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The Flannigan's Life Plan
As business people in their 50s trying to plan when they can retire, Mr & Mrs Flannigan have only two worries: Stuart and Celeste (their children). While both ‘kids’ are in their 20’s, neither has moved from home. Upon retirement, the Flannigans would like to downsize: Sell their family mortgage-free home, relocate to a coastal community and travel. They feel, however, they could get better returns on their home sale sooner rather than later (but then there’s the kids!). The latest spanner thrown into the works is thanks to a recent merger, Mr Flannigan’s employer is offering incentives for voluntary redundancy. How do they decide the best financial options?
The Flannigan's Action Plan |
Lifestyle issues with their children aside, the Flannigans need to see the potential effects of their many choices on paper with their financial adviser. First up, their Super contributions have been well-managed and offer excellent self-sufficient income. Their Investments, largely the family home and a moderate share portfolio, represent a healthy foundation for a work-free life. In light of the generous redundancy pay-out, Mr Flannigan could find tax-effective ways to invest while his wife continued to work and top-up her Super. Having worked with their financial adviser for nearly 7 years, their Insurance and Estate-Planning needs are more than adequate and provide them with peace of mind.
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