Client Success #30: Planning for the Kids’ Future
Children’s savings, projected boost: Over $50k
We met a couple with children and a new mortgage, who wanted to give their kids a stronger start. We took the time to understand their cover, their super and how they were saving for their children. Their children’s savings are now projected to be over $50k higher, with the family protected along the way.
Client Snapshot
- A couple with children
- A new mortgage
- Saving for their children in a bank account
Their Goals
- Have their super reviewed
- Cover now they have a mortgage
- A better savings plan for their children
The Challenges
- They had minimal cover for a high premium
- Their children’s savings were sitting in a bank account
- Their super didn’t seem to be growing
Our Strategy
- Moved both partners’ super to lower-cost funds with a stronger investment structure
- Put an insurance strategy in place, with premiums structured to be tax deductible
- Invested the children’s savings tax-effectively
The Outcome
The changes are worth $3,171 a year now, their children’s savings are projected to be over $50k higher, and both partners’ super is projected to be $351k and $268k higher at retirement. As with any policy, the insurer assesses the claim.
- Immediate value
- $3,171 a year
- Children’s savings, projected boost
- Over $50k
- Super fees reduced
- $851 and $148 a year
- Estimated income tax saving
- $1,169 and $1,003 a year
- Projected retirement uplift
- $351k and $268k
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