Bucket Case No. 3: Retired and worried about spending too much
Bob and Alice Can-We-Spend-It had been retired for a couple of years. They had always dreamt of retirement and the things they’d do together and the places they would see.
The trouble was, they were worried about spending too much, too early, and not having enough for the future.
Bob and Alice enjoyed retirement but when it came to the big ticket items such as having that extra holiday in the sun, staying in a better hotel, taking the family away on holiday they somehow held back.
Although deep down they knew that they were financially comfortable, they had this nagging doubt about running out of money later in life.
Like many people, they had scrimped and saved to give themselves a comfortable retirement. They owned their own home, had an investment property worth £300,000 and pensions/investments/savings of £450,000. All in all a tidy sum but still Bob and Alice were concerned they didn't have enough.
Sitting down with them, we were able to establish how much the life of their dreams would actually cost. Then, using our BettrPlanning approach and our powerful financial planning software (The Bucket), we were able to identify how much capital they needed.
It turns out that it is a lot less than they thought.
In fact, based on prudent assumptions and allowing for inflation and the potential cost of future nursing care, B
ob and Alice were never going to run out of money.
Already Bob and Alice have a big family trip organised for the whole family.
They meet annually with us to make sure everything stays on track.
"Jeremy is our third financial adviser, and a huge improvement on the others in terms of advice and commitment.
He is pro-active where the others were not, and has made us focus on our plans for retirement - a huge achievement!
He intends to make his business grow here in the Borders, rather than re-locate to the city, and that makes his company additionally attractive to us."
Harry & Senga Griffiths - Creative Director and Financial Director of H.G. Design