Place in the sun case study

Richard and Laura dreamt of moving to Cyprus when they retired. Working with Tilney, they were able to turn their dream into a very happy reality much earlier than they anticipated.

Richard had always been a diligent saver, and working as an independent consultant in the oil industry for most of his career, he had been careful to ensure there was enough money in the bank in case disaster should strike.

While he and Laura were very focused on saving as much money as possible for the future, they didn’t know exactly how much they would need to be able to retire to their dream place in the sun. This changed when they created their financial plan with Tilney.

Richard and Laura had been aiming to retire in around five years’ time, but after analysing their expected cash flow and creating a financial plan with their adviser, they found that they were in a good enough position to bring this forward by three years.

Their Tilney financial planner also helped them to review and consolidate their savings and investments. As Richard and Laura’s careful approach had served them so well already, their financial planner recommended moving their investments into funds with less volatility to reduce their exposure to unnecessary risk.

Richard and Laura continued to save towards their dream retirement and after a few years, took the first big step and bought a home in Cyprus.

As they were retiring abroad, they needed to have ready access to a relatively large amount of cash in order to set themselves up for their first few years. To help them achieve this, their financial planner suggested increasing Richard’s pension contributions through his company over two financial years. By creating a combined pension pot worth about £300,000, Richard and Laura would be able to access a sizeable amount tax-free when they needed it.

Then, two major changes in circumstances prompted their financial planner to suggest a more comprehensive review of their plans.

First, Laura received an unexpected inheritance of £30,000. Shortly after that she was offered voluntary redundancy and early retirement from her civil service job, which she took.

Their financial planner ran several new projections based on these significant changes to their income, including one Richard calls his ‘doomsday scenario’, which stress-tested their finances to the maximum without any problems.

Richard and Laura were excited to discover that, as a result of their sensible planning and this extra income boost, they could pay off the mortgage on their Cyprus home and bring forward their retirement date by another full year.

Thanks to their careful approach to saving money, and a flexible financial plan that adapted to changes in their circumstances, Richard and Laura have made their dreams become a reality sooner than expected.

They were thrilled with the journey they’ve gone on with Tilney, and would recommend that anyone who has similar hopes and desires for the future, should speak to Tilney about how to make them come true.

As Richard says, “it’s not the tax you’ve saved me, it’s the extra years that you’ve given me that matter most.”

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