach to my portfolio has been proactive
- Michael S
Thanks to Endorphin, I am now on the path to that dream of mine
- Jake F
The plan has definitely made a big difference to my lifestyle
- Josie W
It has been quite exciting and very comforting to have Endorphin looking after my financial future
- Susan A
They provided me with a sense of direction and security that I did not have previously
- Michelle C