Tom's story

Tom had just retired. He and his wife Mary were looking forward to an overseas trip, buying a caravan for travelling around Australia and spending more time with the grandkids. In their discussions about retirement, some questions kept on coming up. One of them was “Are we doing this the right way?”

Tom and Mary decided to see a BankVic financial planner to see if BankVic could help answer this and other questions. It turned out they could.

After speaking with their BankVic financial planner, they decided to get a financial plan prepared. The main questions they were seeking answers to, were:

  • Are we entitled to any more Age Pension?
  • Is our retirement money invested appropriately?
  • After we have bought the caravan and travelled overseas, do we still have enough so our money lasts over our lifetimes?
  • Are there any other issues that need to be addressed?
The benefits to Tom and Mary were significant:

  • Their financial planner advised them how to rearrange their investments which increased Age Pension entitlements by around $5,500 per year for the next 6 years.
  • Their adviser helped them determine what their comfort level with investment risk was. They were then advised how their current investment portfolio was too heavily invested in Australian shares and term deposits, and how a more diversified portfolio should achieve a better return with a lower overall level of risk.
  • After taking into account Age Pension entitlements, their financial planner determined their portfolio would very likely last over their lifetimes based on their retirement income needs. ‘Safety-net’ options such as downsizing and reverse mortgages were also covered.
  • Other issues they needed to address concerned their estate planning. It was determined they needed to review their Wills, arrange for enduring Powers of Attorney and revise their superannuation death benefit nominations.
Tom and Mary are now enjoying retirement more than ever.

Our financial planners and superannuation professionals are representatives and employees of BankVic, they do not receive commission. We recommend you read our Financial Services Guide (PDF) for further information about how our financial planning services contribute to the income of BankVic. This advice has been prepared without taking account of your objectives, financial situation or needs. Because of this, before acting on the advice, you should consider whether the advice is appropriate for you. Before you make any decision to acquire any product or service, you should obtain and consider the relevant Product Disclosure Statement available from a BankVic branch or by calling 13 63 73. BankVic acts as an agent for a range of life insurance product issuers. Our financial planners are members of the Financial Planning Association of Australia and our superannuation professional is a member of the Association of Superannuation Funds of Australia. ™Superfuture is the exclusive registered trademark of BankVic, Registered Trademark 831100.

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