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Into Retirement and Beyond – can we enjoy retirement and still leave a legacy?

Life is for living

The Situation

Martin, a skilled engineer, was fast approaching his planned retirement date and wanted advice on how best to use his total pension pot whilst at the same time providing a financially secure future for his beloved wife.

He had worked hard for the last 40 years, whilst Jean, his wife, had been a fulltime successful homemaker. Being financially astute, Martin had accrued pension funds of £350,000 and savings of £125,000.

Both Martin & Jean were looking forward to spending more time together and in particular wanted to indulge their interest in travel and to properly explore and enjoy the UK.

Our Approach

Whilst Martin & Jean had some clear aspirations for their retirement years, our starting point was to fully understand what that meant in practical terms. To appreciate this fully, we spent time discussing their desired retirement lifestyle and travel plans. How often they planned to be away and for how long, who else might be involved, what other priorities or goals they had.

Through this in-depth discussion we were able to clarify their thoughts, and develop a forward looking cash-flow plan to determine their income needs required each year to meet annual expenses including their travel plans. They long to see as much of the UK as possible over the next 10 years, whilst health and vitality were likely to allow them to do all the things they want to do.

The Results

The lifestyle financial plan we designed for them included prudent investment of their pension funds and a significant part of their savings, which enabled them to draw an income which would fund their retirement needs whilst making best use of available tax allowances. We were able to show them that they could achieve their goals and very likely still have money over at the end of their lives to leave as a financial legacy for their children.

Martin & Jean are now enjoying their golden years discovering and exploring new and exciting destinations throughout the UK, comfortable in the knowledge and peace of mind that only comes with lifestyle financial planning.

What’s important to you in retirement?

At Cowens Financial Services we understand that our clients goals and aspirations for retirement are intimately personal and unique, which is why we always seek to fully understand what is important to them at this stage of their life.

If you would like to find out more about making your retirement dreams a reality, please get in touch, and take the first step on your journey to your desired future lifestyle.

What’s important to you in retirement?

We understand that your goals and aspirations for retirement are personal and unique. We will always seek to understand what’s important to you at this stage of your life and aim to make your retirement dreams a reality.

Are you approaching retirement? Why not get in touch and find out how we can help with your financial planning.