To retire or not to retire ?

When you’re planning your retirement, the last years of work can be crucial for building your wealth. Trevor Thompson of Insight Wealth Partners can help, with financial advice that will allow you to retire with confidence – even if your plans change.

Preparing for the next phase

Soon after Allan Butterworth turned 60, he and his wife Sue decided to seek financial advice from Trevor Thompson. Allan, a fitter and turner, was starting to think about retiring, so a friend suggested that he and Sue ask for Trevor’s help to prepare for the next phase of their lives.

“Because I was getting close to retirement, I wanted to sort out my super and I needed a bit of help to do it,” Allan said.

After speaking to the couple about their financial situation and goals, Trevor recommended that Allan sell some of his managed fund investments and use the proceeds to pay off the family home. By following Trevor’s advice, Allan and Sue would be able to start their retirement debt-free.

Trevor also suggested a transition-to-retirement strategy for Allan, which involved salary sacrificing part of his pre-tax income into super, but drawing an allocated pension from his super to make up the shortfall in his take-home pay. This meant Allan was able to boost his retirement savings while reducing his tax liability at the same time.

During the advice process, Allan and Sue appreciated how Trevor took the time to listen to their needs so he could build the right financial strategy for them.

“Trevor has been really good to work with,” said Allan. “He’s easy to contact, and whenever I talk to him he asks lots of questions so he really understands what we want.”

A change in direction

With a sound financial strategy in place, Allan and Sue’s retirement nest egg grew steadily. But life for the Butterworths took a turn when Sue was diagnosed with a serious heart condition and had to be fitted with a pacemaker.

The couple spoke to Trevor about their concerns for the future. On one hand, they thought it might be a good idea for Allan to retire earlier in case Sue’s health problems prevented them from enjoying retirement down the track. On the other hand, they were worried that they may not be able to afford for Allan to give up work so soon.

Trevor discussed a few possible scenarios with Allan and Sue, to demonstrate how Allan could afford to retire earlier than planned. This helped take the financial worry out of their decision-making process. Allan has since begun a trial retirement using his long-service leave, giving the Butterworths a chance to travel, spend time with their family and plan their next move.

The couple are very happy with how Trevor has helped them build their retirement savings, and for his sound advice on an important life decision.

Allan commented: “I feel confident about everything that Trevor’s done. It’s good to know the money will be there for our retirement.”

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