There’s nothing as frustrating as having someone upset your plans…today it happened to me, and I did it to a prospective client.
Taking an 84-year old client to the bank to confirm her identity should’ve been easy…it wasn’t. We’ll be attending the bank again tomorrow to resolve the issue.
Then it was my turn to throw a spanner in the works! Apparently the woman has been planning on taking leave at half pay, prior to retirement, for 30 years. Yet when I asked one question she couldn’t answer it could end up changing her plans entirely, the view is to maximise her defined benefit super rather than reducing her payout.
Defined benefit funds each have their own specific set of rules, so I’ve been tasked with asking the pertinent questions relative to her situation.
With defined benefit funds the details of how to maximise your entitlement are in understanding the fine print.
My hint for the day is, to make sure your planner does their homework properly, it could make tens of thousands of dollars difference to your final entitlement.