Is Your Retirement Plan Still Working for You?

Financial plans don't stay still. A property sale, an inheritance, a change in health, or a shift in the share market can all mean that a plan built a year or two ago no longer reflects your circumstances today.

If you're drawing income from superannuation, investments, or a combination of both, it's worth periodically checking that your plan still holds up - particularly if you've never sat down with a financial adviser to look at how your retirement income is structured.

A note on annual reviews: If you already have a Financial Plan with us, all of this is covered as part of your annual review and the support we provide throughout the year. However, if something has changed since your last review - a property sale, an inheritance, or a health development - it's worth having a conversation sooner rather than waiting for the next scheduled check-in.

Your Age Pension entitlement

The Age Pension assets and income thresholds are reviewed by Centrelink twice a year, in March and September. These periodic updates are a useful prompt to check whether your current assets and income sit within, above, or close to the thresholds.

If your circumstances have changed, such as you've sold assets, received an inheritance, or your investment returns have moved materially, your Age Pension entitlement may have changed too. An outdated Centrelink record can mean you're receiving less than you're entitled to.

Your Superannuation drawdown strategy

Is your drawdown strategy still appropriate for where you are now, and where you're likely to be in the next few years?

For people who are approaching the point where aged care might become relevant, either for themselves or a spouse, having a clear view of how long your current assets are likely to sustain your income needs is an important part of planning ahead.

The family home

If you're still living in your own home, it's worth understanding whether your home is currently exempt from the Centrelink assets test, and how this changes if you move into residential aged care.

If there's any possibility that residential care is on the horizon, getting a clear picture of your options now, before that decision becomes urgent, makes the eventual process significantly less stressful.

Has something changed since your last review?

A check-in doesn't need to be formal. But if something significant has changed since you last spoke with your adviser such as a property sale, an inheritance, a health development, a change in living arrangements - it's worth having a conversation.

The aged care system is sensitive to changes in your financial circumstances. Getting ahead of those changes, rather than responding to them after the fact, tends to produce better outcomes.

How we can help: If you'd like to review your current position - whether you're approaching retirement or already drawing an income - we're happy to run through what that looks like for your circumstances. There's no obligation and no pressure. Just clarity.

Call our team today on 1300 924 644 to arrange a time to discuss your situation.