Australian Financial Planning Case Study - Accounting and Finance Assignment Help

Assignment Task

Amy and Mike, a married couple, are considering retirement; they are both aged 65 and supply the following information:

• They jointly own their home worth $820,000 and have no debt.

• They have a car ($30,000), home contents ($20,000) and savings ($20,000).

• Amy's superannuation is $260,000 (tax-free $52,000, balance from a taxed source).

• Mike's superannuation is $180,000 (tax-free $36,000, balance from a taxed source).

• As ‘high growth' investors, expected return on investments is 4.0% p.a. above the inflation rate (currently 3.0% p.a.).

• They would like to receive $44,000 p.a. after tax to meet their living costs.

Required:

a) Explain how Amy and Mike could derive their cash flow for retirement.

b) Discuss adequacy of capital for retirement and show calculations. 

c) Discuss Amy and Mike's risk tolerance relative to the ‘draw-down' phase. 

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