Stephen and Michael*, aged 55 and 65, are both consultants and have no children.
The couple is debt free and own various properties including their family home worth $1.5 million, a $700,000 holiday home and a rental worth $800,000. They have private superannuation worth $300,000, a DIY share portfolio of about $700,000, an account with a fund manager of $3 million and ownership stake in a business worth $1 million.
Stephen and Michael want to exit the business and retire within five years. They aim to have an annual retirement income of $150,000 and want to continue to travel overseas and buy luxury cars if they choose. Socially responsible and sustainable investment is important to the couple and they are interested in philanthropy in retirement.
We reviewed and rearranged Stephen and Michael's investments into a more targeted strategy. We were able to increase the expected returns from their investments by $52,000 per annum.
We developed a socially-minded investment portfolio geared towards imminent retirement and income needs. We arranged for an external specialist to review the business shareholding and provide exit guidance. We then put a strategy in place around a future exit.
The couple has deferred their philanthropy aims for the next couple of years while they prepare for retirement but will reassess this once their business exit is finalised.
They are now confident they will have an enjoyable, active and rewarding retirement with the ability to travel, buy luxury vehicles and donate to charitable organisations as they choose.
* Names have been changed to protect privacy
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