A world of opportunities in retirement

Read Simon’s story on how he helped his client, Andrew, see there was a world of opportunities for his retirement, which he can fully enjoy now, by including his sons in their conversations.

By Simon Davis
Director of Financial Planning

Financial security for life

When you decide it’s time to retire, you open up a world of new opportunities. Careful financial planning can make sure you have financial security throughout later life, and help you make the most of the money you’ve worked hard to save

When Andrew first contacted me, he’d already retired from his career as a vet a few years ago. Using information from articles in newspapers and magazines, he had been managing his own finances, including an investment portfolio. However, it was taking up a lot of time and he was concerned about inheritance tax.

Getting professional advice

Andrew wanted professional advice so he could put everything in order and enjoy his retirement. He had already booked a six-month world cruise and intended to travel as much as possible afterwards

At the same time, he wanted to build a relationship with an adviser he could trust and introduce to his two sons, Daniel and Adam, which would make things easier for them after he dies.

During our first meeting, we went through his savings and investments together. He told me how much he’d like to receive as an annual income and that he also wanted to leave money to Daniel and Adam tax efficiently.

But he didn’t want to start giving away significant amounts to them just yet because he was unsure about how this would affect his financial position.

Making the most of your savings

Andrew was planning to take an income from his pension, leave his portfolioinvestments untouched, and use his cash savings for anything unexpected.

After carrying out a cash flow modelling exercise, I suggested he consider leaving his pension untouched and use his portfolio to fund his retirement.

The main reason is that his pension should be free from inheritance tax if he leaves it to his sons. At the same time, if he uses his portfolio as the main source of income, he’ll reduce the potential liability on the rest of his estate.

Our cash flow modelling exercise also revealed that Andrew could give a lump sum to Daniel and Adam without it affecting his standard of living

I met both of them and advised how they could invest the money.

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I also put together an investment portfolio for Andrew’s pension to match his situation and needs, which we now manage on his behalf so he can enjoy his travels in retirement.

Simon Davis
Director of Financial Planning

About Simon

"My favourite part of my role is helping clients make the most of (and enjoy) the money they’ve worked hard to save."

Simon Davis has been advising private clients for over 25 years having joined Dalton Steiner in 2018. Simon specialises in providing financial and wealth structuring advice to high-net-worth individuals, their families, trusts and businesses. This incorporates pensions and IHT advice. Simon is a Chartered Financial Planner and has a BA (Hons) from the University of Nottingham in the UK.

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