How Dave & Sharon secured their future income

Dave & Sharon's situation

Dave is 70 and Sharon is 69, they have saved $500,000 over their working lives. They've decided to make a joint investment of $250,000 with Lifetime and draw an income straight away.

Dave and Sharon's Protected Income Base is set equal to their investment of $250,000.

Because they will be investing jointly, Lifetime quotes the Income Rate on the youngest partner. This means as the youngest partner, Sharon's age of 69 will be used to quote their Income Rate.

Dave & Sharon's investment

At 69, their quoted net Income Rate is 4.40% per annum and they start receiving their Regular Income of $11,000 per annum paid into their bank account at a rate of $423.08 per fortnight, for life.

 

At 94, Dave passes away. Their investment Account Balance has now depleted to zero, however Sharon still continues to receive $423.08 per fortnight, for life.

 

 

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