Case Study: Professional Retirement Plan
Mark & Jen
Age: 67 & 59
Reduce taxes, improve investments, and create a reliable income stream in retirement.
Mark and Jen have recently retired from rewarding careers and have lots of plans for the future. They want to ensure that their retirement plan not only enables the lifestyle they have envisioned in retirement but that they have a plan to make sure they never run out of money.
Mark devoted 35 years to his company before deciding it was time to move into the next phase of his life.
With his children grown, he and his wife Jen were looking forward to traveling, golfing, and giving back to their community.
His retirement package included a 401(k), stock options, and a pension, and he was hoping to put these assets to work so he and Jen could enjoy a comfortable future filled with all the things they dreamed of doing.
He wasn't quite sure about how he could access these funds and needed some advice as to what investment options were available to him.
Mark's ultimate goal was to make sure that their money would outlive them while facilitating the comfortable lifestyle they envisioned.
We wanted to help make Mark and Jen's retirement planning process as easy as possible. The last thing we wanted was to add stress to what should be a carefree time in their life, so we made sure to identify any potential tax challenges they may soon face.
Working together with Mark and Jen's CPA, we helped them in the following ways:
- Compiled all the information Mark needed from his company's benefits administrator.
- Summarized all the options available to them along with any corresponding tax ramifications.
- Established investment/retirement accounts.
- Strategized a withdrawal plan to provide them with a reliable income stream.
Being able to see and understand all of their options removed a lot of worries. They were able to move forward with their plans, confident in knowing that they would be well looked after.
The solution we developed for Mark and Jen helped them in many ways:
- They were able to reduce taxes now and in the future.
- Mark's retirement savings were protected.
Today, Mark and Jen are having the time of their lives. They travel between their home in South Carolina and their beach house on Cape Cod, visit new golf courses, and spend time with their grandchildren every chance they get.
They have the confidence of knowing that their financial plan is sustainable and the they can relax and enjoy life…on their terms.
We monitor Mark and Jen's portfolio regularly. We keep the lines of communication open with their CPA to make sure we are aware of any changes to tax laws that would impact their savings and adjust our strategy accordingly.