Retirement is a life game-changer and often means vastly different things for different people. For some, it means never earning another paycheck. For others, it’s the beginning of a second career. Clients come to us to tailor a plan that meets your unique retirement goals.
The plan includes:
- Evaluating how much you can comfortably live on without depleting your resources
- Strategizing to convert your growth investments into a reliable income stream
- Tailoring Social Security strategies to align with your goals
- Developing retirement asset drawdown strategies to minimize taxes and meet Required Minimum Distributions (RMDs), and coordinate estate and tax planning.
It’s also a time for building relationships with your spouse and heirs to ensure a smooth transition of financial assets.
While you focus on living your best life, let our team build a financial plan for you that keeps you in the game for the long haul.
Mildred & Roger
Mildred (65) and Roger (74) are in good health and optimistic about their future after a long and fulfilling career and raising a family. Roger retired eight years ago from a multinational corporation with a pension and 401(k) and has been drawing Social Security with a joint life survivorship option on his pension. Mildred, who works part-time at their church to qualify for health benefits, is considering retiring now that she’s eligible for Medicare. She also wants to spend more time with Roger, who has been slowing down and showing signs of forgetfulness. Mildred hasn’t started drawing Social Security yet, fearing her benefit might be minimal due to her years as a homemaker. They used an inheritance to pay off their mortgage, and Roger recently began outsourcing some household chores and hired a tax professional. Mildred is now interested in discussing their overall financial situation with an advisor, especially to plan for potential future needs.
Needs:
- A trusted advisor who can build a strong relationship with Roger and make Mildred comfortable.
- Coordination with their new tax professional.
- Guidance on Mildred’s Social Security withdrawal options.
- Estate planning review, including wills, powers of attorney, and advanced medical directives.
- Planning for possible future expenses related to short- or long-term care.
Solution: Planning, Advice, Asset Management (PAAM)
- Goals-Based Financial Plan: Develop a customized financial plan using Money Guide Pro (MGP) software to align with Mildred and Roger’s retirement goals.
- Psychometric Risk Assessment: Conduct a psychometric risk assessment using Datapoints software to understand their unique risk profiles, spending, saving behaviors, and money scripts.
- Ongoing Meetings: Regularly meet to implement asset management strategies, collaborate with their new CPA, and provide referrals to an estate planner for wills, powers of attorney, and other necessary documents.
- Annual Reviews: Evaluate their financial plan annually, discussing investment performance, allocation, and any necessary adjustments. Review their spending, saving, and investment strategies to ensure they meet their long-term goals and adapt to any changes in their needs.
Mildred and Roger are navigating their retirement with a focus on ensuring their financial stability and quality of life. With Roger’s recent transition from active management of their finances and Mildred’s consideration of retirement, they need comprehensive support to address their evolving needs.
Our goal is to provide clear guidance on Social Security options, estate planning, and future care expenses, while ensuring their financial plan is robust and adaptable. With regular reviews and tailored strategies, we aim to help Mildred and Roger enjoy their retirement years with confidence and peace of mind.