A Retirement Transformation
"Louis listened to Mrs C, taking time to understand her priorities in life and her aspirations. He then developed and implemented a financial plan to ensure her goals were met. Mrs C was, as you can imagine, over the moon to discover that she was actually in a position to retire whenever she wanted!"
Mrs C's story
Talking about your finances can be very stressful, let alone trying to organise them. A very common case we come across is when people are at a stage in their life where they dislike their job and feel trapped, fearing that financially they are not yet in a position to be able to retire. Not knowing how to unravel your finances and where to start can be overwhelming. That was exactly how one of our clients, Mrs C, felt before coming to PenLife.
In an ideal world, Mrs C wanted to retire immediately. She was no longer enjoying her job and her workload had become too much and too stressful. She believed retirement wasn’t possible imminently but needed some help in finding out at what point it would be. So, she took the first step and made an appointment with one of our Chartered Financial Planners, Louis Maddison. Louis spent time with Mrs C understanding her situation, her concerns and her aspirations. Mrs C believed her salary needed to be similar in retirement as it was during her working life, so she could continue to afford her current standard of living. However, during her life, she had made significant pension contributions and had already paid off her mortgage. So in retirement she wouldn’t have either of those to worry about.
Louis worked out Mrs C’s current income and expenditure and analysed what she actually needed in retirement. Using cashflow planning, Louis was able to identify how her pensions and assets made up the puzzle in retirement. Cashflow planning is a tool used to look at your current wealth along with your income and expected outgoings. It allows us to analyse what potential your wealth and income might have to support you in the future, helping to answer questions such as ‘when can I afford to retire?’
Louis listened to Mrs C, taking time to understand her priorities in life and her aspirations. He then developed and implemented a financial plan to ensure her goals were met. Mrs C was, as you can imagine, over the moon to discover that she was actually in a position to retire whenever she wanted! From thinking that it was impossible to retire, to being in total control of when she could, lifted a huge weight from her shoulders. She now has the time to do the things she truly enjoys – more shows at York Theatre Royal!
Please note: The contents of this case study are for informational purposes only and do not constitute individual advice. The information contained within this is for guidance only and does not constitute advice which should be sought before taking any action or inaction. The FCA does not regulate cashflow planning.
The information in this case study was correct at the time of writing.