Ben and Lucy were married, with three young children. Lucy was a teacher and Ben was a partner in a legal practice; although Ben was looking to exit and become a teacher too. He wasn’t enjoying his job anymore and instead wanted to move to a role that would allow him to spend more time with his family.
The couple wanted to ensure they could pay for their children’s education and live a comfortable life, with protection in place should the worst happen.
We identified a shortfall in funding the children’s university education but, assuming both Lucy and Ben acquire teacher’s pensions, they would build up enough guaranteed income to meet their needs in retirement.
Ben had been paying a large amount into his personal pension. We recommended that he redirect these contributions to ISA investments; that way, the couple could access the funds when needed.
We also set up protection for the mortgage and income, as well as helping them to create wills and trusts to protect their assets for their children upon their death.
Ben and Lucy now have a plan in place for the future: allowing them to cover both the cost of their children’s education and their desired lifestyle, including holidays abroad.
Ben also has a clear exit strategy for his desired career change.