Background
Mr & Mrs Consultant Surgeon aged 58 and 59, Married with two grown up children and based in Cheshire. As they were approaching the NHS scheme retirement age, they were looking to get their finances in order ahead of retirement.
Concerns
- Clients wanted to maintain their lifestyle throughout retirement.
- Wanted flexibility to continue to work.
- Repayment of mortgage by age 60.
What we did
- Created a financial plan which:
- Set out their main goals and objectives.
- Established their income & capital requirements could be met from the NHS pension and lump sum benefits.
- Reduced the amount of risk being taken in their private pensions ahead of retirement ensuring that no falls in capital value could occur.
- Developed a bespoke strategy for their investments, in line with their risk tolerances..
- Reviewed their existing protection policies and cancelled several policies creating a further £45,000 in cash and reducing the monthly outgoing by £600.
The results
- Confirmed that their lifestyle could be maintained throughout retirement.
- Established that the mortgage would be paid off once NHS tax free cash taken.
- Simplified their investments and pensions and reduced the overall risk.
- Saved them over £600 per month by rationalising their existing protection policies.