Retired and Mortgage Free – Why this couple’s 45th year together could be their best yet!
June 28th 2024
Mortgage-Free Bliss: The Tynans’ Remarkable Journey to a Dream Retirement
Paul and Jenny Tynan never thought they’d be in a position to retire, let alone do so mortgage free. But those are the fortuitous circumstances in which they now find themselves. We caught up with the Newcastle-based couple to find out more.
The Tynans first sought financial advice several years ago. Paul (63) and Jenny (62) did so because they lacked confidence in managing their own finances and also realised they were under insured. Fortunately, Paul and Jenny were well advised and were able to get their finances on track. Then, a few years ago, when their existing financial institution merged with Invest Blue, the pair were teamed with a financial adviser by the name of Ally King.
Ally has been fundamental in helping Paul and Jenny make some huge changes in their lives and it’s evident how much they value her. “Ally is just a beautiful person,” Jenny says. “She’s on top of absolutely everything and is so helpful. I love her! I’m just completely blown away by the fact that if we live the way we’re living now, Ally reckons we’ll have enough money to last until we’re well into our 90s! When it comes to Ally and Invest Blue, we’re not going anywhere. We’re sticking around for years!”
But let’s rewind a step or two…
For Jenny, retirement was basically forced upon her. She was struggling to work through an old work-related injury that she’d sustained during her career as a fitter and turner. It was the only job she’d ever known, having done it full-time since the age of nineteen. Jenny had loved her work and had long grown used to being the only woman in her trade but working with a back injury for over twenty years was wearing her down beyond measure and her employer could no longer accommodate her injury.
For a time Jenny weighed up different work options and with Ally’s help, jumped her way through the many hoops she encountered at Centrelink.
Jenny’s patience was running out. “It was all driving me mad!” Aged in her early 60s, Jenny figured she needed to work for many years to come to be financially secure and would just have to tolerate the pain and discomfort her injury caused.
During one of Paul and Jenny’s regular catchups with Invest Blue, Ally posed the question of retirement. Ally assured her lovely clients that it was something they were in a position to genuinely consider. “I wouldn’t have thought it was even a remote possibility,” Jenny says. “I knew I had good money in my super fund, but I didn’t think I could do anything with it,” she adds.
From Ally’s perspective, Jenny’s healthy superannuation fund balance could be accessed and used to not only allow Jenny to retire but to clear the mortgage, too. The couple became mortgage free on June 1st last year. Jenny will never forget the date.
It was a mortgage they’d had since 1987 on the only home they’ve ever really known. It’s where they raised their two children and where they still reside.
Jenny is incredibly grateful to have had Ally’s guidance throughout.
“Ally steered us through it all. Man, without her expertise I would have been absolutely lost. I simply wouldn’t have known what to. It’s the most amazing feeling to have paid off our mortgage.
I feel so relieved not to have those home repayments hanging over our heads especially given current interest rates. Repayments were becoming a really scary prospect with Paul’s work being casual and my injury concerns.” Such worries are now behind them and the Tynans are ready for their next phase in life.
“We’re bloody happy,” says Jenny, who is absolutely loving retirement.
It leaves her with more time for crafting and playing pool. Hopefully, it’s not long before Paul, who has worked with surveyors all his life, closes the door on his own working life. It’s likely to be by Christmas. Paul’s work has been winding down for some time and he wants to enjoy the quieter life with his wife.
And so, what do these two have in store next? Travel, making new friendships, music and more. “Best of all, we can go on holidays and not have to worry about money,” Jenny says excitedly. They’re not long back from an amazing six-week trip to Vietnam and in a few weeks, head off to New Zealand to experience the Southern Lights.
Paul, who has let Jenny do most of the talking, then pipes up with plans of his own. The guitar loving soon-to-be retiree has this to say. “I hope to become an awesome musician!” And, given that at 63 years of age, the Rolling Stones would consider Paul positively spritely, he’s got plenty of time on his side to become whatever he wants to be. Rock on Paul!
Featuring Financial Adviser:
Ally King
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What you need to know: This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.These clients have agreed to share their stories. Everyone’s situation is different, so their choices and outcomes will be different to yours. Consider your circumstances before deciding what’s right for you.
