Peter would like some advice on approaching his future employer with a salary package arrangement. He would like to retire when he turns 60 in 2030 but he is not sure if this is financially feasible. Peter considers himself a growth investor. 

You need to reassure them that you can assist them to restore and grow their financial wealth. They have been big spenders in the past, dining at expensive restaurants, holidaying in France every two years and buying a luxury waterfront home.

 

Peter started his working life employed as a computer programmer but since 2001 worked in his own business creating web sites for ASX listed companies. However, times have been tough since the outbreak of COVID 19 and the recent lay off of IT staff by large technology companies. He had to let his two staff go in 2021 and now there is not enough work even for him. He has been offered full time salaried employment in Brisbane with his largest client and he accepted this offer and will commence work on the 9th of April 2023 with a salary of $80,000 plus 10.5% super. Jenny has worked as a bank teller ever since she left school and has recently been appointed as a branch manager of a Gold Coast credit union. She is on a salary package of $70,000 plus 12% super. She would like to retire with Peter and together they would like to buy a luxury motor home for $120,000 and travel around Australia for 2-3 years. She considers herself to be a conservative investor. Peter and Jenny have had a difficult marriage at times and have had many setbacks. Peter's daughter Jessica is unemployed, has been in and out of drug rehabilitation and has recently been in trouble with the police. Jenny's daughter Kym has a severe hearing disorder which recently required a Cochlear implant. Jenny is concerned that Kym will need additional financial support for the rest of her life. She is at a special school for the deaf. Both Peter and Jenny have private health insurance. Peter and Jenny have been accustomed to the good life thanks to Peter's once prosperous business where he was earning around $180,000 a year in the good times. They are having trouble accepting the changing financial circumstances which has recently seen their business, share investments, property values and superannuation values all shrink. They regret now not setting aside more savings.