This is custom heading element
No matter what state your finances are in, it’s never too late to get professional financial advice. Lance Wright from Roe Financial can show you how to make the most of your wealth, so you can have peace of mind for the future.
Getting a clear picture
Graham and Sandy Jones first decided to get in touch with Lance Wright in 2014. By that time, they’d both worked hard all their lives, Sandy as a medical receptionist and Graham in building maintenance.
Graham was in his early 60s and Sandy was five years younger, and they were both starting to think seriously about their retirement plans. However, the couple were worried that they had not saved enough money to be able to retire comfortably.
“Like a lot of people our age, we hadn’t given a great deal of attention to retiring until it was about to be thrust upon us,” Sandy said.
Graham added: “Because I’d worked for myself for a long time, I hadn’t made much in the way of super contributions.”
Graham’s accountant suggested that the couple speak to Lance so they could get some clarity about their financial circumstances. Then they’d be able to put together a plan that would enable them to retire in the best possible financial position.
“Lance was very understanding and easy to talk to, and he was also very honest,” said Graham. “He explained that if we gave up work completely, didn’t change anything and lived our current lifestyle, our income would only last about 15 years.”
Finding a smart solution
Fortunately, Lance was able to come up with a solution that would help the Joneses increase their retirement savings while they still could.
Firstly, he recommended that they both consolidate their super accounts. Then, he advised that they use their cash savings to make additional contributions into Graham’s super. He also suggested that Sandy contribute more of her income to super while she’s still working.
“We were really pleased with the way Lance approached the whole thing,” Graham explained. “He showed it to us with all sorts of graphs and charts, and made it easy for us to understand what had to be done.”
Making the transition
Since implementing Lance’s financial plan, Graham has set up an allocated pension from his super, which gives the Joneses access to a regular income stream. Graham is also entitled to a small amount of money from the government age pension, and he plans to completely finish working in the near future.
“I’m still working two days a week, which is keeping the business turning over and basically paying my vehicle and running expenses,” said Graham. “Being semi-retired means I get to spend a couple of days each week playing golf as well – I’m really enjoying that!”
“I’ve also increased my payments into super to help give me the amount I’ll finally need to retire on,” Sandy added.
Sandy and Graham are very happy that they went to see Lance when they did. They also know that no matter what the future holds, they can rely on Lance’s expertise to help them make the most of their finances.
“We’ll definitely continue to consult Lance about the best way to invest our money,” said Graham.
Information in this document is based on current regulatory requirements and laws, as at 26 May 2015, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Roe Financial, its related entities, agents and employees for any loss arising from reliance on this document. This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision. Should you wish to opt out of receiving direct marketing material from your adviser, please notify your adviser by email, phone or by writing to us.