Helping couples to retire early

Making early retirement a possibility with the help of a financial adviser - Mark and Bridget's story.

There can be several reasons that may make people seek an early retirement, including:

• Job Dissatisfaction: Your job is taxing, stressful or making you unhappy.
• Health and Wellness: You seek a change in your lifestyle and routine whilst you are still physically and mentally able.
• Reassessing Priorities: Choosing to take the time to pursue hobbies, travel, and rest to enjoy more freedom and have control over your time.
  

Whilst early retirement may be desirable, it is essential to take time to think carefully about how this would impact both your finances and your lifestyle.

Reviewing the pros and cons of such a decision is vital as the outcome could involve life-changing affects you may not have considered.

There are common misconceptions concerning if early retirement is possible, so seeking expert advice that is bespoke to your situation is essential.

Here is an example of how one of our financial planners helped a couple prepare for early retirement. It shows how financial planning could help you make the right decisions for your retirement, with your best interests at heart.

*Names have been changed to protect client anonymity*

Mark and Bridget's Story – The ability to retire early supported by tailored pension planning.

Bridget worked for most of her life at a solicitor's firm, where the long-standing owner, who the team were fond of, sadly passed away. A younger management team took over the firm, creating an unpleasant work environment, pushing older staff members out the team. Bridget felt trapped, thinking she had to remain in her job role until the retirement age of 65 at the time. Meanwhile, her husband Mark found the idea of living off of pension savings daunting, and was nervous about overspending too soon.

Once in touch with Mark and Bridget, their financial adviser collected information on their income, savings and expenses to establish what their financial situation was. The adviser then created a bespoke cash flow model - building a picture of their lives until age 100 - taking into account all potential outgoings, including lump sums they may need in their lives and if or when their money would run out. This process helped Mark and Bridget visualise their financial future.

Armed with this information, Bridget needn’t have felt trapped in her role until her retirement age – the model showed that her and Mark were already in a position to retire.

This enabled Bridget to hand her notice in shortly after their adviser meeting, meaning she could leave her job earlier than expected. Seeking financial advice also gave the couple confidence to access their pensions savings without being concerned about overspending.

Subsequently, the couple forged a strong relationship with their adviser, who later provided them with guidance on pension decumulation planning in line with their retirement plan.

The couple felt the advice they received was outstanding, referring the adviser to their own friends and family.

This example highlights the importance of having a financial adviser who can provide you with a cash flow model that informs and supports your financial planning journey. Having this understanding of your financial future could open the door for you and your adviser to discuss other planning opportunities, based on your retirement income.

If you think you would benefit from a cash flow planning session to help you prepare for retirement, our Chartered and Certified financial planners are ready to assist you. 

Please call our experts on 01480 869466 or email us at info@beaconwealth.co.uk for a free initial, no obligation chat.

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