Kathryn and John* are in their mid-50s with adult children in their 20s and 30s. John is a partner in a law form and earns $1 million per annum. Kathryn was a lawyer but gave up paid work to raise their children, who are now finishing tertiary study or settling down.
Kathryn and John are debt free and own a home in the city worth $1.5 million. They have other liquid assets across direct shareholdings, other financial advisers and term deposits worth $2 million. The couple wants to continue to support their children as they finish university or settle down. They aim to help each child into their first home with a $150,000 deposit.
Kathryn and John want to retire by 65 and in the meantime save up to $240,000 per annum to allow for an annual retirement income of $250,000. Socially responsible and sustainable investments are important to the couple and they particularly want to support companies with sound environmental practices.
We helped Kathryn and John consolidate their existing assets and consider which were appropriate to keep. We simplified their investments and adjusted their investments to generate higher returns while reducing their monthly savings.
We were able to increase the expected pre-tax returns from their investments by $25,000 per annum. This means they can continue to financially assist their children, including helping with overseas flights to get everyone together regularly.
Their Wills were inadequate for family needs so we also ensured they were updated. We also prepared and implemented an investment strategy to ensure that the couple will be confidently on track to cease paid employment by 65 if they still wish to.
Kathryn and John are now very confident they have a healthy balance between saving and spending to prepare for their post-retirement future. Kathryn is happy knowing that John is not working just for the sake of it and that there is a clear purpose for his hard work and long hours.
* Names have been changed to protect privacy
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