Geoff and Clair, had built up pension savings in a number of plans over the years as well as building good levels of capital in their bank. Although they had a rough plan for retirement they didn’t really know when they could afford to stop work, but did have a wish to retire as early as possible as Geoff was conscious of his family history of early mortality. They had fairly modest living costs but did want to travel and explore the world and hopefully spend some time abroad in the winter sun.
After initial investigation we were able to ascertain the level of their total assets and a detailed breakdown of expenditure. This allowed us to use our Retirement and Cash Management Software and build an accurate picture of when they could retire and meet their expenditure goals. The software not only allows in-depth retirement planning but also calculates the best tax position for the client.
In their particular circumstances the current level of assets and savings was inadequate for them to realise their dreams and therefore additional saving was required. We were able to introduce modest change to the tax efficiency of their portfolio and regular savings by using ISA, Pension and Capital Gains Tax planning. We were also able to introduce a further level of retirement planning, allowing them to phase retirement over a period of time, thus allowing them to partially retire earlier than anticipated.
With careful planning and budgeting you can help ensure you have enough capital to retire and achieve your goals. Our advice is to take advice, use planning tools and most importantly start planning as early as possible.
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