Services

Retirement Planning

Suncow Wealth offers a comprehensive retirement planning service across both stages – Transition and Pension stage. 

Our primary goal is to provide clients with a financial roadmap to help achieve their retirement goals in the simplest way possible using our six step process. Not surprisingly, to do otherwise usually means…

“Failing to plan is planning to fail”

So often clients are amazed to learn what income they really need to retire on, with a bit put aside for a ‘rainy day’. This can either be a positive experience or a huge ‘wake-up’ call. Additionally, clients are often amazed to find out what options are available to them.

At Suncow Wealth, we also believe education plays a very important role during the planning process. One of the most important lessons we impart is that wealth is measured in time (cashflow) rather than just rising asset prices. It’s important that clients have more money at the end of their money than month at the end of their money!

We also show clients how not to rely on market going up to fund their retirement and avoid all the stress.

Retirement planning can be a very complex process due to changes in legislation however the end result can make it a very worthwhile process. There are many factors to be taken into account all of which can have a significant impact on a client’s quality of life.

10 Reasons Many People Retire Poor

  1. Don’t plan their retirement
  2. Have little or no idea how much money they need to retire on
  3. Think they can live on a Centrelink pension…until they actually try it!
  4. Overestimate how far a lump sum payment will go
  5. Think life will be better (and cheaper!) with a sea change
  6. Believe that downsizing into a smaller house will fund their retirement
  7. Don’t put the correct estate planning processes in place
  8. Don’t have a purpose in their life and therefore have too much time to spend $$$
  9. Are shocked to find out that retirement is not what they expected it to be and often become depressed. Can lead to marriage breakdowns and whittling away $$$.
  10. They rely on the stock market going up to fund their retirement

 True Story

John and Jenny (names changed for privacy reasons) had been retired for three years when they were referred to us. John had been a high school maths teacher for 42 years while Jenny raised the kids and then later worked in various retail jobs.

When John retired he took a lump sum pension of $340,000 and marched into retirement debt free without a worry in the world! Even though John was very good with numbers he never did the numbers on his retirement.

Consequently he took his wife on a round the world trip, two luxury cruises, bought a new car to go with the new boat, funded one of their children’s wedding and before he knew it, he and his wife were broke.

Sadly for John and Jenny, they both found themselves seeking employment in their mid 60s because a social security pension was not enough to sustain their lifestyle.

Not surprisingly there wasn’t much we could do for them.