I’m thinking of retiring. How do I prepare my finances in the right way?

Our Client’s Situation:

We received a telephone enquiry from a gentleman who wanted to understand his pension options and how best to plan for his imminent retirement.

He had worked for over 40 years, throughout which time he had always invested in his work-based personal pension schemes. Now aged 60, he wanted professional advice as to how best to structure his existing four pension pots so he could fully retire that year.

His key objectives were, firstly, to be able to withdraw ad-hoc annual lump sums from his retirement savings for the next four to five years to cover the costs associated with planned home improvements. He and his wife were passionate about this as they wanted to enjoy their future retirement years with their children and grandchildren visiting them regularly. He also wanted his plan to provide a fixed monthly income to coincide with his wife’s retirement.

Expert Advice:

I was able to put in place a retirement plan that would meet his need to take ad-hoc lump sums in the early years of his retirement, along with the option of a regular monthly income in later years. He was delighted both with our advice which he found simple to understand, and the solution we put in place which fully met his objectives. He was also pleased that we would hold regular annual reviews to ensure his ongoing needs were met.

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