Jack and Jill, aged 62 and 61 years old, came to us seeking clarity on whether their savings, investments and pensions could support their lifestyle in retirement. They owned their main residence outright and had no mortgage.
We helped to answer two key questions:
- Can they both retire when Jack reaches 65?
- How could they best utilise their assets in retirement?
The Outcome
- Consolidated their six pension plans down to three for easier management.
- Helped them to check when they will receive their State Pensions and how much they should receive.
- We advised Jill to make a single contribution into her pension from her savings to benefit from tax relief. Because she has no other income, she could withdraw her funds effectively tax-free; a 25% return on her contribution.
- If either of them were to die unexpectedly, we confirmed that the survivor would remain financially secure.
- Built a tailored strategy which guides them on how to use their assets in retirement tax-efficiently.
- Best of all – They could both retire immediately!
