| Subject Code : | FIN80023 | Country : | Australia |
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Assignment Task
Wayne and Debbie Sommers arranged a meeting with you on 1 February 2020. They live in Hawthorn (VIC), have three married children and five grandchildren with another one due in September. Their daughter and one of their sons live a short drive away in Ballarat, while the other son lives in Sydney. Debbie works part-time in the local public hospital, earning $44,000 pa, while her employer contributes the legislated rate of superannuation. Her current superannuation balance is $230,000 which is invested in the Core Pool (MySuper) option and only employer contributions have ever been made. She is considering retiring from work when she reaches age 62 (in two
years) so she has more time at home and in her garden and with her grandchildren. She estimates that six weeks of long service leave and three weeks of annual leave will be payable on her retirement.
Wayne is a landscape gardener by trade, however he now works as a contractor through a labour hire company mainly involved in garden and maintenance work for rental property managers. He finds maintenance work less physical and he still earns $60,000 a year, while the labour hire company contributes the superannuation guarantee amount. He also works part time at a local plant nursery a short walk from home where he enjoys the light work and company.
Wayne earns a further $7,000 a year from the nursery, plus super. When Debbie retires, Wayne will stop contracting and only retain the part-time work of 10 hours per week at $15 per hour at the local nursery which he regards as a pastime which will earn some useful pocket money. It is estimated that Wayne will have four weeks of annual leave paid out at his retirement date.
You have determined that both Wayne and Debbie have only basic financial literacy and neither have been engaged with their superannuation until recently when they began contemplating retirement. Their natural risk attitude seems to be a balanced tolerance using your in-house label for this rating and, if anything, some perceived loss aversion may be developing when they talk about the volatile current market conditions.
They are worried about the mortgage repayments being a drain on their retirement income and consequently had recently built up a large emergency cash balance in case either had suffered a temporary disability and had run into debt servicing problems.
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