Case Study – Jean

Jean became a client in 2004 and her concerns were whether she would have sufficient income in retirement in order to maintain the Standard of Living she currently enjoyed.

She was 54 at that time and was looking to retire in 2011 – 7 years time and at age 61 (her State Retirement Age). Being single with no dependents, her self sufficiency was a major concern for her. What help did we give?

Initially, there were several Pensions that she already had and she was contributing into a Personal Pension. All of her Pensions were reviewed as to performance, charges applied and ensuring that the relevant holdings were in line with her Attitude to Risk.

Her current expenditure was ascertained and it was determined that there were certain expenses she would no longer pay once she had retired – mortgage, travel expenses, etc.

We constructed a plan to achieve her goals. These included moving one Pension to a lower charging, more flexible arrangement; switching funds in another and obtaining a State Pension forecast.

Regular reviews were undertaken over the next few years and discussions took place as to any specific expenditure that was needed to fund that special holiday that she intended to have as soon as she no longer worked.

In the knowledge that we had a target figure to meet, she contributed slightly more into her Personal Pension on a regular basis and we worked towards her goal.

When Jean actually retired and the mortgage was paid off, her income from all her Pensions were sufficient to continue to enjoy the same living standards that she enjoyed – and in fact more monies to have even more holidays that she expected.

Now she is relaxed in the assurance that her income will be maintained at a level whereby she can do all those things she had her heart set on. With regular reviews, we look at the performance of her investments and she now has peace of mind to enjoy her well earned retirement.

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