Mid-50s

Husband and wife Colin and Julia were both aged 55. Colin was an insurance company CEO and Julia a teacher.

They had two daughters — one aged 27 and married with one child, the other aged 25, with severe autism and needing a lifetime of support. They owned several properties, some of which they rented out.

Colin had an actuarial background and felt confident in running the couple’s investments. They gave 10% of their income to charity and supported a school in Cambodia.

The challenge

As they approached the next stage of life, Colin and Julia wanted an expert to help them make strategic decisions with their money. They specifically needed help navigating taxes. But most of all, they wanted to see the bigger picture.

Colin and Julia hadn't properly talked about what they both wanted from life and what their ideal future looked like. This vision needed to be decided before the planner looked at their finances.

They had a lifelong financial commitment to their younger daughter and wanted to factor in future inheritances. They were also considering buying a holiday home in Asia.

But did they have enough money already? Or would Colin have to work for a few more years for them to be comfortable?

The approach

The first step was to sit Colin and Julia down together and hear them discuss their personal values and agree on the lives they wanted to lead. 

They had much in common. Spiritual life and social justice were high on their priorities. They also wanted an enjoyable, varied and healthy life. What stood out most was their desire to serve others.

Next their planner tackled the practicalities and helped them produce an action plan which would allow them to travel and enjoy life while also meeting their responsibilities to their daughters and to Julia’s ageing father. 

Then they modelled their lifetime cash flow and looked at various "what-if" scenarios to ensure that they would always have sufficient money.

The result

As a result of working with their planner, Colin and Julia discovered real clarity around their lives and future plans.

The “lightbulb moment” came when they decided that what they really wanted to do was to go to live in Asia, and they were thrilled to learn from Steve that they were in a position to finish work and pursue their dream straight away.

They found practical solutions to some very challenging problems, including what to do with their pensions, their properties and Colin’s business. They also put in place care provisions for their younger daughter and for Julia’s father.

IMPORTANT

Please note, Second Life Financial Planning provides expert financial guidance, not regulated financial advice. We refer clients requiring advice on specific financial products to firms, authorised by the Financial Conduct Authority, that share our evidence-based investment philosophy.