For example, James, a hospital consultant, and Anne, a part-time GP, approached us for financial advice at a cross-roads in their medical careers.
They were married and had three children all under the age of 10. They both recognised that the demands of their profession were having an impact on their family life and, as busy professional people, felt they had no control over their finances.
What were their aims?
Anne wanted to see if it was possible to take a career break until the girls were a little older.
They were also considering whether to start to make overpayments on their mortgage or use the income to make provision for their children’s university costs.
As part of their financial aims, they wanted to gain a better understanding of what the impact of changes to their NHS Pension schemes would be on their future plans for retirement.
How Fairstone NI helped
Having met with James and Anne, we were able to discuss the changes in the NHS pension scheme and the benefits they could anticipate receiving.
We explored the options of making overpayments to their mortgage versus funding the children’s university fees, to see what was achievable for them.
Together we made a plan which created realistic cash-flow projections to demonstrate the implications of Anne taking a career break, and also established “how much would be enough” to ensure a confident and content retirement.
Anne has now decided to take a 5 year career break, safe in the knowledge it will not have a major impact on the family’s standard of living.
The couple has also decided to make overpayments on their mortgage, deferring third level education provision until Anne returns to work.
As a result of our intervention, Anne and James now have a clear plan of how to achieve a fulfilling retirement. By creating such a plan, the family’s well-being is now secure and is protected through relevant insurance too.
Get in touch
To find out more about how our financial advisers can help you to achieve your financial objectives – be it to help with mid-career financial advice or otherwise – don’t hesitate to get in touch for an informal discussion with one of our team.