My husband passes away and I'm unsure what to do - Case Study

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A husband and wife had lived together for many happy and devoted years. They were not blessed with any children and after the husband passed away, his wife found it difficult to cope. She was not used to managing her financial affairs and maintenance of the house was too difficult. She began to feel isolated and alone.

When she talked to us, it was immediately apparent that she needed to create for herself a more positive and manageable lifestyle. We explored the many options that were available to her such as a home care package, move in with family who had granny flat accommodation, move to a retirement village or reside in a residential aged care facility. We also arranged for her to obtain legal advice in relation to completing an essential estate plan to minimize future concerns and issues.

She elected a retirement village lifestyle. We negotiated with the Service Provider on the bond payable . Initially it was $450,000 with a $135,000 retention however, following our negotiations the bond was amended to a non-refundable payment of $161,000. She now resides in a smaller unit with low maintenance and a more active social life. She is also closer to her family. The remaining $289,000, together with part of her savings was invested. As a result, her annuities and conservative share portfolio together, provided her with a constant income that is very likely to last beyond her lifetime.

Should she require aged care in the future, she will have the financial resources to meet her needs.

This outcome would have been unlikely if she had not engaged PFI’s experience and expertise.

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