Case Study: Caroline’s ‘why’ – family, travel, and enjoying her new garden.

In each of our case studies, we highlight a specific issue or topic that our advisers have helped clients with. We look at the ‘whys’ behind seeking financial advice and how financial advice can enrich clients’ lives.

In this case study, we look at how a comprehensive review of several of the client’s pension pots allowed them to spend more time with family, travel and completely redesign her garden to suit her.

What was your why for seeking financial advice?

I was coming up to retiring and had left my permanent job to work part-time because I was caring for my elderly parents. A colleague in a similar situation advised me to seek advice to put my pension arrangements in good order and gain an overview of at what point I could retire permanently.

I’d worked both for companies and on a freelance basis and as a result, I had quite a few pension pots dotted around. Quite frankly I just didn’t know what to do with them all. I wanted help to work out how to deal with all these multiple pensions and hopefully put them together to simplify things as much as possible.

How did the scope of advice change as time went on?

My adviser made some suggestions about where to place lump sums and also suggested changes due to interest rates continuing to fall.

When my father passed away, I inherited a lump sum. My adviser helped me decide what to do with it and manage the whole process of inheriting money – which took about a year to unravel, but did bring me more financial security.

How did / does financial advice enable you to lead the life you now want to?

Once we had established that I was financially secure, I was able to think about retiring as soon as possible, before I reached State Pension age, and give some thought to some projects I’d wanted to do for a while.  

I’ve undertaken projects within the house for example, to make my life more comfortable. I splashed out on a hybrid car. I’ve also had my garden completely redesigned so that it is manageable – I had a wildlife pond and a greenhouse put in as well.

I’ve also been able to enjoy travelling more and spent some time in India. Sadly, a trip I was supposed to go on with my sister to mark her retirement has had to be postponed for health reasons, but our plan is to go to Gujarat to start with for the first two weeks on a textiles-related tour and then to Rajasthan for the second two weeks.

What was the advice process like?

It has been invaluable, especially during the year after I lost my father and was struggling to make sense of things – I sometimes needed a gentle nudge to keep the whole inheritance process moving along.

What made the whole experience stand out?

  

I think it’s made a big difference to me having that support from and confidence in my adviser. The trust element is so important to me because you need to be as confident as you can that your adviser will handle your life savings for you. A big part of the confidence I have in my adviser is that he is proactive in keeping in touch and updating things where and when needed.  

Get in touch

If you’re in a similar situation to Caroline, find out how Flying Colours can help you achieve your retirement goals. Book a no-obligation consultation with one of our retirement planning experts today. It’s free and there’s no pressure to work with us afterwards, but after 45 minutes you’ll come away with:

  • A clear picture of where you stand with your retirement planning from a qualified financial adviser
  • Guidance on potential tax-saving opportunities you might be missing
  • An understanding of your retirement income options and drawdown strategies
  • An initial assessment of your pension arrangements
  • Professional insight on whether you’re on track for the retirement you want and what you may be missing

So what have you got to lose? Book a consultation today!