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Case study – Planning helps prepare for anything

Aged in their mid-fifties, Joe and Lucy were worried about their financial situation. With increasing debt levels due to credit card debt, they had very little in savings and were unsure how their superannuation worked.

Last updated: January 23rd 2023
Joe and Lucy sought a financial advisor for help with their retirement planning. (This photo is illustrative only). [Source: iStock]

Joe and Lucy sought a financial advisor for help with their retirement planning. (This photo is illustrative only). [Source: iStock]

They had an overwhelming feeling they were not moving forward and a fear they would never be able to retire.

Guided by their financial advisor, Joe and Lucy were able to identify clear goals and create workable strategies within realistic timeframes, whilst receiving ongoing education and support.

Aged Care Financial Advisers (ACFA) assisted Joe and Lucy to consolidate their debt into the one loan, manage their budget and cashflow, boost their savings to provide them with some cash reserves and increase their superannuation investments using tax effective strategies and reviewing their underlying investments.

The organisation also ensured they had adequate insurances in place so in the event of illness, injury or death their financial future would not be in jeopardy.

Joe and Lucy would meet with their advisor twice a year to ensure they were on track with their plans. Their cash reserves and super grew in value while their debt decreased. As a result, they were able to reduce the level of their insurances and in turn provide them with improved cash flow.

Sadly, nine years after meeting with ACFA, Joe passed away unexpectedly. Although Lucy was devastated, she and her family were reassured that financially she would be ok.

Joe’s insurance allowed Lucy to pay off the mortgage. She had cash reserves, allowing her to take some time off work while she got accustomed to life without Joe.

As Joe’s spouse, Lucy inherited his superannuation and this, along with her own superannuation, allowed her to still be financially secure in retirement.

Financial planning is not just about money, it’s about peace of mind, confidence, a trusted relationship and financial certainty.

The information contained within this content has been provided as general information only and prepared without taking into account your financial position, objectives, and needs. You should consider its appropriateness and seek financial advice before making any financial decisions.

Case study provided by Aged Care Financial Advisers

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