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- Turning an unhappy job into a confident retirement
Professional advice helped Rachel turn uncertainty about retirement into the confidence to stop working and enjoy the next stage of her life.
When Rachel first came to us at 63, she had recently started a new job. It quickly became clear that she was not enjoying it and, more than anything, she wanted to know whether she really needed to keep working.
Rachel had built up three pensions over the years, but had never felt confident enough to move beyond their default investment options. She had accumulated a good level of wealth, but was unsure whether it was enough to retire and nervous about making investment decisions without support.
At our first meetings, retirement felt like something Rachel wanted but was not yet certain she could afford.
Rachel wanted a clear answer to a simple question: could she retire now without putting her financial security later in life at risk?
Her naturally cautious approach to investing initially meant an annuity appeared worth considering. However, Rachel also wanted the flexibility to spend more during the earlier years of retirement, while she was able to enjoy it.
She was concerned that doing so could leave her short later on and did not feel comfortable managing pension drawdown and investments herself. What she needed was a plan that gave her the confidence to make that decision.
Following our discovery meeting and agreeing the work we would carry out, Rachel felt reassured that she had accumulated enough wealth to retire. She left the job she was unhappy in and began retirement sooner than she had expected.
We helped Rachel understand how her pensions could be invested more purposefully, rather than remaining entirely within default funds. Different parts of her money could take different levels of investment risk depending on when she was likely to need them.
After discussing the alternatives, Rachel decided that an annuity would not give her the flexibility she wanted. Instead, we created a drawdown strategy supported by ongoing advice and professional investment management.
We also agreed to stay in regular contact during the early stages of retirement. This has given Rachel someone to speak to as she adjusts to both investing and drawing an income from her pensions.
Her retirement income has also been structured with tax efficiency in mind. By making use of her Personal Allowance before her State Pension begins, we expect Rachel to be able to withdraw more than £50,000 tax free over the next three years.
Rachel is now 64 and enjoying the retirement she had previously been unsure she could afford.
The biggest change has been confidence. She no longer has to make investment and retirement decisions alone and has a financial plan showing how her money can support both the lifestyle she wants today and her needs later in life.
What began as a question about whether she could afford to stop working ultimately gave Rachel the reassurance to do exactly that.
Our client's name has been changed to protect their identity.
This case study is intended as illustrative purposes only, it does not constitute individual advice and should not be used to inform financial decisions.
They are based upon our understanding (at the time of advice) of current law, HM Revenue and Custom's practice, tax rates and exemptions, which are subject to change.
A pension is a long-term investment not normally accessible until age 55 (57 from April 2028 unless the plan has a protected pension age). The value of your investments (and any income from them) can go down as well as up which would have an impact on the level of pension benefits available.
The Financial Conduct Authority (FCA) does not regulate cash flow planning, estate planning, tax or trust advice.