Recharged and Retired

Meet Paul

Paul has worked hard for many years, and put away some regular savings on top of his employer super contributions. Although he has built up a good super balance, he was still faced with many of the common questions at this point in life:

• Can I afford to retire?
• Do I have enough money?
• How do I access an income from my assets?

We got to understand his current position, and what his needs will be going forward. Going from having a regularly weekly wage to no wage can be very daunting, so we showed him how he can start drawing a tax effective income stream from his super money.

Initially he was able to reduce his work hours, and we commenced a tax free income to ensure the combination of his part time wage and his income stream could fund his living costs.

While finances are a crucial consideration, it is just as important to ensure you have interests and activities to fill your days in an active retirement – moving to part time allowed him to get back into golf and other sports he hadn’t had much time for in recent years.

He came to realise that work was a choice for him, and it wasn’t so daunting when he made the decision to give away work completely. We adjusted the income he draws from his super, and this effectively replaced all of his wages. He now has time on his hands, money to live the lifestyle he wants, and activities that he enjoys to spend his time on.

The Case study is illustrative only and is not a reflection of your personal situation.