Over the years, as you change jobs and transition through your different life stages, you are likely to accumulate numerous policies and provisions. Often they are held with multiple providers and it’s hard to know exactly what you’ve got and whether it will be enough to provide a healthy income in retirement.
How much do you really need to provide for your retirement?
Most people honestly don’t know how much they need to retire. They figure they will downsize their house and use the proceeds from the property sale to prop-up their retirement income. Given the current economic environment, this strategy leaves a lot to chance.
Our Lifestyle Financial Planning can show you what you have today and what you will need to maintain your lifestyle in retirement. We will look at best and worst case scenarios, using cash flow analysis. We can then put a plan in place and structure your affairs, thereby turning your retirement dreams into reality. Who knows, you might even be able to retire earlier than expected.
Below is a case study for a client we helped to do just that.
Adrian ran his own consultancy business, which was totally reliant on him. He was worried that he couldn’t sell the business, because without his involvement it wouldn’t be worth a lot. Over the years he had accumulate several pensions and investments, mainly during the time he was employed before setting up on his own.
He had no idea where he stood or if he would have sufficient income to support his lifestyle in retirement. He did not have a cohesive strategy or visibility on exactly what his pension pot could provide.
We started by understanding exactly what Adrian wanted for his retirement. He described a comfortable life with enough money to support his passion for photography and travel.
Using our Lifestyle Financial Planning process we were able to evaluate his current situation and show him what would be possible. By consolidating his pension and non-pension investments into a cohesive investment strategy, aligned with his attitude towards risk, Adrian could afford to retire a full five years earlier than he expected.
Our team efficiently implemented his plan, ensuring Adrian could benefit from the maximum tax relief on his investments and when he decides to make withdrawals.
Adrian is now following his Financial Roadmap, meeting with Mike on a regular basis and making changes as required. He is looking forward to winding down the business two years from now and enjoying the retirement lifestyle he’s worked hard for.
To find out if we can help you to retire early, please get in touch. We offer an obligation-free initial meeting, at our own cost.