Aspiring to retire
Whilst he wasn’t looking to retire yet, Roger wanted to know what he had in terms of pensions and at what age he could. Here’s what we did to help.
Roger was in his late 50s.
Whilst he was happy at work, he didn’t really want to work until he was 65 unless he really had to.
Roger had accumulated various pensions, savings and investments over his working life, but didn’t really understand what sort of income he could expect in retirement. He wasn’t sure at what age he could retire and didn’t know if he had enough to sustain him long-term.
How we helped.
We obtained information about all of Roger’s pensions and investments so that we had a solid understanding of what he had in place. We discovered some of them were quite expensive or were invested in quite a risky way. We managed to reduce costs and risks which in turn minimised the number of different arrangements he had.
This initial exercise simplified things greatly for Roger. He was glad to not have to spend time dealing with paperwork and administration.
We then used a lifetime cashflow planner to model different retirement scenarios and work out what was possible. We inputted all of Roger’s pensions and savings to see what Roger could realistically achieve, without the worry of running out of money in the future. We also helped Roger utilise his available pension contribution allowances and ISA allowance, bringing his tax liability for the current year right down.
What was the outcome?
Roger’s financial life was greatly simplified. He is now able to see all his pensions and investments online on a single platform.
In addition, he now has a plan in place to be able to retire at his desired retirement age of 62, almost 4 years before his State Pension Age. He has paid about £6,000 less income tax this year due to additional pension contributions and maximising the annual allowance.
Roger feels much happier; he now understands what he has, what is possible and is confident that his finances are in order for him to enjoy retirement to the full.