TONY AND SUE
Background
Tony and Sue had net investable assets in excess of £500,000 and were both retired. Both were in receipt of pensions but were unsure and concerned if they had sufficient financial assets and resources to meet their planned retirement lifestyle and care costs if at least one of them required such support.
Challenges
Tony and Sue were reluctant to spend their money for fear of running out and having insufficient in the future and were not living the lifestyle they could afford to enjoy.
What Inspiredflp did
Inspiredflp constructed and presented a Lifetime Cash Flow Forecast Model which reassured Tony and Sue that they did have sufficient financial assets and resources to meet their retirement lifestyle and care costs if they arose. The Model also enabled Tony and Sue to determine a number of one off future expenditure items and confirm that they were affordable.
Results
Life Planning, along with Cash Flow Modelling, helped Tony and Sue to become more comfortable in the spending of their money and reassured them they could afford to spend. The process also helped them accept that it was the right thing to do to spend their money and that they should quite simply get on and do it.
Life Planning reassured them that the lives they are leading and the plans and dreams that they have for the remainder of their lives are achievable both socially and financially. The process has given them clarification, focus and direction and reassured them that they are financially secure.
Inspiredflp are continuing to work with Tony and Sue in order to help and guide them to achieve their remaining goals.
BILL AND FIONA
Background
Bill and Fiona were mutually in their mid-50’s, professionals working full time and had net investable assets in excess of £750,000. Their requirements were to fully understand their financial position from the point of view of current assets and liabilities and what these were going to be worth at the point they retired and the level of income that they were all going to generate.
They had no idea whether they held sufficient assets or not to meet their desired financial lifestyle post retirement.
Challenges
Bill and Fiona were of a mind to consider retiring earlier than potentially planned, if their finances allowed. Also, Financial Life Planning established a number of goals and indeed dreams that they wished to achieve and in particular to the latter something that Fiona had always dreamt about achieving but never with any belief that it could become a reality.
What Inspiredflp did
Running simultaneously Inspiredflp compiled and presented a Lifetime Cash Flow Forecast Model and undertook Life Planning involving the 3 Questions, Heart’s Core and Goals For Your Life.
The Cash Flow Model illustrated and reassured Bill and Fiona that their preferred and intended financial lifestyle post retirement was going to be not only achievable and affordable but also very comfortable. It also highlighted the possibility that early retirement could be considered and from the point of view of Life Planning indicated that Fiona’s dream could actually become a reality.
Results
The upshot of the Life Planning process is that Fiona is now working towards a planned and constructed redundancy and then the couple have agreed to fund for twelve months Fiona’s dream, which is to open an Art Gallery. If at the end of twelve months the Art Gallery is either breaking even or making a profit they will keep it going. If it is making a loss they will contemplate closing it but at least Fiona will have had the opportunity of not only achieving her dream but also of enjoying it for at least twelve months.
The couple have put aside sufficient funds to set up, open and run the Art Gallery for a year without said funds impinging upon their retirement lifestyle.
Without a shadow of a doubt Fiona is exhilarated and excited by the fact that her dream can potentially become a reality.
Also Bill went and bought the two seater convertible that he had always dreamed of owning.
The couple have achieved peace of mind regarding their retirement planning and entered the third age phase of their lives with assurance, clarity and confidence. Attributes which did not exist before completion of the Lifetime Cash Flow Forecast Modelling and Life Planning process.
They are excited to be working with Inspiredflp.
PETER AND SALLY
Background
Peter and Sally were both in their late 50’s and are professionals working full time. Peter in his own business. They owned a couple of buy-to-let properties, have overall net investable assets in excess of £750,000.
Challenges
Peter and Sally were extremely concerned about their pension provision and financial position in retirement. Did they have enough accrued to date and continuing to be put aside to meet their required financial lifestyle post retirement?
Some years ago Peter’s business was extremely successful but due to the economic climate of the last few years this was no longer the case.
They were not at all clear if post retirement they could live and achieve both financially and socially the lifestyle that they desired.
What Inspiredflp did
Life Planning revealed that Peter, to use his very words, would feel “..fulfilled..” if he had the time and opportunity to focus on his business and not in his business and seek to put it back into the same financial position that it was in some five years ago, a financial position whereby it could be saleable.
Peter confirmed that he would be “..fulfilled..” either way even if in twelve months the business could not be returned to it’s former financial position. At least he would have been granted the opportunity of trying and a lack of success would not be seen as a failure.
Life Planning work with Inspiredflp enabled Peter to put aside a number of very distracting worries and concerns predominantly related to the financial position of his future retirement which enabled him to focus on his business for the following 12 to 18 months.
For Peter this was achieved by constructing and presenting a Lifetime Cash Flow Forecast Model which reassured Peter, and indeed Sally, that their financial position post retirement was looking sound and achievable. A calming realisation and one that they had never before been able to entertain and understand.
For Sally, Life Planning revealed completely different concerns and goals that she wished to achieve.
Peter had lost focus in relation to family matters due to worrying about his business. There was a realisation through Life Planning that he had not been spending time with the family and this was a major issue with Sally. Life Planning enabled Sally to convey to Peter that family time was important to her and indeed to him. The outcome was that the family booked the holiday to America with their children and their partners together with a couple of weekend breaks away and a couple of overseas holidays together on their own. Valuable and important family time together was restored.
Results
Peter said it all by using the word “..fulfilled..” in relation to being able to focus on his business. The Lifetime Cash Flow Forecast Model relieved a lot of stress and worry that the couple were experiencing in relation to their financial position at their planned retirement.
Time for the family has been re-established as a priority, without affecting Peter’s work and the couple now have peace of mind and are enthused and energised about both their social, family and business lives going forward.