When a widowed client contacted us, she felt stuck, disheartened ,and completely overwhelmed by her financial situation. She was struggling to see the light as she looked to the future. Today she looks to the horizon through a completely different lens, with hope and optimism.
Here is her story.
Numbers/background
- Single female – 67
- Value of home: $500,000 with a home loan of $150,000
- Superannuation: $400,00
- Cash in the bank: $10,000
- Working full-time earning $50,000 p/a
Frustrations
- She was worried that she would never be able to pay off her home loan.
- She enjoyed her job but would prefer to work part-time, but was worried if she cut back her hours, she would not be able to afford to pay her mortgage and other bills.
How we helped
- We used a portion of her superannuation to pay off her home loan
- We applied to Services Australia for a part Age Pension and dealt with Services Australia on her behalf.
- We set up her superannuation to draw a tax-free income.
What success looks like for her
- She is debt-free and relieved she had the security of her own home and no longer had to make home loan repayments.
- She has reduced her work hours to two days per week. She is thrilled she can keep working to stay stimulated but now has time to enjoy her hobbies and spend time with her friends and family.
- She now receives a part Age Pension, which also entitles her to the Pensioner Concession Card to receive discounts on her medications, public transport, car registration and utilities.
- She also receives a monthly tax-free income from her superannuation.
- She can comfortably meet her living costs and enjoys the savings from concession card discounts.
Seeing the look of relief on her face and knowing we have helped alleviate her worry and stress is why we do what we do. We know dealing with Services Australia can be stressful and time consuming. And if you are navigating life without a partner, managing the financial side of life can be daunting.
We’re in your corner and will go to bat for you with Services Australia to get you every dollar and discount you are eligible to receive.
This business is not affiliated with or endorsed by Centrelink or the Australian Government Department of Human Services. The purpose of this website is to provide general information only and the contents of this website do not purport to provide personal financial advice. Denaro Wealth strongly recommends that investors consult a financial adviser prior to making any investment decision. The contents of this website do not take into account the investment objectives, financial situation or particular needs of any person and should not be used as the basis for making any financial or other decisions. The information is selective and may not be complete or accurate for your particular purposes and should not be construed as a recommendation to invest in any particular product, investment or security. The information provided on this website is given in good faith and is believed to be accurate at the time of compilation.