Ken and Margaret Retire

Ken is 63 and has been retired for ten years. He worked for a telephone company, which made a large number of older staff redundant in the late 1980ís and early 90's but gave generous additions to pensions and lump sums. He received sound financial advice from an Independent Financial Adviser so he didnít need to work in order to maintain an income.

Margaret, Kenís wife, is 59 and is going to retire when she is 60 in three monthís time. She has been working as a secretary in a small company and went full time when Sharon left school. Her current salary is not large but she will have a small personal pension and her State Retirement Pension when she leaves work so with their savings and Kenís pension, she thinks they will be able to manage.

Sharon is 27. She is a lone parent and is Margaretís daughter from her first marriage. She has a part-time job but is able to work only during school hours and takes time off during school holidays or uses a child minding service.

Harry is a good friend of Ken. He took early retirement from the telephone company at about the same time. He became a widower early in life and has lived alone ever since.

Margaretís mother is Rose, aged 79. She has been living alone and looking after herself since her husband, Fred, died, five years ago.

When Margaret decided to retire at 60 everybody was pleased and was looking forward to the change in circumstances.

Ken was pleased because it would mean that he would not need to worry about keeping the house clean and he would be able to use their only car to get out more and go further afield, playing bowls and watching cricket with Harry.

Sharon was pleased because Margaret would be able to look after her daughter, Kylie, enabling her to work more hours without needing to pay for child minding. She would also be able to go out more in the evenings as Margaret and Ken would be able to babysit more often.

Harry was pleased that Margaret was retiring because it would mean that he would see his friend more often and that they could go further afield when Ken had more use of the car.

Rose was pleased that Margaret was retiring as she would be able to see her daughter more often. Although she was able to look after herself at present, if her arthritis got worse she may need more help around the home.

Margaret was looking forward to retirement. She would miss the friends that she had made at work as well as the hustle and bustle of office life. Retirement would mean that she would be able to spend more time with Ken and make better use of their National Trust subscription as well as take the cookery course that she had always promised herself. She would also feel less guilty if she could see her mother more often than once a month.

With the benefit of foresight you are asked to discuss the behaviour of each character and make some suggestions concerning immediate action which would help Margaret's retirement go smoothly!


Retirement | Life Planning | Change | Finances | Health | Relationships | Contact Us
Registered Office: 20 Bourne Court, Southend Road, Woodford Green, Essex IG8 8HD  
Registered in England and Wales. Company Registration Number 3204819
Content Copyright © by AMS    Design Copyright ©  by