Nancy, age 56
Primary Goals: Consolidate investment accounts, mitigate taxes, and create a reliable retirement income stream.
After accumulating wealth over the years as a City Manager, Nancy began thinking about retirement.
She currently holds a variety of investment accounts, including 457(b)'s from her employers, a Roth IRA, and a brokerage account.
She will also have a substantial PERS2 pension and Social Security
She has three adult children (one still in college) and two grandkids. Nancy lives modestly, owns her home, and looks forward to spending more time with family in retirement
The Challenge
Nancy was fairly certain she had enough to retire,but also hoped she could leave a legacy for her kids and grandkids.
She wanted a plan that would allow her to retire confidently knowing she was equipped to meet these goals.
Nancy had many questions:
She knew seeking professional help was the right choice to ease her mind and create a plan that truly worked for her family.
The Approach
The first step for Nancy was to sit down with someone who would actually listen to her questions and concerns. She wanted to be heard and wanted HER plan, not just A plan.
There is an understandable mixture of excitement and uncertainty when it comes to a retirement transition.
Once her goals were clearly documented, a personalized retirement plan that aligned with her values and priorities could be created.
The Result
Nancy was able to:
With a plan in place, Nancy is able to bring back a sense of purpose and confidence to her remaining working years.
In the near future, she will be able to fully embrace retirement and her role as a grandparent.
Note: the above case study is hypothetical and does not involve an actual LifeFocus Financial Advisors client. No portion of the content should be construed by a client or prospective client as a guarantee that he/she will experience the same or certain level of results or satisfaction if LifeFocus Financial Advisors is engaged to provide Investment Advisory Services.
After accumulating wealth over the years as a City Manager, Nancy began thinking about retirement.
She currently holds a variety of investment accounts, including 457(b)'s from her employers, a Roth IRA, and a brokerage account.
She will also have a substantial PERS2 pension and Social Security
She has three adult children (one still in college) and two grandkids. Nancy lives modestly, owns her home, and looks forward to spending more time with family in retirement
The Challenge
Nancy was fairly certain she had enough to retire,but also hoped she could leave a legacy for her kids and grandkids.
She wanted a plan that would allow her to retire confidently knowing she was equipped to meet these goals.
Nancy had many questions:
- How do I consolidate retirement funds?
- What is my money invested in? Is it right for retirement?
- Do I have enough money to pay for healthcare, especially if I retire before 65?
- What if the market drops significantly right before I retire? Or right after I retire?
- How do I switch gears from working and saving money to living off my investments?
She knew seeking professional help was the right choice to ease her mind and create a plan that truly worked for her family.
The Approach
The first step for Nancy was to sit down with someone who would actually listen to her questions and concerns. She wanted to be heard and wanted HER plan, not just A plan.
There is an understandable mixture of excitement and uncertainty when it comes to a retirement transition.
Once her goals were clearly documented, a personalized retirement plan that aligned with her values and priorities could be created.
The Result
Nancy was able to:
- Establish a retirement timeline that included future financial changes (Social Security & Medicare)
- Organize her assets so she knows she has enough money to fund what matters most
- Reduce potential taxes through strategic Roth conversions before turning on her pension and Social Security
- Maximize the effectiveness of her savings during her remaining working years
- Create an income stream to fund the first few years of retirement before turning on her pension and before Medicare and Social Security begin
- Have a plan in case investment markets dropped just before or after her retirement
With a plan in place, Nancy is able to bring back a sense of purpose and confidence to her remaining working years.
In the near future, she will be able to fully embrace retirement and her role as a grandparent.
Note: the above case study is hypothetical and does not involve an actual LifeFocus Financial Advisors client. No portion of the content should be construed by a client or prospective client as a guarantee that he/she will experience the same or certain level of results or satisfaction if LifeFocus Financial Advisors is engaged to provide Investment Advisory Services.