A couple in their 60s preparing to retire while securing their family and lifestyle goals
Background: Alice and Peter
Peter and Alice, a couple in their 60s, approached us for retirement advice. Peter was still working but planning to retire in the near future, while Alice had already retired. Over the years, they had used much of their savings to improve their property and to provide financial support to their adult daughter and other relatives.
As Peter’s retirement approached, they wanted to understand when he could comfortably retire and what strategies could help strengthen their financial position in retirement, while still allowing them to assist their daughter where possible.
Living on a large property, Peter and Alice had also been considering whether to build an extension for their daughter’s family or to downsize to a smaller home. They wanted clarity on how each of these choices would affect their long-term financial outcomes and retirement lifestyle.
Key Results at a Glance
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Early Retirement:Retire 3 years earlier than currently projected with our advice implemented
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Financial Growth:Financial assets increased by 10% by retirement age
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Super Savings:Super platform would save them $700 per annum
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Tax Efficiency:$4,752 saved in tax per annum through salary sacrifice
Why Did They Seek Advice?
- Understand when Peter could comfortably retire and whether early retirement was possible.
- Explore ways to strengthen their financial position and maintain their desired lifestyle in retirement.
- Assess the financial impact of different property options — building an extension for their daughter or downsizing.
- Continue providing support to their daughter while ensuring long-term financial security.
- Simplify and optimise their finances to make the most of their superannuation and reduce unnecessary costs.
Strategies Implemented
We conducted detailed financial modelling to assess when Peter could retire under different scenarios, including keeping their current home, building an extension for their daughter, or downsizing.
Through this analysis, we identified several opportunities to improve their overall position and help them transition smoothly into retirement.
Superannuation Advice:
- To make sure their retirement savings last and work efficiently, we recommended reviewing and adjusting their pension each year to keep more of their money in the tax-free environment.
- Recommended that the couple start to maximise their contributions to Super through salary sacrificing $35,000 per annum, which would save them a further $4,752 in tax each year.
- Reviewed existing superannuation accounts and identified a comparable product with lower fees with same features of their existing account, saving nearly $700 per year.
Debt Management:
- We first saw the need to pay off credit card debt due to the very high-interest rate.
- So, we recommended taking a lump sum withdrawal out of their pension to pay off this debt in full, immediately improving cash flow.
Insurance Review:
- Recommended adjusting Peter’s insurance cover to align with their current needs, ensuring adequate protection without overpaying on premiums.
Property Planning:
- Peter and Alice’s primary goal was to keep their home and be able to add an additional section for her daughter and her family.
- We suggested that the daughter sell her property to buy 50% of their property and then use the proceeds to build the extension and then have the rest put away for the client’s retirement fund.
- This would help Peter retire at 72.5, 3 years earlier than currently indicated, and benefit the daughter by giving her exposure to a property that is positioned for future growth.
- This advice also projected that they would also increase their financial assets at retirement by 10%.
- We compared the above strategy against how they are currently tracking for retirement, and as seen in the graph below, this leads to an improved position.
- Further, our analysis included the option to simply downsize by selling their property and purchasing something cheaper for retirement.
- This results in Peter still retiring at age 72.5 on their desired level of income but will mean the couple will need to make a significant lifestyle decision that at this stage is difficult for them to seriously consider.
Outcomes and Benefits
- Peter is now projected to retire at age 72.5, around three years earlier than initially expected.
- The recommended strategy is projected to increase their retirement assets by 10%.
- They received clear, tailored scenario analysis that helped them make confident and informed decisions about their retirement and property.
- Reduced financial stress through debt elimination, improved cash flow, and lower ongoing superannuation fees.
- Saved money from updating their insurance to keep the right cover while reducing unnecessary costs.
Key Takeaway
With the right strategies in place, Peter and Alice gained clarity on when they could retire, improved their financial position, and created a plan that allowed them to keep their family home while supporting their daughter’s future.
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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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