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4 stages to managing your finances in retirement - Peter Vickers Business Group

managing finances for retirement, managing finances, finance | 7 Nov 2014 |
  1. When most people reach retirement age, they’re still relatively fit and agile and quite capable of  managing  their own finances.  In fact they have more time than ever before to be actively involved in ensuring they’re making the most of the  tax saving opportunities, the best interest rates available and acquisition and disposal of shares and other assets in their investment portfolio.  Having recently retired they have  the added interest of ensuring that their savings are going to last for this undetermined amount of time. In most cases both Mr and Mrs are of a similar age, have a similar interest in finance and their savings and a similar ability to manage and grow these savings.

  1. As time passes, they ask for assistance.  It’s now not quite so easy for them to grasp some of the more intellectual aspects of their investments and they find that they miss key dates  and have become a little forgetful.  It’s common to turn to their children for help.  However often the children are in London or New York, or just too busy with their own full time jobs and family life to be able to enthusiastically take on managing the finances of their ageing parents.  We’re often called in to help with the management and administration of the couples’ affairs but work very much in partnership and consultation with the individuals, seeking their approval along the way.

  1. The next stage sees the relinquishing of control of financial matters as decisions are no longer able to be made with clarity.  We have designed a system which allows for the individual to pass through these normal stages, commencing with advice and a very consultative management approach and progressing to the stage when our clients are not in a position to take actions and rely on us to manage not only their investments but also their day to day financial needs.  By this stage we have grown to know our clients well and have also become familiar with the various family complexities and relationships that matter.   This helps as the reporting procedures are important, need to be transparent, and we like to ensure that family members are kept informed, ensuring that there are no surprises in the fourth and final stage.

  1. Stage Four.  We are sadly no longer dealing with our client but with their estate and the family they have left behind.   It’s hugely helpful at this emotional time to have a professional advisor who is already fully informed and well versed in the financial affairs of the deceased.  Dealing with lawyers, issues of probate, the estate and tax returns until the date of death can be overwhelming for the family which is where we are so good at making it as simple and stress free for those involved. Our Financial Service for the elderly addresses the needs of the individual at each and every stage as they choose to become less involved in their financial affairs and each client has different requirements for levels of involvement.

Call us to talk about your own or assistance with managing the finances of your elderly parents.

02 9416 2300



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Suite 2/345 Pacific Highway,
Lindfield, NSW 2070

T: 61 2 9496 2300

Peter Vickers Insurance Brokers

Suite 2/345 Pacific Highway
Lindfield NSW 2070
T: 1300 784 011


Suite 3, 31 Brabyn Street
Windsor, NSW 2756
T: 61 2 4577 4455

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