Do you have your heart set on retirement but feel now is not the right time? Are you worried the current financial climate will affect your standard of living once you retire? Or are you feeling it’s too much to even think about? These are understandable worries which often put off people from seeking financial advice.
A study by Invesco revealed that only 8% of people in their 50s/60s have spoken to an Independent Financial Planner about their retirement, and confirmed that the main barriers from doing so are:
• feeling like you can’t afford to retire
• being overwhelmed
• not knowing what steps to take
Research also shows that most have no idea how much money they’ll need for the rest of their lives. You may have income, assets and investments but no idea what it all means, or what kind of financial future awaits you. If you feel like this, you’re not alone.
In our experience, many clients feel the same way when they first reach out for help.
This was exactly the case for our client, Mr. B:
Mr. B wanted to review his pensions as his first step in retirement planning. He felt trapped in his job, which he’d fallen out of love with, but didn’t think retirement was on the cards. He’d even, as a last resort, considered the possibility of selling his house to help fund his retirement.
We analysed Mr. B’s pension plans and used cashflow forecasting, a tool that looks at current wealth alongside income and expected outgoings. It allows us to analyse what potential your wealth and income might have to support you in the future.
If Mr. B were to strategically invest his pensions, he could retire the next day and keep his property. We then built him a personal tax plan so, when he does decide to retire, we’ll tactically draw down his pension. He may never pay income tax again!
Mr. B was delighted we were able to gift him a long-sought-after feeling of freedom, drastically reducing his worries. All being well, he may be able to pass down a healthy amount to his children, without having to sacrifice the life he wants to live.
Retirement planning can be very confusing. It’s our job to help guide you to a worry-free retirement. We know how to cut through the complexity to simplify the process and guide you to decisions that are right for you and your family.
Why not take the first step today? Request your FREE How to Retire guide by contacting us on 01904 661140. You never know, retirement may be just around the corner.
(The contents of this case study are for informational purposes only and do not constitute individual advice. The FCA does not regulate cashflow planning.)
PenLife Associates, 3 Tudor Court, Opus Avenue, York YO26 6RS T: 01904 661140 email@example.com
Authorised and regulated by the Financial Conduct Authority. Authority Number 212972