A Whole New Future Opened Up

26th March 2022

How the right financial advice gave one married couple options they never thought would be possible

For Gary and Karen Sexstone, from Gosfield in Essex, the Covid-19 pandemic was time to take stock. “I had just gone back to work after several months off after a serious accident, and suddenly I was back at home,” Gary recalls. “It got us thinking about what we wanted from life.”

Gary, 59, was keen to explore the possibility of early retirement. “Our daughter has Asperger’s and needs lots of support,” he explains. “The burden of that has always fallen on Karen. I wanted to be able to help.”

However, while there was talk of potential redundancies at work, where Gary was still in a full-time project management role, the Sexstones weren’t sure if their savings, invested across different pension plans, would be enough for them to live the lives they wanted.

Faced with this dilemma, the couple turned to Steph McDonald, a director at HarperLees Financial Planning. “We had both defined contribution and defined benefit pension plans, and we didn’t know where we stood,” Gary says.

“We had some really detailed conversations with Steph. As well as our finances, we talked about our situation, what was important to us, our appetite for risk and what our absolute priorities were.”

“Gary and Karen are a great example of what financial advice is all about,” Steph says. “It’s not a question of talking about products – it is about making a difference to people’s lives,” she adds.

Steph was able to advise them that Gary was in a position to take early retirement with a plan that would not compromise the family’s future lifestyle. “I had assumed I would need to work for a couple more years at least, but Steph’s analysis showed us that did not have to be the case,” he says. “We just needed someone to talk us through what the options were, with all the variables.”

A small redundancy settlement helped cushion the move into retirement, but it was Steph’s long-term forecasts and planning that really helped Gary to get comfortable with the idea. “We talked about all sorts of issues I’d never thought about, including planning for inheritance,” he adds.

Looking back, 18 months into his retirement, Gary has no regrets: “Karen was diagnosed with cancer shortly after I retired. Thank goodness I was no longer working, it meant I was able to support her through her treatment – and be around for our children.” They also have a son still living at home.

“The Sexstones’ story is a powerful one,” Steph says. “As financial advisers, we are trying to help people as they make what can be big and difficult decisions. That is when they really need our support.”

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