Illustrative Profile
Couple Transitioning Into Retirement
Primary Goal:
Ensuring they’re on track for living the lifestyle they’ve dreamt about.
This is a hypothetical, fictional examples 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
Steve and Mary, both 60, are about to embark on the biggest adventure of their life: retirement. Both have successful careers, and have been saving diligently via 401(k)s and other investment avenues. They have been empty nesters for some time, with children and grandchildren close by. As their work lives come to a close, they want to feel confident that their retirement will be everything they want it to be — and they know that means making a lot of important decisions.
The Challenge
- When to start taking social security.
- Planning for unforeseen expenditures, healthcare, taxes, and more.
- Ensuring their money doesn't run out.
- Adjusting to a completely new lifestyle.
Our Solution
We start by learning how Steve and Mary envision their retirement by our trademarked F.L.O.W. process. They wanted to travel, pursue hobbies, spend time with family, and work on their bucket list items. With that information in hand, and knowledge about their current financial situation, we help them make the right choices so they can live their best life.
We ask a lot of questions. Do they want to fund educational expenses for grandchildren? Set up a donation fund for charity? How do they like to travel? Is it funded? Will Mary be okay financially if Steve dies? Are their beneficiaries up to date? Does their income plan consider today’s tax rates? Future tax rates? Are Roth conversions a viable option? Is there a system in place to monitor any needed changes? How often would they like communication and by what means? Are their estate documents set up to distribute income and assets as they want?
Steve and Mary felt relieved and confident they had a go-to team for their financial needs. This allowed them to focus on their travel, hobbies, and spending time with their family.
Our Summary
We start by learning how Steve and Mary envision their retirement — do they want to travel, pursue hobbies, spend time with family, work on their bucket list, etc.? With that information in hand, and knowledge about their current financial situation, we help them make the right choices so they can live their best life.
We ask a lot of questions. Do they want to fund educational expenses for grandchildren? Set up a donation fund for charity? How does their travel look? Is it funded? Will Mary be okay financially if Steve dies? Are their beneficiaries up-to-date? Does their income plan take into account today’s tax rates? Is there a system in place to monitor any needed changes?
