Mr James was referred to us by another financial adviser based on the outskirts of York. Mr James wanted to review his pensions as his first step in retirement planning.
He told one of our Financial Planners that he wouldn’t be able to retire for at least five years. This was distressing him because the company he worked for was restructuring, and although he might hate the new changes, he had no option but to stay where he was in order to fund his retirement.
As he discussed his situation with our Financial Planner, explaining how trapped he felt, he said downsizing was an alternative should it be absolutely necessary to secure his future and release some funds. Although they spoke about the possibility of selling the house that he’d lived in for years (replacing it with a small apartment), they both understood it was a last resort.
After the initial meeting, we carefully analysed Mr James’ pension plans, as well as using cash flow forecasting to take into account any potential future growth.
At the next meeting, we shared a few scenarios and clearly explained our findings; not only how the investment would be set up, but the positive effect this could have on Mr James’ life in real terms.
Our Financial Planner discovered that, if Mr James were to strategically invest his pensions, he could actually retire the next day if he wanted to and keep his current property!
If that wasn’t enough, our Financial Planner also built Mr James a personal tax plan to make certain that, when he does decide to retire, we’ll tactically draw down his pension; he’ll never fall into the Income Tax bracket ever again!
Upon delivering this news, Mr James couldn’t thank PenLife enough for gifting him with a long-sought-after feeling of freedom.
Now that he has the option whether to work or not, Mr James has actually fallen back in love with his job; all because he’s no longer working out of necessity, and instead out of choice, making every payday a welcome bonus.
And although we can’t tell exactly what the future will hold, we’re almost certain that Mr James will never have to worry about his finances again. He will be able to pass down a healthy amount to his children, without having to sacrifice the life he wants to live.
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