Successful Financial Planning for Retiring Australians

In 2002, Torben Herold was unsure he could realise his retirement dreams but he was able to boost his nest egg with financial and superannuation advice from Bentleys.

Who, what, where

Torben is a 71-year-old living on the Gold Coast. He retired in 2011 after working for two decades as a bookkeeper in Western Australia.

Bentleys service: Financial planning and superannuation management

The challenge

Torben relocated to Perth from Darwin in 1988, after a beauty business he had owned with his wife had failed (following the financial crash in October 1987).

At the time he was bankrupt Torben went back to study, where he gained an Associate Diploma in Accounting. On completion of his studies in 1991, he commenced work with Boral Asphalt where he received superannuation for the first time. He accumulated super for eleven years and saved a very modest nest egg in a retail super fund over this time. He was looking down the barrel at a fairly ‘bleak’ retirement.

Bentleys support

In 2002, Bentleys set up a Super Wrap account on Torben’s behalf, to provide diversification and exposure to a range of asset classes and specialist fund managers. Bentleys also recommended that Torben salary sacrifice to maximise his nest egg prior to his retirement and take full advantage of the associated tax benefits. Once Torben decided to retire, Bentleys managed the investments in his superannuation account, helping him to adjust his pension payments to boost his Centrelink Aged pension entitlements. Torben and his Bentleys adviser at Bentleys have annual meetings to discuss his goals and objectives for the next year, and Bentleys makes any required adjustments to the strategy and portfolio before 30 June.

The outcome

In the first three years of his retirement, Torben was able to travel the world and is now happily spending his afternoons sitting on his balcony looking out over the ocean and the Gold Coast hinterland.

• By the time Torben retired in 2011, his nest egg had increased by 333 per cent. This was in context of some challenging personal circumstances experienced while he was living in Perth, including the divorce from his wife and the division of assets with her.
• At 30 June 2017, his super account had increased a further 32 per cent. Despite Torben taking the required minimum five percent pension income each year, the capital value of his retirement fund has been preserved.

“I am very pleased with my experience with Bentleys. My retirement outlook is more relaxed than I could have ever hoped for. Although I now live on the east coast, I continue to receive excellent service from the Bentleys WA team, and appreciate the flexibility they provide.” Torben Herold