Updated: Jul 22
A chat that changed a life.
You chat to your friends, family and work colleagues almost every day. Conversation makes the world go around. Whether that’s a tiny natter about trivial matters or in-depth conversations about serious matters. Some people are scared to talk about things that could affect them. But talking makes everything better and it’s true: sometimes a simple conversation can change your whole life.
A straightforward discussion was of enormous benefit to one of our clients, Martin Wright. Martin wanted a bigger house but thought this wasn’t possible. That was until, of course, he had a chat with Reeves.
We conducted our review of Martin’s situation and circumstances - and were able to offer some expert advice which was transformative to Martin and his family.
He had had a successful career and worked as director of a large Midlands manufacturing company. The transfer value of the pension in his employer’s scheme was £2.5m and he had amassed about £200,000 in cash savings. This was more than adequate provision for a comfortable retirement as he had a simple lifestyle, with no great expenses and indulgences. He had also still lived in the same modest house that he had bought when he was in his 20s.
On review of his retirement planning he highlighted a desire to buy a bigger house. However, he had always felt his resources did not allow for this. We recommended that he use some of his pension and savings to buy a bigger house. He followed our advice, took part of his pension as a tax-free lump sum and was able to buy a house worth £650,000 fulfilling his desire.
Until he had this conversation with us, Martin thought he was going to live in the same house in his retirement and live off his employer’s pension for his income needs only. Our review instead allowed him to take stock of his situation and make radical changes to his retirement plan, upgrade his home and be secure in the knowledge that he will be leaving more money. It also made him aware that he could achieve all these things and have the option of early retirement.
Having a chat with Reeves might open up a whole world of new possibilities for you, just as it did for Martin, and it might mean a significant enhancement to your lifestyle. Not everyone wants to retire early, but the knowledge that it’s possible can be extremely liberating: working because you choose to work, rather than because you have to.
Not talking to others about retirement planning means that you might not have a plan and that you might not know what you can do to improve that. Martin didn’t know the rules or what his options were. Just showing him what his options were opened his mind to all these new possibilities.
The articles are for information only and should not be construed as advice or a recommendation. The investment strategies mentioned are examples only and may not be suitable for your particular: circumstances, tax position or objectives. Please seek independent financial advice before taking any action.
Names have been changed to protect identity.
No advice should be conferred from the articles. No action should be taken without independent professional financial advice as any actions on your pension may be irrevocable and have a big impact on your income in retirement.