Redundancy advice

The viability of retirement

Made redundant at 62, Richard wanted to explore if retirement was a viable option. Could he and Barbara live comfortably on the pensions accrued over his working life? How should their affairs be structured and how could Richard make sure Barbara would be OK if something happened to him?

Neil was keen to ask Richard what was most important to him but also to ask how Barbara felt about the plans.

Initially Barbara felt she didn’t need to be involved as the discussions were about Richard’s pension but then realised how important her involvement was in the meetings so that she could also see the implications of any decisions.

We used a Lifetime Cashflow Model to show the income from pensions and expenditure.

The Lifetime Cashflow Model was invaluable in providing perspective, helping us to visualise just how we could live in retirement, without the need to rely on any possible future earnings.

We could start enjoying retirement immediately. The income was there to fund the lifestyle we wanted and to provide security for Barbara if anything happened to me.

An added bonus was Fortitude being able to secure an enhanced annuity, almost double what we thought we would have access to.

Decision made, it took one month for our retirement income to commence and instead of thinking I’d have to work many years more, we’re living in retirement, relaxed, knowing our affairs are in order.

Richard Preston