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George is married and he is 62 years old. His wife Maria is 59 years...

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Finance

George is married and he is 62 years old. His wife Maria is 59 years old. They have 2 children: Robert, age 31, and Clare, age 27. Both are financially independent. Both George and Maria are considering retirement and they want to have a meeting with their financial adviser to discuss their options. Both have a Medium Attitude to Risk and they have high capacity for Loss. George has a defined contribution pension plan from his work. It is currently worth 1.3mn and he can access this pension when he turns 55. Maria has a Defined benefits pension from her work, and she can access it from the age of 65. Her final salary will be 2k per month and its value will go up with inflation. They have no mortgage or other liabilities. They want to have a nice lifestyle during their retirement and do some extra travelling. They expect that they will need approximately 4k per month to live on. They even consider buying a small holiday property in Spain for approximately 250,000. Please explain to George and Maria what their options are if they want to retire now and which option should be more appropriate for them.

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