It's good to know you have options

Mrs L was in her 50s, with a high-powered and high-earning position in the pharmaceutical industry, and one son still in full time education. She came to us when her husband died, looking for advice about how she could ensure the future was secure for her and her son.

After the shock of being widowed, she felt she needed a change in lifestyle and was keen to travel more, visiting all the places she hadn't managed to see with her late husband. Her plan was to leave her very demanding role for another less pressurised job, but naturally, she was concerned she might not be able to afford the drop in salary.

How we helped
We started by analysing her current financial circumstances, establishing her net worth, income and current expenditure. We found she had a very high income tax liability and was also limited in her tax efficient pension contributions by the pension annual allowance. We also discovered that she had not utilised all of her pension relief from previous years.

We calculated that she had the cash available to make a large pension contribution before the tax year-end, which would give her a substantial income tax refund. With that done, we then carried out a careful analysis of her expenditure, so we could create a projection of her cash flow for the future.

We calculated what she would need to earn for the next 5 years, in a less demanding job, to maintain her current lifestyle. And we were also able to show her that she could cover the cost of her son’s university education if she wished – as well as being able to afford a year off work to travel the world.
What our advice meant for Mrs L
Mrs L was able to enjoy her travels, safe in the knowledge that she could afford the time out. She is now working part-time in a job she loves, earning what she needs to, until she plans to retire at the age of 56. Now that she has a better quality of life and knows she has financial independence, she thinks she may even continue to work for longer. The important thing is that she knows she has the choice.



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