Retirement Financial Planning as your Circumstances Change

Thursday, January 14, 2021

Have your retirement investment circumstances changed? Maher Digby Financial Planners Sunshine Coast explain the many investment strategy changes that retirees may need to deal with...

by Maher Digby Financial Planners Sunshine Coast 

OKAY – you’ve retired, your investments are settled in place, your income stream is being paid regularly and you’re smooth sailing. And you may be for many years or in fact, for the rest of your retirement.

However circumstances can change anywhere along the retirement timeline requiring a review of your financial arrangements.

Any good financial adviser will review a client’s portfolio on a regular basis.  A primary question at that financial planning review appointment should be to ask “have your circumstances changed since we last met?” This is an important piece within the review process. 

Things that may change during your retirement phase may include:

  • You need more income to cover your monthly expenses
  • You require an adjustment to your Age Pension payment because your investment valuation as advised to Centrelink is now different, either higher due to additional monies or lower as a result of years of income distributions and added expenditures
  • You require a lump sum withdrawal for a holiday, car, caravan, household maintenance, health care, or perhaps assisting family members. We have discussed before the value of factoring in easily accessible cash within your investments for these kind of ad-hoc needs.
  • Your spouse needs to transition into Age Care and you require a reassessment of your joint financial arrangements, how to fund the Age Care facility, and a new set up of your own personal finances and ongoing income
  • You spouse has passed away and you need manage the change of investments into your name and the planning your financial future and adjustment of income needs.

This also includes those women whose husbands have managed their financial affairs independently and now are left with little knowledge of how to manage their finances and need professional, certified financial planner assistance.

  • You have received an inheritance and would like to invest those funds effectively
  • You have sold rental property or downsized your home and would like to invest the monies, and possibly increase your income or adjust your Age Pension or superannuation entitlements.
  • You have decided to sell direct share holdings, or a matured Term Deposit, and integrate those monies into your managed investments that fund your regular income stream.

The retirement financial planning phase for seniors can be a changing landscape. A Financial Adviser specialising in retirement can advise and ‘hold your hand’ through any of these financial changes making sure you are appropriately invested for your needs, managing taxation planning, guiding you with estate planning, and assisting with Centrelink communications.

The relationship with your Financial Planner becomes an important one in retirement. This is a person who is guiding you in a secure financial plan, personalised for your circumstances because they know you, and adjusting retirement investment strategies as you need along the way.

For expert retirement advice and services across the Sunshine Coast and Wide Bay regions, contact Maher Digby financial planners in Nambour.

For clarification or more Information regarding financial planning for seniors, contact Mark Digby at Maher Digby Securities Pty  Ltd - Financial Advisers – AFSL No. 230559 – Ph: 075441 1266.  This document was prepared without taking into account any person’s particular objectives, financial situation or needs. It is not guaranteed as accurate or complete and should not be relied upon as such.Maher Digby Securities does not accept any responsibility for the opinions, comments, forward looking statements, and analysis contained in this document, all of which are intended to be of a general nature. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend consulting a financial adviser in Sunshine Coast. 

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