Sixtysomething: Retiring and enjoying life after sorting the family finances

Retiring and enjoying life after sorting the family finances

Why did David & Jill want independent financial advice?

David and Jill had been married for many years and had always put money aside for the future. However, they were worried.

David was 65 when he contacted us and was nearing retirement. He had five different pensions with various providers and was confused about his options and whether he could afford to give up work.

Jill was 61 and had retired three years ago with a decent Final Salary pension, which meant she could comfortably afford to give up work. It was her savings she was worried about, as she had money on deposit, which was attracting a really poor rate of interest and much less than inflation.

How did we help?

David and Jill needed a combination of reassurance and practical action.

The first thing we did is find out how much State Pension David would receive and also researched his existing pensions.

We then used our cutting-edge financial planning software to analyse the income David needed and whether this could be provided from his existing pensions. We concluded that David could indeed afford to retire and that, using conservative assumptions, his pensions would be able to provide the income he needed for the rest of his life.

We then discussed with Jill what she wanted from her savings. Jill’s key objective was to improve on the returns she was currently getting from her savings accounts, so she could afford to indulge her passion for travel. We also analysed Jill’s attitude to risk and concluded that she was prepared to accept a moderate level of risk to try and improve returns. We then recommended a suitable investment vehicle.

How have David and Jill benefited from taking financial advice?

David has been able to give up work, secure in the knowledge that he will have enough income for the rest of his life.

The changes we made to Jill’s finances mean that she and David can take advantage of his extra spare time, by travelling more. There’s no doubt that Jill feels more confident to book the holidays she loves so much now that we are managing her investments.

Furthermore, we meet with David and Jill on a regular basis to ensure their financial plans stay on track. They continue to enjoy their retirement, safe in the knowledge that their financial affairs are being looked after.

Please note all case studies are fictional and for illustrative purposes only.

Please remember:

The value of pension and investments and the income they produce can fall as well as rise. You may get back less than you invested.

The Financial Conduct Authority does not regulate Tax Planning.

Transferring out of a Final Salary pension is unlikely to be in the best interests of most people.

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