Tom's story

Tom had just retired. He and his wife Mary were looking forward to an overseas trip, buying a caravan for travelling around Australia and spending more time with the grandkids. In their discussions about retirement, some questions kept on coming up. One of them was “Are we doing this the right way?”

Tom and Mary decided to see a BankVic financial planner to see if BankVic could help answer this and other questions. It turned out they could.

After speaking with their BankVic financial planner, they decided to get a financial plan prepared. The main questions they were seeking answers to, were:

  • Are we entitled to any more Age Pension?
  • Is our retirement money invested appropriately?
  • After we have bought the caravan and travelled overseas, do we still have enough so our money lasts over our lifetimes?
  • Are there any other issues that need to be addressed?
The benefits to Tom and Mary were significant:

  • Their financial planner advised them how to rearrange their investments which increased Age Pension entitlements by around $5,500 per year for the next 6 years.
  • Their adviser helped them determine what their comfort level with investment risk was. They were then advised how their current investment portfolio was too heavily invested in Australian shares and term deposits, and how a more diversified portfolio should achieve a better return with a lower overall level of risk.
  • After taking into account Age Pension entitlements, their financial planner determined their portfolio would very likely last over their lifetimes based on their retirement income needs. ‘Safety-net’ options such as downsizing and reverse mortgages were also covered.
  • Other issues they needed to address concerned their estate planning. It was determined they needed to review their Wills, arrange for enduring Powers of Attorney and revise their superannuation death benefit nominations.
Tom and Mary are now enjoying retirement more than ever.

BSB: 704 230

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