Case Study 1: Close to retiring but confused by multiple pensions

With numerous pensions, Harry and Susan had no idea if they had enough money to retire and live comfortably.

How much money do you need to retire? This was the problem facing Harry and Susan. They were reaching retirement age, but they didn’t know if they had enough money in their pensions to live comfortably.

The Problem

  • Harry and Susan had ISAs and several pensions between them from various employers, but no idea what that gave them as a retirement income.
  • They didn’t know how to find out if they were entitled to a state pension.
  • They hadn’t worked out how much they needed to live on each month.

What we did

  • We identified all potential sources of income and capital and gathered information from all their pension and ISA providers on their behalf. 
  • We showed them how to get a Pension Statement detailing the estimated amount of pension they would get and when they could take it. 
  • Then we merged their pensions and investments and took over managing these on their behalf, making sure they their investment portfolio matched their attitude to risk. 
  • We also gave them an investment strategy to meet the income they needed to retire and enjoy their retirement doing what mattered most to them - travelling, spending time with their grandchildren and finding new hobbies.

The result

  • Suddenly their postbox is emptier! No more stress trying to make sense of the piles of paperwork they were getting from all the different providers.
  • They discovered they could afford to retire now and have a financial plan tailored to help them in the future. 
  • Susan had a shortfall in her State Pension but had time to fill the gap with voluntary contributions. 
  • We see Harry and Susan annually now for a yearly review to keep track of their investments, and they can call us up anytime to ask us questions.

We’ve changed some names and identifying details to protect our client’s privacy.

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The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The advice provided was given after a full evaluation of their specific needs, circumstances and requirements. The solutions provided would not be suitable for most investors and the information provided does not constitute advice.

Stephanie Beddis

Kilsaran Financial Planning
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