John's story

John was 50 years old and was set on retiring when he turned 60. His wife, Jane planned to retire at the same time. They both had some money in their super, still had the home loan to repay and their 16 year old daughter was still living at home. They knew what they wanted to achieve but didn’t know how to achieve it, and as a result weren’t doing anything about it. In short, they didn’t have a plan. Not long after, John read an article on superannuation where it stated that a majority of Australians had super balances of “at best a third” of the amounts required for a comfortable retirement.

Concerned about their plans for a secure and comfortable retirement in future, John and Jane decided to see a BankVic financial planner to see if BankVic could help. As a part of this meeting, the financial planner was able to identify what their short, medium and long term goals were, with the main ones being repayment of the home mortgage, ensuring their superannuation was invested properly and retiring when John turned 60.

John and Jane agreed for a comprehensive financial plan to be prepared. This gave them a detailed road map of how they could achieve their goals. Some of the issues covered and advice provided included:

  • How to pay off their debt in the best way prior to retirement
  • How to save for their retirement in a tax-effective way using a combination of savings and superannuation contribution strategies
  • Develop an investment strategy matching their comfort level with investment risk
  • Arrange appropriate personal risk insurance to ensure they would still achieve their goals regardless of an accident or injury
  • Illustrate how their projected retirement nest egg (with John at age 60) would last over their lifetimes.

John and Jane now have a comprehensive plan for getting where they wanted to go. They asked the financial planner to go ahead and they went away feeling a lot more confident about their upcoming years.

BSB: 704 230

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