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.
The Challenges:
Trusting someone to help them locally
Understanding what issues they face and steps they need to take
Knowing they are financially okay
Ensuring their money doesn’t run out
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, without 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?
