Robin and Mary, a couple aged 66 and 64, have never invested their savings on their own before. They are looking to set up a new strategy and funds for retirement income. With pensions, Isas, and general investment accounts in their portfolio, their main objective is to generate income in a hands-off way while also considering how to help their children financially in the future.

Retirement is often seen as a time for relaxation, travel, and family, and not everyone wants to spend their days monitoring stocks and funds. For Robin and Mary, the idea of outsourcing to a wealth manager may seem appealing, but what if they have tried that route before and it didn’t work out as expected?

The couple needs a solution that allows them to achieve their financial goals without the stress of constant monitoring. This is where a well-structured investment plan comes into play. By diversifying their portfolio with a mix of income-generating assets such as dividend-paying stocks, bonds, and real estate investment trusts (REITs), Robin and Mary can create a steady stream of income without the need for constant oversight.

Additionally, incorporating growth-oriented investments like mutual funds or exchange-traded funds (ETFs) can help their portfolio grow over time, providing a cushion for future expenses and potential market fluctuations.

It’s also important for Robin and Mary to consider the tax implications of their investments. By utilizing tax-efficient accounts like Isas and pensions, they can minimize their tax burden and maximize their returns.

In terms of helping their children financially, Robin and Mary can set up trusts or educational savings accounts to ensure that their offspring have a solid financial foundation. They can also consider gifting assets or establishing a family investment fund to pass on wealth in a tax-efficient manner.

Overall, by creating a well-thought-out investment plan that aligns with their income needs and long-term goals, Robin and Mary can enjoy a worry-free retirement while also providing for their children’s future financial security. With the right mix of assets and a hands-off approach, they can navigate the complex world of investing with confidence and peace of mind.