Get in touch with us

Book a FREE consultation
and receive your complimentary eBook

Get started with a free strategy consultation and receive a copy of the Good Fortune Guide – written by James McFall, Managing Director Yield FP and 2020 National Finalist Certified Financial Planner of the Year to help educate you on your Financial Plan.

    What areas of financial planning are you looking for advice on?

Book a FREE consultation
and receive your complimentary eBook

Get started with a free strategy consultation and receive a copy of the Good Fortune Guide – written by James McFall, Managing Director Yield FP and 2020 National Finalist Certified Financial Planner of the Year to help educate you on your Financial Plan.

Transition To Retirement Sooner Than You Think

A Yield Client Case Study

Retirement

Client is able to retire 3 years earlier than anticipated.

Superannuation

Contributions to super resulted in an annual tax saving of $6,185.

Cash Flow

Reduced ongoing credit card debt for a saving of $14,000

Estate Planning

Est. strategy value of $36,320 for their estate.

We were advising a couple on questions around how they will transition to retirement and what solutions were available to them based on their current financial plan.

A component of what made this couple seek out financial planning advice was them being clear on when they would be able to retire at different stages of their lives, which is one of the most important parts of financial planning for retirement.

Overview

We prepared a transition to retirement plan for a couple in their 50’s recently. He has a health condition that forced him to reprioritise what was important to him and as a result, is now largely retired.

Having worked at Telstra for over 20 years, he was fortunate to have a defined benefit pension, which will meet a lot of their ongoing income needs. 

His wife intended to continue working and they wanted to know how long this would be necessary and what more they could be doing to prepare themselves for retirement.

They had ideal objectives around travel that they wanted us to help them budget for and advice to fund their ideal lifestyle and transition to retirement.

Outcome

We researched his defined benefit and advised that it should be retained due to the certainty of income and reversionary benefit it would pay to his wife.

Outside of this, as a result of other advice we were able to provide, we identified that we could help bring forward her retirement by 3 years. 

Current figures represent a scenario of how the client’s position may look where they simply carried on as they currently are and not implementing any of our recommendations. This scenario assumes that the client is fully retired at age 58.

The advice we gave that helped achieve this outcome included them both making concessional contributions to super, which resulted in an annual tax saving of $6,185.

We recommended she put $1,000 p.a. to receive the co-contribution for a $2,500 benefit over 5 years.

We also recommended they pay off their credit card debt for a $14K saving, compared to their current minimum payment plan, and recommended they reduce their insurance cover in line with their needs. 

We then advised they do a re-contribution strategy, which had an estimated strategy value of $36,320 for their estate.

If you would like to discuss your retirement plan or start to have one developed, please feel free to contact us with any questions.

Important Note
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.
Share this post:
FacebookLinkedInGmail
Testimonials

What Our Clients Say

We have entrusted our wealth creation and future security with Yield Financial Planning for a number of years now. They truly are professionals who have stayed ahead of the game by making strategic decisions at the right time and have always given sound advice. Security for our future is in great hands. Thanks Yield Financial Planning!!!

Yield Financial Planning have been excellent in their advice and investment strategies being a pleasure to work with over many years. Their strategies and constant portfolio reviews making changes when needed have guided us right through from our working days, the GFC and now retirement. We hold Yield as being an invaluable necessity.

Yield Financial Planning has provided us with professional expert sound advice. It is always a pleasure to deal James and his team who always have our best interests at heart and has set up a sound plan for retirement. James and his team have provided first rate advice and funds management. I have confidence in James’s competence and integrity.

Just the excellent service we receive and doesn’t matter how many questions we have; the staff are happy to oblige. They follow things through and let us think about important and critical matters methodically with a helping hand along the way. So overall the Journey is pleasant, professional and comprehensive yet it is explained to you what could help you or your needs.

I’ve been with Yield for more than 10 years and I’ve found the advice invaluable in helping to navigate life’s twists and turns. Highly recommended 5 Stars!

I would like to congratulate Yield Financial Planning, for their high quality of care, expertise and knowledge they have provided in ensuring my future growth is heading in the right direction. These qualities have reflected both in results and the ongoing follow up as an existing client, which I find reassuring.

Have been with Yield for a few years as my financial planners, and was very pleased when they announced their Mortgage Brokering Services – their Broker had great communication, and at no time was I unsure of where we were in the process. Being my Financial Planner, I was much more comfortable knowing they had my interests at the forefront of all negotiations – rather than getting a mortgage broker off the street who is probably aligned with a bank. From a more financial perspective, Yield saved us over $5000 per year through reduced interest payments alone – I highly recommend looking into Yield Financial

Penny O’Grady & Trevor Shevchenko
Kevin & Anne Kennelly
Renae Chapman & Tim Walsh
Ken & Frances Moore
Tim Prosser
Angela Henwood
Wade Lamberth & Narges Bayat
decoration leaves 1
decoration leaves 1
decoration leaves 1
decoration leaves 2
decoration leaves 2

Get In Touch

Interested to discuss something?
Have a question or comment?
Submit your details and we’ll be in touch.

Free Consultation

Free Consultation

Get started with your free strategy consultation and receive a copy of the MOST IN DEMAND Good Fortune Guide – written by Certified Financial Planner of the year 2020 national finalist, to help educate you on your financial plan.