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From Tax Worries to Lakeside Bliss
"Fortunately, Mrs R came to PenLife and received professional advice to put her mind at ease, enabling her to take the plunge! She’s since retired, and has a plan far more suitable for her needs that she can rely on in the years to come."
Mrs R's story
Mrs R had several pensions all over the place, but didn’t understand much about how any of them worked. The same applied with her husband, which is what triggered them to seek advice.
At the first meeting, Mrs R explained that although her husband was happy to continue working, she no longer enjoyed her job. She was concerned that because she was in her late 50’s, she wouldn’t be able to stop working for quite a while yet, as she wouldn’t have enough in her pensions to live on.
We proceeded to ask Mrs R what she would want from life if she were to stop working. This was when she professed her love for writing! She said that if she could, she’d love to write her own book for fun, and maybe do some voluntary work too. Which we thought sounded great!
After analysing Mrs R’s pensions, we noticed that a few of them were old, and not nearly as flexible as modern pensions (in terms of taking an income in retirement). With all of her pensions scattered around, it was clear to see why Mrs R thought she’d have to keep working – she didn’t even know how much she had in her retirement fund!
We located all of Mrs R’s pensions, and with her permission, accessed in-depth information on each plan (individually). We identified it was possible to consolidate all of the pensions into one plan – so she’d finally be able to see clearly what she had to retire on. On top of this, we used some clever forecasting tools to show Mrs R that she could actually retire whenever she wanted!
Fortunately, Mrs R came to PenLife and received professional advice to put her mind at ease, enabling her to take the plunge! She’s since retired, and has a plan far more suitable for her needs that she can rely on in the years to come. Not only did we advise Mrs R, we did the same for Mr R’s pensions too. Although he’s happy to continue working, when he decides he no longer wants to, his pensions are ready and waiting!
It just goes to show how far professional advice can take you. Sure it seems like a faff, and there are costs, but you can’t put a price on having the confidence to live how you want to.
If you would like to have a chat with one of PenLife’s Financial Planners about your retirement planning, please call us on 01904 661140. The call is held at our expense and there is absolutely no obligation to take things further. Alternatively, email enquiries@pen-life.co.uk or head to www.pen-life.co.uk/contact.
The contents of this case study are for informational purposes only and do not constitute individual advice. The Financial Conduct Authority does not regulate cashflow planning.
The information in this case study was correct at the time of writing.
The value of your investments can fall as well as rise and is not guaranteed.