Time to retire; there’s more to life than working
Why did Derek come to us for advice?
After many years of shifts, including night work, coupled with the physical demands of his job, Derek had decided that now was the time to finish work.
He had worked in factories all his life, he’d had enough of being asked to do extra shifts and frankly was fed up. Derek needed a rest and wanted to spend more time with his wife, Susan, who doesn’t work, as well as with his grandchildren.
However, his job was reasonably well paid, and being only 62, meant he was still some way off being able to take his State Pension. He therefore wasn’t sure whether his existing pensions would provide enough income for him to stop working.
How did we help Derek?
Derek has three or four pensions, which were in a muddle. He had no idea what they were worth or how much income they would give him in retirement. The confusion was adding to his general nervousness about whether he could afford to retire.
The first thing we did for him therefore was to analyse the income he needed in retirement. At the same time, we reviewed his existing pensions. Derek was amazed, and delighted, to learn that they were worth £600,000.
That gave us enough information to tell Derek he would be able to retire immediately. He wasted no time in resigning from his job!
We then set about rearranging his pensions, to ensure the income he needed was immediately available. The changes we made also meant he would be able to pass his pension pots on to his loved ones when he died. Something which was very important to Derek.
Our advice has given Derek the ability to take income from his pension in a flexible, yet sustainable way. Furthermore, when his State Pension kicks in, the household income won’t be any less than when he was working.
How is Derek now?
We saw Derek recently for one of our regular reviews and the smile on his face was a joy to see. He looked like a different man; happy, relaxed and comfortable, giving up work was the right decision for him and his family.
How can we help you?
If you’re in a job you no longer enjoy, or just feel there’s more to life and now might be the right time to retire we are here to help.
By analysing what you need to spend each month when you retire, and comparing it with the income your pension will provide, we can tell you if early retirement is a possibility.
Even if you don’t think finishing work now is an option, it’s worth checking.