Grandkids case study

Sue and her husband Graham live together on a farm in Kent. In 2006 they both retired at age 60. Two years later they came to Tilney for some help with their finances.

Sue and Graham had both enjoyed successful careers and had saved quite a lot of money over the years, but they were unsure how to manage it effectively. They had dabbled with investments and after a bad experience with another firm of financial advisers, who charged a lot of commission for not much return, they were wary about making the same mistake twice. However, they knew they needed professional help to manage their retirement finances.

They researched a few firms locally and came across Tilney. They liked that Tilney’s advice was fee-based, not commission-based, so they would not be ‘sold’ something they did not need.

To begin with, their Tilney financial planner helped them consolidate their investments and showed them how to make the most of the money they’d already saved, including their liquid assets and property. Pleased with the initial advice they received, they kept in touch with their Tilney contact.

Our financial plan from Tilney gave us the confidence and reassurance that we had enough money to help our children and enjoy our retirement to the full without changing our lifestyle.

As time went on Sue and Graham wanted to know if they could provide financial help for their two children, Emily and Richard. Emily was trying to get onto the London property market and Richard needed a new home for his growing family. They had also started to become concerned about a potential Inheritance Tax bill. Their adviser suggested creating a full financial plan to give them a better understanding of their current financial position and their future projections.

Sue and Graham’s adviser prepared their plan in 2014, taking into account their income, savings and investments, outgoings, lifestyle spending (such as holidays) and financial priorities. They were pleasantly surprised to discover that not only could their savings comfortably pay for their retirement long into their nineties, even with possible expenses like long-term care, but that they could give their children the money to help with their house purchases straight away.

The couple gave Emily and Richard gifts of around £200,000 each, split over a few months and a tax year end to make it as tax-efficient as possible. Making the gifts when they were young enough to live for another seven years also meant that this would potentially reduce their future Inheritance Tax liability. Sue and Graham were delighted that the process was so simple, and that they were able to see their children and grandchildren benefit from the extra money at a time when it would make a real difference for them, rather than having to wait until later when they inherited it. Sue and Graham were also still able to continue to do the things they enjoyed, like taking holidays abroad and trips to the opera.

Working with their Tilney adviser on their financial plan gave Sue and Graham the confidence and reassurance they needed. In 2015 they updated their plan, taking into account the gifts they’d made to their children, and were glad to see that their finances were still on track to fund a long and happy retirement.

We trust Tilney to give us advice that really works for us.

Their advice to others who might be reluctant about creating a financial plan is to talk it through with a Tilney financial planner. Thanks to their plan they now feel like they don’t have to worry about money and can focus their energy on the people and things that matter most to them.

As their adviser told them, “It’s about more than money. It’s about what you want to do with your life – the bigger picture.”

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