Early Retirement

David’s story

“I wanted to retire early, but I was concerned I couldn’t afford to”

David was working in the metal industry as a skilled labourer for over 30 years. Now in his late 50s his long career in a labour-intensive role was starting to show with knee problems and high blood pressure he loved the idea of downing tools and retiring early at 60, but he didn’t have confidence in his finances to know he could afford to. Thankfully David joined us for a coffee and we put an expert plan in place.

He told us about his family life, two grown up children and one grandchild. He and his wife were living comfortable lifestyles, but didn’t consider themselves to be well off. It was important to them that they could continue the lifestyle they had become accustom too.

Retirement is what you make of it.

David was a motorcycle enthusiast so it was important we understood his passions for retirement. He told us he wanted to purchase his own Triumph motorcycle – a dream since he was a young lad. We were very happy to confirm this could happen along with road trips to Europe each year and still ensure his grand daughter benefitted from his legacy down the line.

Our advice

David came to us for advice in early 2019 we put a plan in place to secure a retirement income to sustain his comfortable lifestyle.

David came to us with £620,000 in his pension pot.

We ring-fenced his investments at the height of the market in 2019 to secure income for the first early years of retirement.

Come to Spring 2020 and David became very concerned about his hopes to retire early, fearing the pandemic would negatively affect his savings and drastically halt his plans. We were able to demonstrate to David how our planning in 2019 at the height of the market had paid off.

In late 2020 and early 2021 when the vaccination news broke, we sold down further gains and further strengthened David’s low-risk positions, so that now markets have fallen again in 2022, he has not been affected, nor has his income, and he is not accessing those funds that are down ‘on paper’. So we do not have to turn paper losses into actual losses.

By seeking expert advice and acting upon it, his retirement income would not be affected. Our actions to ring fence and de-risk had ensured his investments were protected and had not fallen in value. He was still on track to retire when he chose to, in control, with complete peace of mind.

“Having someone to lean on, with clarity and guidance for my finances has been invaluable. My confidence about my retirement couldn’t be stronger, I couldn’t have achieved early retirement without Innes Reid.“ David

If you want to know more about planning for your retirement get in touch. Your first meeting with us is entirely at our cost. Please call 01244 347583 or email enquiries@innesreid.co.uk

Disclaimer

This Case Study outlines the actual results that we have achieved for genuine clients of Innes Reid Investments Limited. Full names have been withheld and stock imagery has been used to protect their identities. The content is for informational purposes only and should not be taken as advice. You should seek advice from an Independent Financial Adviser before taking action in relation to retirement planning.