How a Specialist Surgeon & Lawyer as High Income Earners Achieved Early Retirement Without Sacrificing Lifestyle
Background: Meet Kate and Jason
Kate and Jason are a high-income couple with a complex financial structure. Kate is a specialist doctor running a highly successful business, while Jason, a former lawyer, has transitioned into managing her business operations full-time. They also have two young children and a busy lifestyle, which had left little time to organise and plan for their long-term financial future.
The couple owned their primary residence outright, had several investment properties, a large investment in shares with a few superannuation funds. While their income could comfortably service their debt which was under 30% of total assets, they had never stepped back to ask whether their structure was truly aligned with their goals or protected from risk.
Key Results at a Glance
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Early Retirement:Retire up to 5 years earlier (by age 58 instead of 63)
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Asset Restructuring :Better protected assets through entity and ownership restructuring
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Tax:Enabled transition to tax-effective investment and income strategies
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Investments :Improved diversification and long-term investment performance
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Estate Planning :Enhanced estate and risk protection for their children
Why Did They Seek Advice?
- For us to map out their current situation using our scenario analysis calculations to understand how their financial position was currently tracking.
- Maximising use of surplus cash flow and capital, and evaluating gearing capacity.
- Determining when they could retire (ideally by age 60) with their desired lifestyle.
- Send their kids to private schools.
- Provide a large lump sum to assist both children once they have matured into adulthood.
- Identify whether they could lead their desired lifestyle whilst working which involves going on overseas holidays & the regular purchase of new vehicles.
- Consolidating superannuation and reviewing Jason’s defined benefit fund.
- Protecting their risk in the event they could produce an income and ensure they are able to leave both their kids a substantial lump sum if they were to both pass away or become totally permanently disabled.
Strategies Implemented
We began by conducting a full financial assessment, running scenario-based analysis, and mapping out their financial trajectory based on current strategies and desired goals. This allowed us to identify both inefficiencies and opportunities within their financial structure, as well as uncover significant areas of risk.
Through our initial financial analysis, we discovered that Mark and Susan were already well-positioned to self-fund their desired retirement expenditure of $80,000 annually, assuming a net investment return of 5.40% per annum. This key finding provided the confidence to proceed with strategies designed to optimise their investments, reduce tax liabilities, and simplify their financial portfolio.
To further solidify their financial security and maximise their retirement potential, we implemented the following targeted strategies:
Asset and Entity Restructuring to Reduce Risk:
- Being a medical professional, Kate faces increased litigation risk.
- We identified that several investment properties and business entities were held in her name or with her as a director, leaving their assets vulnerable.
- We advised restructuring these entities and reassigning ownership to mitigate this risk and safeguard their wealth.
Property Investments Advice:
- Upon analysis, we found that two of their investment properties had shown no capital growth in four years, underperforming compared to local market trends.
- Advised selling these properties.
- Redirect funds to acquire a new, better-performing investment property via their family trust using a buyer’s advocate.
- Redirect funds to secure the commercial premises for Kate’s medical practice, initially via their family trust with the option to later transfer to an SMSF when balances permit.
Strategic Investment for Diversification and Gearing:
- We then advised them to borrow funds from one of their deductible property loans and purchase a diversified portfolio of managed investments.
- This allowed for negative gearing benefits and better income distribution flexibility (particularly to Jason)
- Spreading investment risk across multiple asset classes targeting long-term capital growth.
Superannuation Advice:
- We consolidated their super into lower-cost, better-performing options tailored to their risk profiles.
- We also recommended that they both maximize their deductible super contributions, as they had the capacity to do so and it is a highly tax-effective strategy for saving towards retirement, despite Kate’s capacity despite Division 293 tax.
- Unfortunately, the husband’s defined benefit superannuation fund must be retained until he reaches the required access age, which forced us to recommend it remain where it is. As it will now only grow in line with inflation, it represents a poor long-term investment option.
SMSF Planning for Business Premises:
- We recommended proceeding with the purchase of the wife’s business premises sooner rather than later to lock in a favourable price and provide long-term security for her practice.
- Given insufficient SMSF funds currently, we advised purchasing the medical practice premises via the family trust, with the plan to sell the asset into their SMSF now and in 5 years.
- Whilst doing this would incur two sets of costs, it was our opinion that the benefits of doing so outweighed the additional costs involved.
Tax-Effective Income Distribution:
- In line with their accountant’s advice, we recommended that they continue to distribute income to Jason up to the cap of the 32.5% tax bracket.
- Directed remaining income to a company structure for investment purposes. This second company is then used for investment purposes and in doing so caps their tax at 30%.
- Whilst the company doesn’t attract the CGT discount for owning an asset for longer than a year, the benefits of generating franking credits, which can then be used in future years to offset tax on dividend payments, is a very tax-effective option for high-income earners to invest for their future.
- If they proceeded with the above advice, we anticipated they would be left with no personal debt.
- As such, from that point, we’d recommended they continue to contribute surplus cash they have available into their family trust to be used for additional diversified investment.
Risk Protection and Estate Planning:
- We identified that the success of their financial plan heavily depended on Kate’s ability to earn.
- Therefore, we reviewed and recommended new life, trauma, TPD, and income protection insurance and recommended a product that was cost-effective and provided value for money.
- Advised them to meet with their solicitor to update wills, establish enduring powers of attorney, and ensure smooth estate asset distribution aligned to their wishes.
Outcome and Benefits
- Retire by age 58 at the earliest, instead of 63, an improvement of 5 years.
- Improved asset protection by shifting ownership of high-risk assets.
- Freed up capital and improved cash flow through strategic property sales.
- Built a more diversified investment portfolio aligned to their risk profiles.
- Consolidated super and maximised tax-effective contributions.
- Purchasing the business premises locked in a favourable price and provided long-term certainty for Kate’s practice, while also preserving the option to transfer the property into their SMSF in the future.
- Established an effective income-splitting and investment strategy to reduce tax.
- Protected their family’s financial future with appropriate insurance and estate planning.
Key Takeaway
Kate and Jason’s story shows how even financially successful couples can unlock greater potential through expert guidance, risk-aware strategies, and long-term planning. With our help, they’re now on track to retire five years earlier, enjoy the lifestyle they want, and protect their family’s future. If you're a busy professional or business owner, juggling multiple goals with complex finances, we’re here to help simplify and structure your financial life, so you can live today while planning for tomorrow with confidence.
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Important Note
Produced with our client’s permission. Names within this case study have been changed to protect the client’s right to privacy. The content of this case study has been based on a real-life client. Any information provided here is general advice only and does not consider your objectives, financial situation or needs. This information should not be taken as comprehensive and does not constitute legal or financial advice. You should seek legal, financial or other professional advice before relying on any content. Yield Financial Planning is not responsible to you or anyone else for any loss suffered in connection with the use of this information. Information is only current at the date initially published.
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