We all know that one day there will be only one of us left.
Hopefully, that day is a very long way off.
Its common sense to ensure your retirement income strategy will provide for the time when either you or your spouse, will be on your own.

The Facts:

Financially, when you are on your own, your family expenses will marginally decrease.

Food, clothing, private medical and personal expenses will fall, but electricity bills, council rates, household insurances, petrol, telephone, the price of a new fridge and the general day to day costs of running your home will keep rising.

There could be new items in the single budget such as the lawnmower man and taxi fares. Trades people could be called upon to fill in for what you once did. You may need a cleaner to help out.

One of the hardest things that you will have to do is to sit down to your evening meal on your own.

Eating out a bit more often or having the occasional delivery would not only be convenient, it will provide you with some comfort as well.

You may stay in the family home for a while, but what then?

Be prepared to receive the lower Single Rate Department of Human Services/ Centrelink Age Pension.

Know in advance what it will mean and prepare a financial strategy to ensure the sustainability of your income.

Having to economise when you are on your own, will be difficult.  

The Challenge:

Plan early to secure your retirement income for this second phase of your retirement.

Leaving it until later could risk your having to make financial decisions at a time when your judgement is clouded by illness, infirmity or grief.

Receiving a reduced Department of Human Services/Centrelink Benefit will mean that your private assets will be called upon to produce the additional income needed to meet your living expenses.

Nursing homes and retirement villages will be expensive. Plan to optimise the payment or partial payment of nursing home bonds so that you retain the maximum Age Pension and pay the lowest fees. 

How can we help?

We design retirement income strategies that optimise retirement income during both phases of your retirement.

Our retirement income strategies are long term strategies that always plan ahead and include the time when one of you will be on your own.

These financial strategies are designed when your judgement is clear and includes holding money in reserve to be used to provide the extra income needed when your spouse's Age Pension is reduced to the Single's level.

We design financial strategies to look after your partner when you no longer can.