Planning to retire – Derek and Sue, Theale

Background

Derek and Sue were in their late 50s and had accumulated a number of pension schemes throughout their working lives.

Like many couples their age, they had a mixture of final salary and personal pensions. Whilst they had paid into pensions all their lives, they didn’t really understand how this would translate in terms of income and the age at which they could retire.

What did BlueSKY do?

After gathering all of the data on their existing pensions, a cashflow model was constructed.

By restructuring some of their older pension schemes and fully utilising their tax relief allowances, we were able to establish that valuable final salary pension benefits could be left until the couple were 65. This would provide a significant but more flexible income to pay for some of life’s luxuries in retirement.

The results

Our financial plan established that Derek and Sue would certainly be able to retire comfortably at age 65. There was also a real possibility that they could retire five years earlier. As active people with a love of the outdoors, this was life-changing. They had always hoped to travel extensively during their retirement.

Derek and Sue are now excited about the future and look forward to retiring very soon.

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