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Eric approached Tideway in 2016, aged 59 as he was coming to the later stages of his career and thinking about retirement.

Eric had been referred to Tideway by a trusted colleague. After a successful career working in financial services Eric had a few different employers throughout his career.

This meant that he had multiple different pensions and saving of varying values but, by his own admittance, did not have a holistic investment or retirement strategy.

Goals:

  • Maintain an income of £5,000 per month early in his retirement to maintain his lifestyle.
  • Build a tax efficient income plan making use of his allowances
  • Avoid paying unnecessary tax especially around the Lifetime Allowance.
  • Take a medium risk approach taking into account capital preservation and income.
  • Gift some money to his children.
  • Have an emergency cash holding

Tideway advised Eric to:

  • Consolidate his pensions together into a SIPP so one strategy could be employed in his pension accounts.
  • Take his tax-free cash now despite him not needing the tax-free cash for a specific purpose keeping his lifetime allowance excess tax down to a minimum and invest the money in a more tax efficient manner.
  • Distribute these into an ISA, a General Investment Account (GIA) and an offshore bond to set up a tax efficient income for his retirement. These could also be used to invest some of his saving and investments too.

Four year later, Eric is in retirement and has met his objectives:

  • His total income is above his requirement of £5,000 (net) per month so he can maintain his lifestyle.
  • He also only pays tax at c.10% of his total income.
  • His withdrawals remain comfortably within the target returns of each portfolio, which have been met by Tideway’s investment solution, with some growth.
  • He is confident the withdrawals can continue to be sustainable in the long term plan and at a manageable holistic medium level of risk.
  • He has also managed to gift his two children to allow them to get onto the property ladder and pay for a wedding.
  • He also has a cash emergency buffer for the unexpected.

Eric believes his income requirements will remain static for the next 5-10 years but will then decrease as he gets older, his ability and desire to travel will decrease, he will also receive a state pension and he thinks it is likely he will be able to gift more money to his children.

If you’re looking for another case study, check out Stephanie’s Story. 

We are passionate about your finances and your future.

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The content of this document is for information purposes only and should not be construed as financial advice. Please be aware that the value of investments, and the income you may receive from them, cannot be guaranteed and may fall as well as rise. We always recommend that you seek professional regulated financial advice before investing.

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Tideway Wealth Management Limited (TWM) is an appointed representative of Tideway Investment Partners LLP (TIP). Tideway Investment Partners are authorised and regulated by the Financial Conduct Authority (FRN: 496214).

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