John was 54 and his wife Mary was 53. John came to see us because he was being made redundant from his job in a large multinational firm. Mary was completing her PhD.
John had a Final Salary pension and was looking for guidance on what his options were. He had been put on gardening leave until he was 55, which was the age at which he would get his pension. He was unsure whether to take the lower income lump sum or not.
The couple also still had some of their mortgage to pay off.
We got to know John and Mary and established what it is they wanted from life. John didn’t want to stop work entirely, but the couple were looking to transition into retirement in a way that was enjoyable.
We advised that John pay off the mortgage and take the lump sum. Despite him getting an overall lower income, the couple had lots of things they wanted to achieve whilst they were still young and active.
John has started his own marketing consultancy business and is thoroughly enjoying his new role. Mary is still in the process of completing her PhD.
Taking the lump sum has meant that the couple now have the means to enjoy themselves in a managed and structured way. They have been enjoying holidays together and look forward to the future.
“I was taking redundancy and retiring from corporate life. This opened many opportunities but also implications for tax etc. Mary and I did not have a financial adviser and needed guidance. James has helped us think about our objectives in retirement and to create a clear financial plan that should deliver on those goals. We are optimistic that the plan will be successful. James is very professional and takes care to check understanding at each step of the process.”
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