You are starting to think about retirement. The kids are leaving home and you have got more spare time on your hands.

Nearing your retirement years leads to a period of big change. Your kids are probably heading out on their own, and perhaps you have paid off your mortgage or are getting close. There is more time to think about yourself and your plans for the future. It’s an ideal time to make sure that you are still on the path to the kind of retirement you always wanted.

At this point in your financial life, there are many areas to consider - each with it's own range of choices. You may want to increase the amount you are saving, or look at freeing up some capital by downsizing your house. Perhaps you are not sure how much longer you should keep working.

Camelot can help you review your goals to ensure you are still on track, and provide you with the right advice for your changing priorities, whether that is finally getting rid of debt, increasing your savings, or reviewing your insurance cover. By aligning your goals with the probability of achieving them, we will make sure you are set up for the next big step in life.

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It’s important to hold onto your insurance policies as you approach retirement

It can be tempting to let your insurance lapse as you age, but often that’s when you need it most. Learn how Camelot adviser Anita helped a couple approaching retirement cope with an unexpected health crisis.

Anita had been looking after a couple approaching their 60’s for some years. The gentleman smoked, so the premiums on his $50,000  of Living Assurance cover were getting quite high – something she regularly discussed with them in an attempt to find a way to alleviate the costs.

Then, late last year, the man’s wife rang Anita to advise he had been diagnosed with thyroid cancer. Thankfully the care provided by public health system meant a health insurance claim was unnecessary, however, not long after that another rise in premiums prompted a new conversation about the Living Assurance policy. Anita was surprised to see that the couple hadn’t claimed on it – something that their doctor had apparently told them wouldn’t be possible.

Anita encouraged them to make a claim – after all, there was nothing to lose by trying – and after providing all the necessary information, they received a payout of $54,000, which was a combination of the full sum insured plus a refund of all the premiums they’d paid. The couple were very grateful for Anita’s help. They were able to use the money to cover their expenses for the three months that the gentleman was unable to work, and keep their dreams of a comfortable retirement intact.

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