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Chris had the funds to enjoy retirement. He just needed a plan to help him make the most of it.
After a long career, Chris, 60, had built up substantial wealth, including around £1 million in pensions, significant cash savings and ISA investments he’d held for years.
But having money saved for retirement and knowing how best to use it are two different things. Chris had never received financial planning advice, and as he moved away from a regular salary, he faced a new challenge: making sure his money could support the lifestyle he wanted for the rest of his life.
With no financial dependants to consider, his focus was on making the most of his wealth for himself, while knowing his future was financially secure.
Chris wanted to enjoy retirement without constantly worrying about whether his money would last. Holidays and regular car replacements were part of the lifestyle he wanted to maintain, with annual spending of around £30,000.
But there were important questions to answer. How much could he afford to spend? What impact might inflation have over time? And with so much of his wealth held in cash or older pension arrangements, was his money working as effectively as it could?
He wanted a dependable income to cover his essential costs, greater flexibility over the rest of his spending and a simpler way to manage his finances.
We began by modelling Chris’s retirement finances, testing whether his plans were affordable even under conservative investment assumptions. The results showed that he could meet his long-term needs without relying on investment growth to fund his essential spending.
This allowed us to build a plan around certainty rather than taking unnecessary risks.
We organised his wealth into separate pots, each with a clear purpose. Part of his pension was used to secure an index-linked lifetime annuity, providing around £20,000 a year in guaranteed income that rises with inflation. This gave Chris a dependable foundation for retirement, whatever happened in the markets.
We also created a tax-efficient income strategy to bridge the gap until his State Pension begins, making use of his pension tax-free cash where appropriate.
To make the rest of his finances easier to manage, we consolidated his older pensions and ISAs onto a modern platform. We reduced excess cash holdings while keeping an emergency fund in place, and established regular reviews to ensure his plan can adapt as his circumstances and tax rules change.
Chris now has a guaranteed income for life that rises with inflation, covering a substantial part of his retirement spending. His essential costs are supported by a dependable income, giving him greater freedom to enjoy the lifestyle he has worked towards.
His finances are simpler, his investments have a clear purpose, and he no longer needs to feel that he must keep an eye on the markets or navigate complex financial decisions alone.
With a plan built around his own priorities, Chris can look ahead with greater confidence, knowing he has a solid financial foundation for the retirement he wants to enjoy.
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.