Case studies

Using the example profiles below we will guide you through using RetireEasy LifePlan.




1 Background 2 Charts 3 Solution Back to case studies


Background: Raymond and Alice Berry

Raymond and Alice Berry

Raymond, who is a solicitor and his wife, Alice, a dentist, signed up to the RetireEasy LifePlan when they realised that they needed to be sure they had sufficient funds to meet their lifestyle expectations in retirement in seven years' time.

They love travelling and want to see much more of the world than they have been able to, given their busy lives.

Here’s how they learnt what they could do to make these dreams come true.

Age: 60 and 55
Retirement age: 67 and 62
Desired Income: £50,000, increasing in line with inflation

Assumptions:
    Inflation – 3%
    General Growth of Assets – 5%
    General Yield on Assets – 3%

Home Value: £400,000 – Growing at 5%
Mortgage: No mortgage

SIPP: Raymond - Value today £100,000
    Growing at 8%
    Already drawing and has taken tax free entitlement
    6% pa drawdown

    Alice - Value today £100,000
    Growing at 8%
    Already drawing and has taken tax free entitlement
    6% pa drawdown

State Pension:
    Raymond - £10,000 pa commencing at age 67
    Alice - £10,000 pa commencing at age 62

ISA:
    Raymond 1 ISA totalling £10,000
    Alice- 2 ISAs totalling £20,000
    Growth and Yield as per General Assumptions

Personal Investments: Joint held - Fidelity Fund
    Value: £100,000
    Growth and Yield as per General Assumptions

 

Raymond and Alice case sample 1 Next: sample 2 Raymond and Alice case sample 2

What the LifePlan charts reveal:

Raymond and Alice case sample 3 Raymond and Alice case sample 4 Raymond and Alice case sample 5

The solution

Raymond and Alice then had a number of choices - including: they could plan to downsize their home prior to age 80; enter into an Equity Release transaction; reduce their Desired Income from Retirement Age; or they could reduce their Desired Income prior to Raymond reaching 80.

However, none of these options appealed to them.

Raymond and Alice still had seven years to go before retirement, so they instead decided that they would make additional contributions to each of their SIPPs in that time. They would each contribute £20,000 to their SIPPs per year until retirement.

Raymond and Alice case sample 6


 

Start planning today

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Your future may be a lot brighter than you think.
RetireEasy enables you to live the lifestyle you choose.

Retire Easy Ltd.

RetireEasy is the UK’s only independent retirement planning tool. LifePlan gives you an overview of all of your assets – including investments, pensions, savings, business assets and properties – and the income you will receive after liabilities such as debts, mortgages and income tax. It is not just a snapshot, but shows you how your finances will evolve throughout your retirement.

Premium LifePlan not only provides live updates on stocks and fund values, provided by Morningstar, and you can model a Lifetime Mortgage, create and compare up to 3 scenarios of your financial future, radically reduce life insurance costs through a Life Assurance Premium Checker and you can print user-friendly narrative reports.

RetireEasy was established in 2011 and has helped thousands of users to understand their finances throughout retirement and adjust their plans to ensure that their money will last.

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New features on RetireEasy.

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You can now include all your additional savings, investments and Pension Contributions between now and your retirement, taking into account increasing these Additional Contributions year-on-year and stipulating whether these are one-off or recurring contributions. As always, you can revisit these projections and change them at any time either when your expectations change, or you have real numbers to replace projections already made.

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