Being a Financial Planner at Tailored Lifetime Solutions is not just about Superannuation and Investments. It is about putting our clients’ needs first and making a real difference in their lives.
For us, our values of Security, Peace of Mind and Genuine Care ring true and can be found in many of our clients’ stories. We would like to share one such client story with you:
Jack and Dianne (not their real names) are aged in their early 60’s and late 50’s respectively. They came to see Warren concerned about their financial situation and how they would be able to afford to keep their home and live when both of them retire.
Jack has been out of work for several years due to ill health, and Dianne works 4 days a week. Their after-tax income was $4,525 per month, they had a $257,000 mortgage with repayments and ongoing medical bills totaling $2600 per month. As a result, they were saving very little for their retirement. The initial reason for making the appointment was to discuss how they could improve their cash flow and get some budgeting advice. They were considering downsizing their home to alleviate some of their financial pressure and Dianne was looking to increase her working hours to full-time.
Once Warren was able to obtain their full financial picture, it was found Jack had Total and Permanent Disablement cover inside his superannuation which he had not claimed on. After further investigation and assessment, it was suggested Jack put in an insurance claim which was successful. A financial plan was then put in place to assist Jack and Dianne to achieve their goals and reduce the amount of financial stress they were feeling.
The money from the insurance payout was enough to pay off their mortgage, with some left over for some much-needed renovations. Jack and Dianne then opted to have a road map conducted to give them long-term analysis of what they may expect for their financial future.
The completed road map showed Dianne could reduce her working hours to 3 days and still be in a better position than they previously were. Dianne is now taking long service leave and they have booked a cruise from Melbourne to PNG which has always been on their bucket list, all this previously seemed out of reach.
Jack and Dianne have gone from their lives revolving around working, paying their mortgage and Jack’s health, to being debt free, keeping and improving their home and having the security and peace of mind knowing they now have more options available when it comes to their lifestyle and the decisions they make.
If you know of someone that may benefit from our service, have them give us a call on (03) 9851 0300, we would love to be able to assist them also.