Late Career

Scenario

A married couple are within 10 years of when they hope to retire.

  • They own their house and have just finished paying off their mortgage so have some spare income each month

  • They want to know if they have built up sufficient assets to be able retire when they aim to

  • They have a mixture of Final Salary and Personal Pensions with various providers which they have built up at multiple workplaces over the years

  • They are both looking to retire at age 63 but their State Pensions will not start until they are 67

  • Clients are concerned about low interest rates for their cash savings

  • If they can afford to, they would like to help their adult children with house deposits

Our Advice

  • Formulate a strategy to define short, medium and long-term objectives

  • Review existing pension benefits and what they are likely to provide at their target retirement date

  • Identifying shortfalls or funding gap ensuring all available tax allowances are being utilised to bridge that gap

  • Explaining options how they could help with the house deposits without detrimental effect on their own retirement goals

  • Working closely with specialists, in areas such as mortgages (for their children) and wills, review existing arrangements to sure that they are in line with their objectives

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