Background
Professional, single and aged 45. Looking to change direction at age 50 and either work part time or pursue a new career to reduce overall stress levels, enjoy more free time and achieve a better work life balance. Ultimately, wanting to retire at age 60.
Concerns
- Could not afford to change career direction at age 50.
- Would not be able to retire at 60.
What we did
- Created a financial plan and cash flow forecast which:
- Set out her main goals and objectives.
- Established her income & capital requirements at retirement and shortfalls.
- Increased pension and saving contributions to meet shortfalls.
- Amalgamated her existing pensions and created a bespoke investment strategy, in line with her risk tolerances.
- Reviewed her existing cash savings and recommended high paying and more diversified savings accounts.
The results
- Confirmed that she could afford to change career at age 50.
- Confirmed that her retirement plans were reasonable assuming savings continue.
- Created a more diversified pension and investment portfolio.
- Increased cash saving returns for lower overall risk.