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- When time is more valuable than money
Facing his wife’s dementia diagnosis, Roger 60 longed for a once in a lifetime Maldives trip together to make memories, needing the reassurance to do so without financial worry.
When Roger, 60 approached us he was seeking guidance on his retirement planning and wider financial position following a significant change in his circumstances: his wife had been diagnosed with dementia and was dealing with life affecting illness.
Roger’s priority was clear. He wanted to spend as much meaningful time as possible with his wife while her memory and health allowed. In particular, he dreamed of taking her on a once in a lifetime trip to the Maldives, creating special memories together during a very difficult period.
At the same time, Roger was concerned about affordability. He was unsure whether his pensions and existing financial arrangements would allow him to fund such a trip while still maintaining long term financial security. He also wanted to begin stepping back from full time work reducing to three days a week for two years and then two days a week thereafter before fully retiring without putting himself under financial strain.
Roger faced several interconnected challenges:
- Funding a significant short term expense (approximately £35,000 for travel, including business class flights and their personal carer to ensure his wife’s comfort and safety)
- Replacing lost income as he reduced his working hours
- Ensuring his retirement plan remained sustainable over the long term, despite drawing on assets earlier than originally planned
- Gaining confidence and clarity during an emotionally challenging time
We were able to show Roger exactly how he could fund those memories without his plan falling off track.
We worked closely together to build a clear, compassionate and flexible financial plan that prioritised his personal goals without losing sight of longevity and future security.
Our approach included:
- Reviewing his pensions and investment structure to identify sustainable income opportunities
- Stress testing the plan to account for reduced earnings, increased spending and long term needs
- Building in flexibility to ensure the plan could adapt as circumstances changed
Throughout we ensured he understood the trade offs involved, including a short term funding shortfall to enable the holiday.
With our help Roger and his wife made it to the Maldives accompanied by a their personal professional carer, creating cherished memories at an incredibly important time.
The pension strategy we put in place has successfully generated ongoing income, replacing the shortfall created by Roger’s move to part time work. Although the holiday required a short term dip in capital, strong market performance over the past year has helped recover a meaningful portion of that cost.
Crucially, Roger’s overall financial plan remains on track and continues to improve over time, with a clear focus on longevity and future financial security.
Roger now feels more confident and reassured about his financial future. He has the flexibility to work less, spend more time with his wife and still see his long term plan strengthening as time goes on.
Financial planning isn’t just about accumulating wealth; it’s about having the confidence to spend it on the things that truly matter, when they matter most.
Client names have 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.
