Practical steps to understanding
Retirement is a major life milestone—often exciting, but sometimes uncertain. Superannuation, Account-Based Pensions (ABPs), investments and spending plans all have moving parts, and working out how they fit together can feel overwhelming.
That’s when some professional guidance and support can make all the difference. Today we highlight how Retirement Essentials’ adviser, Nicole Bell, has helped members, Mei and David to build clarity and confidence about the road ahead.
Case study: Mei and David’s retirement journey
When Mei and David met with Nicole, they had already done their research and had a plan in place. But like many Australians preparing for retirement, they wanted expert advice to help them fine-tune it.
Their questions were familiar:
- How should they manage their super after selling an investment property?
- Would they be eligible for any Age Pension or other benefits?
- Could they afford the retirement lifestyle they had in mind?
Nicole began by asking about their goals and priorities – what they were hoping to do, and what they were most concerned about? She explained that retirement planning isn’t a one-off decision, but a process that evolves over time. That shift in thinking helped Mei and David feel less pressure to get everything ‘perfect’ immediately.
Turning questions into a strategy
The goal of this consultation was to provide Mei and David with a clearer picture of their current position and the options ahead. Nicole was able to tailor her analysis to their specific situation and answer some key questions, including:
- Super contributions and timing: They were planning to contribute to super following the sale of their property. This can be tricky to understand and manage. So Nicole explained:
- How to make the most of downsizer contributions or concessional and non-concessional caps
- What to consider before starting an Account-based Pension, and
- How to manage tax efficiently.
- Age Pension and other entitlements: Although largely self-funded, Mei and David wanted to know whether they might qualify for Centrelink support at some stage in their retirement. Nicole outlined how the income and assets tests would apply to them over time, and the impact deeming rates might have on their eligibility. She also explained the benefits of the Commonwealth Seniors Health Card which they could apply for immediately.
- Investment strategy and risk: Nicole also spoke with Mei and David about their comfort with risk in retirement. Together they then reviewed their investment preferences and asset allocation, making sure that the couple’s portfolio reflected their attitude to risk and return.
- Spending and sustainability: With an accurate idea of their current spending and agreed future goals, using the Retirement Forecasting tool, Nicole was able to share modelling on how long their savings were likely to last—and some adjustments that could further increase their income.
Confidence, clarity, and peace of mind
By the end of the consultation, Mei and David had greater confidence in their retirement strategy. They better understood their choices, had a clearer picture of their entitlements, and felt reassured that they were indeed on the right track.
This type of financial peace of mind is something Nicole says many clients walk away with.
“Often people just want to know, are we doing the right thing? Is there something we’ve missed?” she says.
Even if they’ve done a lot of planning already, hearing it from someone who can walk them through the numbers makes a big difference.”
Thinking about your own retirement?
It’s common to have questions about retirement—even if you already have a plan. Understanding your options and exploring the details can help you make more informed decisions and avoid common traps. You can also quickly find out if there is something that you didn’t know that you didn’t know!
Here are a couple of questions to consider:
What are the biggest financial questions you have about your retirement?
How confident do you feel that your current plan will support your lifestyle over the long term?
If you’re unsure where to start, a Retirement Advice Consultation may just help you to bring it all together.
