Case Study: Margaret's Retirement Plan

After the death of her husband, we helped Margaret build a retirement plan that would make her goals possible.

retirement plan

Margaret* had a clear list of goals that she wanted to accomplish in her retirement, and wanted to create a retirement plan that would achieve those goals.

When Margaret first came to us she was in a disastrous situation. Her husband had died in middle-age, leaving her family emotionally devastated, but also financially unstable.

As is typical of most families of that generation, Margaret’s husband was the primary income-earner. Margaret had only recently started working part-time again after the last of their children had moved out.

After coming to terms with the loss of her husband, Margaret was then faced with the prospect of her financial survival for the rest of her life.

Her part-time work was not going to be enough to sustain her going forward, and by being a stay-at-home mum for most of her adult life, she had very little superannuation she could use.

However, her husband’s early death had resulted in a life insurance policy payout, and his superannuation fund allowed for a lump sum payment of the fund’s death benefit.

Margaret’s Retirement Plan

So Margaret had a large lump sum that she needed to stretch out for her retirement. In addition to this, Margaret also had other financial goals she wanted to achieve.

Her husband worked in a physically-demanding job, and she believed that may have contributed to his early death. So Margaret wanted to set up University funds for her future grandchildren so that they would never have to toil to make ends meet.

Another challenge was that Margaret was not yet emotionally ready to move out of her family’s home. Her memories of her husband were in that home, and she couldn’t bring herself to leave it.

retirement planTo help Margaret achieve these two goals with her retirement plan, we began by creating a budget for the immediate future. We calculated how much money she would need for the next few years that her income would not cover, and set that aside. The rest of the lump sum payment was used as a deposit to help her secure an investment property.

Rather than leaving her money in an account, Margaret’s money is now consistently growing as her property’s value increases. In the meantime, she has started working full-time to bolster her personal income and has started investigating further investment opportunities.

Margaret isn’t at the point yet where she has reached all of her financial goals, but she has a plan in place and together we’re working to accomplish them.

If you are looking for financial assistance like Margaret was, we’d love to help. Simply fill in the form below:

*Name changed for privacy

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