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Client Stories... Mrs Philips

Recently widowed lady wishing to retire

Mrs Phillips came to us in difficult circumstances. Looking forward to a happy retirement with her husband he had suddenly died and she was the beneficiary of his entire estate. She was feeling very fragile and overwhelmed with all the decisions she needed to make.

Mrs Philips worked part-time and was not in the best of health so she was keen to retire. However she had no idea how much income she would need or how she would generate it. She was very concerned that once she gave up work and stopped earning money, she would have enough put by to live on. She also had no idea about how to take her pension benefits.

It’s always very difficult if one partner has taken on the mantle of organising the family finances, but we were able to unpick all the different assets to consolidate them to maximise her potential income.

We went to great lengths to ensure Mrs Phillips was clear about what level of risk and capacity for loss she was prepared for, because it is important to make sure the income stream can be achieved within a level of risk that is comfortable to the client. We talked through with Mrs Phillips what kind of lifestyle she had and using cashflow analysis we were able to work out how much money she needed to sustain this.

Because of her poor health we were able to get a much better level of income than she was receiving from her current pension provider. We simplified her portfolio and used our asset allocation tools to ensure that it met with her objectives and risk level. We were also able to reduce her exposure to inheritance tax.

Mrs Phillips was happy to get on with her retirement knowing she had an income stream which fulfilled her objectives within her risk level and that she had maximised the benefits from her pension. She had also protected her wealth in order to pass it on to her two sons without leaving them a substantial tax headache.

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