Nearing Retirement

Age: 60’s

Goal: Optimize their financial plan so that they can retire on their terms

The Challenge:

Chris and Lynn have worked to build a family business over 30 years, and they have been very successful in doing so. Until a few years ago, Chris and Lynn did most of their planning on their own. This resulted in assets at multiple providers, and some uncertainty as to where they really stood with their finances. With 5 -10 years until retirement, they had some of the following questions:

  • Should we keep maxing out our retirement accounts?

  • How much is ok to spend leading up to retirement, and what is a realistic spending amount in retirement?

  • How much can we give away, both to our family and favorite charities?

Chris and Lynn knew they had reached a point where they wanted an expert team to help them make strategic choices with their money.

Our Approach:

Since Chris and Lynn had never worked with a comprehensive financial planner before, we recommended a holistic plan with action items over an 18-month period. That way no one got overwhelmed, and the process proceeded at an orderly pace.

The Results:

Chris and Lynn knew they wanted assistance with their investments, but also needed a more simple and organized system for tracking their assets and cash flow. They also knew they needed help with their taxes.

We completed a comprehensive plan that allowed them to pursue all their needs:

  •  A tax-advantaged investment portfolio that reduced risk, improved returns, and lowered investment costs.

  • Improved asset allocation to better match their milestone goals

  • Started a systematic rebalancing strategy in their investment portfolio.

  • Reduced their tax liabilities with a charitable giving strategy and Roth conversions.

  • Optimized their company retirement plan to allow for lower costs, reduced liability to Chris as the business owner, and higher funding amounts for his employees. 

Chris and Lynn now have clarity and added confidence that they are on track to pursue their financial goals.

Disclosure:

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

All investing involves risk including loss of principal. No strategy assures success or protects against loss. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.


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