Case Study 4 – Wealth protection for retired couple

Client: Retired couple, no dependents, own home, no mortgage or loans, annual pension and investment income €58,000 and savings €310,000.

Priority, wealth protection for savings.

Planning / Advice

Requirements, replacement cover for life assured and suitable cover in place for spouse within same budget as existing cost €244 per month.

We arranged 6-12 month deposit based products offering best rates with institutions of their choice while keeping a tranche of their savings with access on demand to address their emergency fund requirement.

Other alternatives considered were low risk structured products with capital guarantee, however clients had strong preference for greater accessibility of shorter term (less than 1 year) deposit based products (personal choice).

In addition, couple are obliged to file personal tax returns arising from investment income in excess of €3,800 per annum from deposit accounts. The couple are eligible for exemption from DIRT tax based on their age, but because of their income level, they do not qualify for the exemption.

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We assist them file their personal tax return also ensuring that their tax affairs are up to date and in order.

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