Illustrative Profile
Relocated Retiree
Primary Goal:
Staying retired and enjoying life.
This is a hypothetical, fictional example of a potential client issue. This is not a real person but, this situation is used to provide clarity on potential issues others may be experiencing.
The Background
Tom, 64 and Sarah, 62, are thrilled to have left snowy winters behind to retire in South Carolina. Their kids and grandkids often come to visit, and they take trips and cruises with them. They are concerned for each other’s well-being, and want to ensure they’re taken care of if there are health issues, one spouse passes away, or there is a major economic event. They do not want to be a burden on their children.
They have developed a good network of friends in their adopted hometown, but could use some local professional help. They’ve lost touch with their advisors up north, and because of this, are taking risks they’re not aware of. Changes are not being made that need to be. They want to worry less and live more — so they can focus on family and friends.
They want to work with someone they trust locally. They want to know they are taken care of financially.
The Challenge
- Trusting someone to help them locally.
- Understanding what issues they have nd steps they need to take.
- Knowing they are financially okay.
- Ensuring their money doesn't run out.
Our Solution
We start by getting to know what’s important to Tom and Sarah. What are their goals and wishes? Their plans? Their concerns? Once we understand them, we build a game plan for a path forward. We want the same thing for them that they do: to be able to live life on their terms, reduce worry or stress about money. By reviewing their existing financial plan, we can determine if they’re on the right path, or recommend changes that will benefit their long-term plans.
We ask a lot of questions. Is a will update needed? Are beneficiaries up-to-date? Have they planned for any upcoming healthcare emergencies? What about long-term care expenses? If one of them gets sick, will the other be okay financially? Are there any modifications that need to be made in their withdrawal plan to make it more tax-efficient?
Our Summary
We start by getting to know what’s important to Tom and Sarah. What are their goals and wishes? Their plans? Their concerns? Once we understand them, we build a game plan for a path forward. We want the same thing for them that they do: to be able to live life on their terms, reduce worry or stress about money. By reviewing their existing financial plan, we can determine if they’re on the right path, or recommend changes that will benefit their long-term plans.
We ask a lot of questions. Is a will update needed? Are beneficiaries up-to-date? Have they planned for any upcoming healthcare emergencies? What about long-term care expenses? If one of them gets sick, will the other be okay financially? Are there any modifications that need to be made in their withdrawal plan to make it more tax-efficient?
We put together a plan that addressed:
- Retirement Withdrawal Strategies
- Tax-Efficient Cash Flow Planning
- Pension Payout Analysis-Annuity, Lump Sum, Survivor Benefits, Timing
- Roth Conversion Analysis
- Retirement Relocation Considerations-State taxes, estate documents, etc.
- Customized Social Security Maximization Strategies
- Health Insurance and Medicare Guidance
- Estate planning and Multi-Generational Planning
We connected Tom and Sarah to a local estate planning attorney. They updated their beneficiaries, and that’s a good thing. They have a new grandchild since they last updated their documents.
Since going through the F.L.O.W process, they feel more certain about the retirement. They know that someone knows them, their goals, their aspirations. They feel relieved knowing that if something were to happen to them, their children know who to contact. They don’t want to be a burden to their kids or grandkids.
Sarah is used to making the financial decisions. She feels relieved that Tom will have a team that knows their entire financial picture, especially if something happens to her.
