Post retirement case study

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Case StudyPost RetirementPlanningSummary:A retired executive needed to work out whether he hadenough put aside to continue with his lifestyle inretirement and also whether he could afford topurchase a property abroad. By creating acomprehensive financial plan we were able to show himthat he had enough accumulated to afford to fund hislifestyle and buy the property. We also helped him tosimplify his financial affairs.

Background:We were approached by a retired company executivewho was about to leave employment and needed helpto both manage his existing portfolio of assets and towork out whether he had enough accumulated tocontinue with his desire lifestyle in retirement.

Problems/Challenges:The client needed to bring clarity to his financial affairsas he had accumulated a wide variety of investmentsduring his working life. These were diverse andreflected decisions made at various points in his life butwere no longer an appropriate portfoliofor the newchapter in his life.

He wanted to purchase a retirement property inPortugal and needed help with managing the fundstowards this project.

Once these challenges had been addressed, heneeded a plan to ensure that he would never run out ofmoney and that his wife would be provided for shouldhe pre-decease her.

Our approach:Initially we sat down with the client and his wife toestablish their current position and understand theirplans for the future. This gave us an opportunity to getto grips with the wide range of investments held so thatwe could help rationalise them.

Once we had got to know what motivated the clients,we were able to create a comprehensive financial plan.This analysed their current and future assets togetherwith the income needed to maintain their high standardof living both in the UK and abroad.

This gave the clients confidence that they had enoughmoney put aside and enabled them to go ahead with thepurchase of their holiday home.

We then consolidated their existing assets both to take anincome for retirement and also to make best use of the taxadvantages of certain investments.

Following this we set up a portfolio to manage the risk oftheir investments while keeping on track towards theirultimate goals.

Outcomes and Impact:The clients had the confidence to go ahead with theirretirement plans safe in the knowledge that they were wellprovided for.

They were able to make sense of their current financialsituation and also examine the impact of possible futureventures.

We were also able to use the fact that the wife was a nontax payer to transfer some assets to her name and createan effective income free of tax for the first year.

Continuing Support:Each year we schedule two reviews with the clients. Thefirst is to re-evaluate their financial situation and revisetheir financial plan so that we can take into account anychanges to their circumstances and re-assess whetherthey remain on target to meet their long-term goals.

The second meeting reviews the clients’ investmentportfolio and aims to keep it on track towards its goalswhile taking the least risk needed to do so.

Please contact usfor further details:

Woodruff Financial PlanningThe Colchester Centre, Hawkins Road,Colchester, Essex CO2 8JX.Email: advice@woodruff-fp.co.ukFax: 01206 266885

Tel: 01206 266882www.woodruff-fp.co.uk