As Phil and Carol approached retirement they were keen to ensure they maximised their income and made the most tax efficient use of the assets they had accumulated. Phil and Carol held a number of pensions, assets and buy to let properties they planned to use to funds their retirement. They were however not too sure what all their assets could deliver in terms of income and how long it would fund their retirement. They were recommended to us by a former colleague of Phil’s.
After our initial meeting, we sat down with Phil and Carol and agreed some goals around their lifestyle in retirement before drawing up a cashflow forecast which focused on their long term retirement plans. This helped demonstrate how different levels of income impacted the amount of legacy they may leave their family.
The result was that Phil and Carol could take their dream 6 month round the world holiday by utilising some of Phil’s tax free cash from his pension plans. By reassigning some of their assets, both can take a retirement income of over £20,000 and remain basic rate tax payers. The couple now have annual meetings with us where we update and review their lifetime cash flow forecast and financial plan, providing them with financial peace of mind to live the life they want, secure in the knowledge that they won’t run out of money.