Planning for Peace of Mind
We all like to think that we'll have sufficient income in retirement to maintain a good standard of living, pursue our interests and stay in the home we love. But what do you do when the unexpected happens and your income suddenly changes?
Pat Osgathorp had held a savings account with Teachers since 1997, the year she married Harold. Many happy years followed, and Pat and Harold settled into a comfortable retirement in their home in Bradford-on-Avon. In June 2009, Harold passed away and Pat found herself in a very different financial situation at an already difficult time.
'My monthly income dropped dramatically, so I decided to close my savings accounts and collate all the funds into one account for ease of access,' Pat says. 'Sue Bragg in the investment team suggested I speak to Cliff Price.'
Financial advisor for TBS Financial Services Ltd, Cliff visited Pat and daughter Sally at home and looked over the familiar scenario of a decreased household income. He was then able to suggest how to simplify all of Pat's accounts and investments and improve net income.
'Like many people, Pat had savings spread around various providers and was finding it hard to manage the reduced income,' Cliff explains. 'I discussed the possible options with Pat and Sally and helped them choose the most appropriate investments to ensure income was maximised.'
Cliff also unravelled the bereavement tax coding and helped Pat to make sure her investments were tax-efficient. 'The service I have received is really excellent and I am very relieved that I can remain living in my present home,' Pat says. 'I would certainly recommend the financial planning service to my friends and family.'
With arrangements in place to secure Pat's financial future, days can be spent on less arduous tasks. 'I now intend to spend time with my family, enjoy my garden and I am seriously thinking of keeping a few chickens!' To find out more about the confidential financial planning service provided by our wholly owned subsidiary TBS Financial Services Ltd*, call 0800 783 2367.
*TBS Financial Services Limited is an appointed representative of the following companies, which are authorised and regulated by the Financial Services Authority for advising on and arranging the products shown: Legal & General (Portfolio Management Services) Limited (life assurance, pensions and investments) and Legal & General Partnership Services Limited (insurance).