For many Australians, the idea of leaving a million-dollar inheritance has long been seen as the ultimate legacy. But just because you can leave a large sum to your children, doesn’t mean you should, or that it’s the only way to make a lasting impact.
The most rewarding legacies are those that balance enjoying life now, planning for a comfortable retirement, and ensuring your loved ones are cared for, without sacrificing your own happiness or peace of mind.
Legacy Planning: More Than Money
Legacy planning today is about more than just distributing assets. It includes the intentional transfer of values, purpose, and vision. Structured philanthropy, family education, and thoughtful estate planning are becoming the cornerstones of modern legacy strategies. The question is shifting from “How much will I leave?” to “What do I want my legacy to say about me?”
It’s easy to think of estate planning as something that only matters after you’re gone but its first and most important purpose is to protect you while you’re still here. A well-structured plan ensures your wishes are respected, your finances are managed according to your values, and your wellbeing is prioritised throughout retirement and beyond.
The second purpose, of course, is to create a clear and thoughtful framework for passing on whatever remains, whether that’s money, property, or other assets. But without the first layer of protection, the second can quickly unravel. That’s why at Stratus Financial Group, we encourage clients to view financial and retirement planning not just as a legacy tool, but as a living strategy for peace of mind and personal security.
Preparing the Next Generation: Empowerment, Not Overload
Leaving a legacy doesn’t mean handing over everything at once. Many clients are choosing to empower their heirs gradually through education, matched savings, and structured gifting. This approach fosters financial literacy and stewardship, ensuring that wealth is preserved and grown responsibly. Involving your spouse and children in financial discussions, and giving them practical experience with managing money, prepares them to carry your legacy forward with confidence. These conversations can be complex, and that’s where professional advice makes all the difference. At Stratus Financial Group, we help families navigate these transitions with clarity and confidence.
Spending with Confidence: Before, During, and After Retirement
Despite substantial super balances or other assets, many can feel anxious about spending in retirement. Rising healthcare and aged care costs, as well as the desire to leave something behind, can make it hard to enjoy the wealth you’ve worked so hard to build. But with the right advice, you can spend confidently before, during, and after retirement.
After decades of hard work, many retirees find themselves facing a quiet but persistent anxiety: Am I spending too much? Will there be enough left for my children? What if I need expensive aged care later? These concerns are valid, but they shouldn’t overshadow the joy of retirement or the right to live well.
The phrase “spending my child’s inheritance” often carries a sense of guilt, as though enjoying your own money is somehow selfish. But is it rude, or is it responsible? Legacy isn’t just about what you leave behind financially. It’s about the value’s you model, the choices you make, and the life you live. Planning for aged care, living comfortably, and giving meaningfully are all part of a legacy that reflects who you are.
With the right advice, you can spend confidently and intentionally knowing that your retirement is secure, your loved ones are considered, and your legacy is about more than just dollars.
In fact, studies show that advised individuals feel significantly more confident about their financial future, with 81% reporting they’re extremely confident about reaching their goals after receiving advice, compared to just 28% beforehand1. These results speak to the power of advice. At Stratus Financial Group, we see firsthand how personalised guidance transforms uncertainty into clarity.
Aged Care Planning: Confidence for Every Scenario
Aged care is a common concern, and costs can be significant. Factors such as your income, assets, the type of care required, and whether you or your partner remain in the family home all play a role. Sometimes, one partner may need care earlier than the other, which can impact both finances and emotional wellbeing. Strategic planning – including reviewing possible means-tested fees, accommodation payments, and ongoing care costs – can help you prepare for these scenarios.
As advisers who specialise in retirement and aged care planning, we take these complexities into account as part of your holistic retirement strategy. Our approach ensures that, should you or your partner ever need aged care, there are robust plans in place, giving you the confidence to enjoy your retirement, knowing you are prepared for whatever the future may bring.
If aged care planning feels overwhelming, our team can help you build a strategy that supports both your wellbeing and your financial future.
Philanthropy and Fun: Joy in Giving and Living
Philanthropy isn’t just about giving – it’s about joy, connection, and impact. Many retirees are discovering that structured giving can be deeply fulfilling, whether it’s supporting local initiatives or simply volunteering time.
Some families make giving a shared experience, involving children and grandchildren in choosing causes or co-managing trusts. This not only strengthens family bonds but also instils values of generosity and stewardship.
Whether it’s structured giving or community engagement, our advisers at Stratus Financial Group can help you align your philanthropic goals with your retirement strategy.
Final thoughts: Live Your Legacy
With $3.5 trillion in wealth expected to change hands in Australia over the next two decades, the stakes for getting legacy planning right have never been higher.2
Legacy is not a future event; it’s a lived experience. It’s shaped by the choices you make today, the values you model, and the impact you create. Whether through structured giving, intentional estate planning, or educating the next generation, your legacy can be a powerful reflection of who you are, not just what you own.
And the best time to start? Sooner than you think. For those in their 40s and 50s, early planning is the key to living well now while building a legacy for later. With the right advice, you can enjoy your wealth, support your family, and create a future that reflects your values without compromise.
If you’re wanting to make the most of what you’ve worked hard to build, don’t wait. The best time to start planning your retirement and legacy is now.
Reach out for advice that helps you live your legacy, confidently, intentionally, and joyfully. Contact Brett Cribb, Steve Nicholas, James Marshall and Debbie French at +61 (0)7 3007 2007, or email info@stratusfinancialgroup.com.au.
Further reading:
Raising Financially Capable Adults: Why Planning with Your Children Matters
Securing the Best Future for Your Parents Without Jeopardising Your Own
The Sandwich Generation: Balancing Family, Finances, and the Future
Stratus Financial Group helps individuals, families, and retirees manage their complex financial affairs and coordinate their professional advisers.
Stratus Financial Group and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. This is general advice only and does not take into account your objectives, financial situation, or needs, so you should consider whether the advice is relevant to your circumstances. Always read the relevant Product Disclosure Statements (PDS) before making any financial decisions.
[2] Wealth transfers and their economic effects – Research paper