Can I retire at 60?

“Can I retire at 60?” was the question uppermost in our minds as we asked for a full financial review with Beyond Finance. As part of the preparation, we were asked for estimates of our current and future outgoings. It was a very useful discipline to collate all that information. 

Beyond Finance took the time to explore our family circumstances, our hopes and plans for retirement. Data about our pensions and other assets was entered into a sophisticated financial model which brought together many factors such as investment returns, inflation, tax rates, state pension etc. I am familiar with financial models, but I have never had the self-discipline or expertise to develop one that would apply to my own circumstances.

With all the data entered, we were able to sit down with the team at Beyond Finance and explore various scenarios.

The outcome was “yes!”

I could retire with a reasonable lifestyle, while also helping my children onto the property ladder. Beyond Finance suggested a few sensible steps as I approached retirement to optimise our tax position. 

They also encouraged us to think about how to use our money now, rather than hoard it and allow the government to take a big chunk when we die. We’ve booked a big family holiday for Summer 2024, to build relationships and create memories. We also feel confident to be generous without worrying about running out of money before we die.

Retirement has freed up my time 

I can now focus more on fostering, something my wife and I began in 2016, both looking after children at home and advocating for children in care. I also have time to undertake various voluntary roles at church. 

Yearly updates

We meet Beyond Finance each year to update our financial model and receive their ongoing advice, which we find thought-provoking and beneficial.