We were introduced to John and Sally when they were in their mid 50’s and as they wished to be able to retire earlier than State Pension age, they were keen to ensure they maximise their retirement income and make the most tax efficient use of the assets they had accumulated, which were mostly held in John’s name.
John and Sally already held a number of pension plans they intended to use to fund their retirement. John’s pension provision was significantly higher than Sally’s and they were not too sure what all their assets could deliver in terms of income and for how long it would fund their retirement.
They were recommended to Timmins Whittaker Ltd by a former colleague of John’s.
After our initial meeting we sat down with John and Sally and agreed some goals around their desired lifestyle in retirement, before producing some projections based on various assumptions which focused on their long term retirement plans. This helped demonstrate that there was a gap between what they would like and what they were currently on target to achieve.
After considering their current income and expenditure, they agreed that they could afford to make additional contributions to their pension plans in order to improve their projected retirement income.
By making alterations to the way in which they held their assets, we were also able to demonstrate how they could ensure that each of them will be able to utilise their full personal allowance in retirement, which would make their retirement income more tax efficient.
John and Sally now have annual meetings with us to update and review retirement plans, providing them with financial peace of mind. They will be aware of how their plans are progressing and be able to make additional adjustments to keep them on track if the assumptions made do not transpire.
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