The situation

Pete and Julie are in their mid-50s. Pete is an IT Manager at a large company, whilst Julie is a part-time receptionist at a local optician. Their eldest daughter is a marketing manager, and their youngest is about to leave college.

Julie had been a client of ours for few years; we had helped her with a large inheritance from her father and a few personal pensions. Pete had previously been too busy with work to devote the mental energy to financial planning, but was now aware that his financial organisation needed significant attention.

Why did Pete and Julie get in touch?

Pete had received a significant promotion at work. Unfortunately, at around the same time, Julie was diagnosed with alife limiting illness.

This brought Pete’s own mortality sharply into focus. He realised that they needed to spend more time making memories now, whilst Julie still could.

What we did

We helped Pete and Julie identify what they really wanted their financial future to look like. We began by discussing their aspirations, filling up a bucket list and adding the costs to their financial forecast.

We established that Pete could afford to restructure his work hours. He is now planning to go part time as of next year; he will structure his schedule to work full-time and instead take extended breaks each quarter to go travelling with Julie.

We calculated that Pete could wind down work gradually, stopping at 60. The couple have final salary pensions that begin at 60, and state pensions that kick in at 67. We have therefore mapped out a plan for withdrawing their pension to fund their travelling plans well into their 70s. Thereafter, their pension income and unused ISA portfolio will provide sufficient resources for a very comfortable retirement.

The results

In addition to Pete receiving a coherent investment strategy, we were able to consolidate his personal pensions, simplify his ISAs and sort out the couple’s financial organisation.

We built a plan for their financial future which allowed them to achieve the aspirations that they had identified. We were also able to look at some ‘what if…’ scenarios, in case Julie required additional care or should anything happen to Pete.

Pete and Julie now have peace of mind that they can live their desired lifestyle without the fear of running out of money. They are now both looking forward to the future.