Pakenham, Cranbourne & Beaconsfield
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Are you hoping to retire soon, but you’re not sure how to plan ahead financially? Trevor Thompson from Insight Wealth Partners can tailor the right retirement strategy for your needs.
“I was looking to retire in five years, so I wanted to set up a five-year plan to get me there,” Tom explained.
When Tom Houston and Di Reiss first got in touch with Trevor Thompson in 2015, they were starting to think about retirement and wanted to get their finances in order. While they were both still working, Tom and Di wanted to use their income as effectively as possible for their retirement, but they weren’t sure which type of financial strategy was right for them.
As the first step, Trevor helped the couple identify their financial and lifestyle goals. He then showed how they could reach their goals using their super, through a combination of salary sacrificing and after-tax contributions from their savings.
During their early discussions, Tom and Di told Trevor that they wanted to be in control over how their money was invested. Their initial idea was to invest in property, but after working through some cashflow projections with Trevor, they decided to follow an alternative strategy.
As the couple had already accumulated a substantial nest egg, Trevor explained that a self-managed super fund (SMSF) might be a suitable option for them, as it would allow them to stay in control of the decisions around their portfolio. He also talked them through their investment choices, so they could choose a mix of assets they felt comfortable investing in.
“After Trevor did all the forward projections, we decided to invest in the share market and managed funds, and stay out of property,” Tom said. “Trevor organised everything for our SMSF and put us in touch with an accountant who took care of all the paperwork.”
Tom commented: “We’re salary sacrificing up to the limit and making some outside contributions, and we’ve made a half-yearly decision to buy some more shares in a different portfolio area.”
Although Tom and Di have only had their SMSF a short while, they’re already on track to reach their retirement goals. They’re continuing to boost their nest egg through salary sacrificing, and are considering diversifying their portfolio further with Trevor’s guidance.
During the advice process, Trevor has not only advised Tom and Di on their investments, but on Tom’s life insurance arrangements as well. And whenever he reviews the couple’s financial strategy, Trevor also makes sure Tom and Di always have enough cash at hand to indulge their passion for travel.
“We like to do a big trip every second year,” Tom said. “Trevor helped us work everything out so we can still enjoy doing that now without borrowing any money or going into debt.”
As Tom and Di approach retirement, they feel comfortable knowing they can approach Trevor whenever they need additional financial guidance.
“Although our relationship with Trevor is still young, we get along really well,” Tom said. “He’s open to listening to our thoughts and ideas – and he’s always very easy to talk to.”