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Phil and Liz approached Suttons to help with their retirement plans. Liz was already retired and in receipt of her state pension and a small private pension. They were both very concerned and apprehensive, Phil was retiring soon when his State Pension was due to commence, he was sceptical about retirement, although he had worked hard and saved hard throughout his career, he expected that he and Liz would have to live frugally during retirement.

Phil and Liz provided a list of essential household expenditure together with information on Liz’s current pension income. They also provided Phil’s State Pension projection and information on the pensions he had collected during his career. Phil was confused by some of his old work place pension policies, he had contacted Pension Wise for guidance and was recommended by them to obtain advice from a Financial Adviser, one of his policy’s carried valuable guarantees.

We then discussed the lifestyle Phil and Liz have now and the lifestyle they desire together in retirement. What do they enjoy doing with their time, their hobbies, both as individuals and as a couple? What would they like to do more of? What sort of life do they enjoy? Would they like to help their children, grandchildren? What do they want to achieve with the time they have left on this planet? What would be the dream?

Phil and Liz would like to have a conservatory built on their home. They own a camper van and want to travel more in Europe, they love France. However, they both have elderly parents still alive which is at times proving difficult and time-consuming. They have two daughters who both have children and they would like to help them out now to enable them to have more time to enjoy their children.

Lisa explained that the next step would be for her to write to the pension providers to request full information and options on Phil’s pension policies. She would then review the information provided and present this in a simple, jargon-free format that Phil and Liz would understand.

She explained she would also prepare a comprehensive financial plan using cash flow modelling for them to consider. She explained that this would help them see where they were at financially, they could then compare various income withdrawal scenarios to see where they were heading, if they are on course to run out of money or die with too much?

Lisa outlined the estimated costs for the planning but guaranteed that if they do not feel comfortable with the recommended plan then they were not committed to paying the fee.

Phil and Liz returned for the ‘Financial Planning’ meeting around a month later. Lisa presented to them an initial report which reviewed each individual pension policy and explained any guarantees and benefits. There was one policy that Phil was not aware he had…. a very pleasant surprise which will pay for the conservatory!

Lisa presented the cash flow models she had prepared; Phil and Liz were astounded to see they could live a comfortable retirement and most definitely achieve some of their dreams. They looked at varying scenarios; such as giving their children money to help them out now, spending more in earlier retirement on hobbies and travel while they are still fit and able, then spending less in later retirement.

Lisa explained how she would accompany Phil and Liz through their retirement journey, over the next twenty years or more. They would meet regularly to discuss how they were managing and how the pension funds were performing. They would review if they should increase or reduce income? She would ensure all income accessed was tax efficient. She explained how they would discuss health and how this could impact the ongoing journey and planning. Lisa also reassured them that when the time come to make plans for their elderly parents to obtain care that she could help them in this area too.

Phil and Liz are no longer concerned or apprehensive, they are now more care free and about to embark on a comfortable and enjoyable retirement. They have managed to give each of their 2 daughters a gift of £10,000 each. They are organising the conservatory and are off to Europe for a month-long initial retirement celebration break.

At Suttons we want to join you on your retirement journey, we realise that everyone is different and that we all have varying dreams and expectations as well as levels of wealth. Our financial planning is focused on your life, not just on your money!


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