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Jim’s Retirement

Jim has been a client of Chartwell for a number of years and his main concern had always been whether he’d have to work into his late 60s to be able to help maintain his current lifestyle during retirement whilst being able to support his children and grandchildren.

He felt apprehensive about retirement, wondering where he’d need to cut back and if he’d be forced into leaving his marital home of 40 years and have to downsize.

After dissecting Jim’s fixed and luxury expenditure, Jim and his adviser identified key areas where expenditure could be cut back particularly in retirement and how planning a tax-efficient income strategy from personal and State Pension would mean that retirement could be comfortable for Jim and his family.

Jim explained ‘my adviser detailed the average spending patterns of client’s during retirement’ most client’s have a ‘bell curve’ spending pattern meaning, that upon initial retirement people tend to travel as much as possible in the first 10-15 years, however after that, as people get older, expenditure tends to decrease’.

This helped Jim to understand his likely needs during retirement and provide him with a sense of comfort that he could retire when he was ready and do everything that he wanted to do!