James Coyle

Concession cards update: Are you missing out?

by James Coyle | Commonwealth Seniors Health Card

Over the summer break we’ve taken the time to spell out the details of some of the main ways you can maximise your retirement income. We started with a simple explainer of the Age Pension, then superannuation, the new Work Bonus rules and now this week, we have an update on concessions cards.

Yes, this is a topic we have written on quite a few times before, but we continue to be surprised by how many Retirement Essentials members are missing out on savings because they either didn’t know about these cards, or didn’t know how to get started.

The good news is that our team is able to support you to gain access to the two main money savers – the Pension Concession Card and the Commonwealth Seniors Health Card. Other cards are also available; we’ll explain how you can get them as well.

Can I afford to renovate when I retire?

by James Coyle | Customer Stories, Planning for Retirement

Adviser Megan Marshall recently met with Gary and Monica who have retired. They’ll soon qualify for an Age Pension but want to know whether a renovation or downsizing their home is the smarter financial strategy. Talking them through the rules and the likely effect either decision would have on their retirement income made Megan realise that this dilemma was worth sharing with all our members.

We spoke with her just before Christmas to get a little more background on the work she does in strategy consultations.

‘What I love the most is helping people understand how to retire comfortably. It’s all about clarification and information, which gives them the confidence to understand their options. Most people come to us with a clear sense of purpose. They just want some bite-sized advice to meet their current needs, not necessarily a complicated ‘whole of life’ plan. We offer great value, with full transparency of fees. We charge a fee for consultations; consultations that are targeted to solving specific issues which frequently arise in the lives of retirees. Things like paying down a mortgage, or better understanding superannuation options, or using downsizer contributions.

‘The fact that we can help them understand the rules, ranging across tax, Centrelink and superannuation, and how intertwined they are, is very satisfying. We take out the jargon and demystify information which may be spread across five pages of the Services Australia website! That’s what I love about what I do. Problem solving!’

Back to Gary and Monica and how they were guided through their options…

Should Craig retire completely or go part-time?

by James Coyle | Customer Stories, Retirement Income

This week we talk to adviser, Nicole Bell, who spends her time working with Retirement Essentials members to help them get better financial outcomes. She recently spent time with Craig, who is 69, currently working full-time, but wanting to spend more time with his new partner, Yuna. Nicole was able to share a solution for Craig that ticked all the boxes. But more about that later.

We asked Nicole what she enjoys most about her role as a financial adviser. And like her Retirement Essentials colleagues, Steven, Megan and Sharon, she loves the fact that her clients walk away feeling relieved, reassured and more confident about their financial futures.

‘It’s usually not about any single strategy, more about how much better they feel after asking their questions and better understanding the rules. They know what they need to do next. And don’t feel so overwhelmed. I love the fact that every client is different. But funnily enough, every week I have at least one repeat client who may be early in their retirement journey. They are often talking one year out from retiring, keen to keep an eye on changing rules.

‘One client has had a series of five appointments. Her husband was unwell and they both wanted me to demonstrate how she could manage her income if she needed to do so as a single. Sadly her husband did pass away, and she was able to come back and work through various issues over the next 12 months or so, comfortable that someone knew her situation and cared enough to provide ongoing support. She has since become very adept at her own financial administration, which is really pleasing’.