Mike & Amanda - Background

Mike and Amanda are both 52 this year. They have two children. Rob is 18 and starting his first year at Uni, Lianne is 16 and just starting her A'Levels.

Amanda's Mum is 83 and beginning to need care. Both Mike's parents are still alive and in their late 70's.

Mike has owned and run his own hair salon in St Albans for over 20 years and he employs 6 staff. He makes reasonable profit and takes about £60,000 a year from the business

He's seen a high staff turnover in recent years and works too many hours. He wants a better work life balance.

Amanda works as a PA in a local engineering company earning £22,000 a year

They have some savings and they have an investment property. They have mortgages but no other debt.

They are beginning to think about their retirement now. They feel financially unorganised and have not given much consideration yet to how they will adapt financially. They see another few years supporting the children and then believe they will put pressure on themselves to start topping up the next egg at that point.

Agreed Goals

  • To be financially able to retire at 60 if they still want to
  • To simplify their financial planning arrangements and feel organised
  • To ensure they have considered any financial risks they may have (in particular, the financial implications of Mike's death or disability)

First- The Goal Setting Stage