John and Janet are in their early 50’s, they want to know if they will be alright when it comes to retirement. In addition they are now beginning to enjoy weekend breaks, a couple of nice holidays and long haul destinations every couple of years. Something they want to continue to do when they retire.
Their daughter Jill finished University a year ago and is financial dependent. Jack will finish University next year and has a work solution lined up. Their mortgage finishes at the end of this year. So they know the finances will have some spare capacity, so they want to save more to ensure they have a comfortable retirement, may be even retire earlier than they thought they could.
They had done the right things historically, they had still saved throughout their lives in pensions. Though they did not have a full understanding as to what they had saved and how it will work.
The key here was for them to understand when they could benefit from all of their retirement plans. When they wanted to retire, or even look to work part time. We needed to start working on a financial map.
We used Prophecy to start to understand their ‘essential’ income needs both now and when they wanted to start to retire. Then we started to fact in the extra things they wanted. The continued regular holidays, including long haul destinations.
Potential costs like changing their cars and home improvements.
With this strategy it highlighted that they may in the long term have a shortfall. With the right information Prophecy helped calculate the amount of extra savings John and Janet needed to adopt to ensure they had their retirement dream. But at the same time they could enjoy their current lifestyle.
To help ensure the plans were achieved we also included regular reviews, to keep the strategy on track.
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