CASE: Retirement Planning Retirement Planning

Background

Over the years we had built up a successful business, but both of us were feeling disenchanted with our work-life balance. We were spending too many hours in the office and not enough time together as a family. Our plan was to sell the business, with John staying on a consultancy basis, so we could refocus our energies on enjoying family life. Before doing so, however, we needed reassurance that along with our savings, the proceeds from the sale would be enough for us to maintain our current lifestyle.

Solution

Following a referral from our solicitor, we met with LFP. Together we explored our needs and priorities at length. They were able to clearly show how our income could be maintained over the coming years. They also illustrated how we could release funds to our children to help reduce their mortgages, whilst still giving John the option to stop working altogether in due course, if he wasn't enjoying the consultancy work.

Resolution

LFP presented us with a report of recommendations, in which it was agreed that we would simplify our financial affairs (which, due to our work commitments, had been rather neglected). They also created a bespoke financial plan, which focused on managing and maintaining our wealth in our retirement. They also advised us to reduce the risk of our investments through greater diversification.

(For confidentially reasons, names are withheld and some of the information in this case study has been changed.)