Andrew, 61 years old, and Clare, 59 years old, are a married couple. They have no children and their parents have died. Both are considering retirement and they want to have a chat with their financial adviser on their retirement options. Both have a High Attitude to Risk, and they have High Capacity for Loss. Clare has a Defined Contribution pension plan from her work that is currently worth 1.25mm (she has been able to access this pension from the age of 55). Andrew has a Defined Benefits pension from his work, and he can access it from the age of 65. His final salary will be 3k per month and its value will grow up with inflation. Finally, Clare also has 150,000 in her cash ISA that may be used for her retirement. 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 are even considering buying a small holiday property in Spain for approximately 250,000. Please explain to them what their options are if they want to retire now, and which option would be the most appropriate for them. As a financial adviser, make sure you ask any questions needed before you make your recommendation. (Word Limit 500 words) (25 points)