Case study 3: Retirees

This case study will focus on the strategic recommendations within iff for a Retiree. 📺Video Length 15:27 minutes

Introduction

Mary is 72 and is retiring. She is seeking advice and wants to simplify her financial accounts for easier management while ensuring she has a steady income to cover her annual retirement expenses of $57,000.

She currently has an Expand Pension account with a balance of approximately $316,000, from which she draws an annual pension of $17,000. In addition, she receives a CSS Pension of $29,000 per year and has $260,000 in an Aware Super account.

Recommendation

Withdrawing the total balance of $260,000 from her Aware Super fund and withdrawing $124,000 from her Expand Extra Pension to make a Concessional Contribution of $24,000 and a Non-Concessional Contribution of $360,000 into a new Expand Super account.
Rolling over the total balances of her new Expand Super and remaining balance of her existing Expand Pension to a new Expand Pension account and drawing the minoimum 5% pension payment.
Applying to Centrelink for the Age Pension
Maintaining existing cash reserves and funding planned home improvements of $15,000 in July 2025 from personal cash holdings.
Establishing a non-lapsing binding death nomination on the new Expand Essential Pension, nominating her estate as the beneficiary.

Modules covered

iff Modeller