The COVID-19 pandemic cost her husband his job, and she was ready to retire as well. The 401(k) advisor at her workplace was doubtful that they had enough saved, and after interviewing several financial advisors who gave conflicting advice, she turned to us on the recommendation of a friend from church.
For this couple, retirement meant focusing on DIY projects, raising chickens, and leaving a lasting legacy. Despite the uncertainty, they hoped to retire a few years earlier than the typical age.
How We Helped:
- Transparency in Advice: During our initial meetings, they shared the advice they had received from other advisors. We clarified how each advisor’s compensation model could have influenced their recommendations, and we were upfront about our own fees, ensuring transparency.
- Maximizing Pension and Savings: After reviewing their pension options and retirement savings, we crafted a strategy that took opposite approaches to maximize both, providing them with the best of each benefit.
- Delivering Good News: When we showed them that they could indeed retire comfortably, and with more income than they had expected, they were overjoyed, celebrating right there in our office.
- Organizing and Protecting Assets: We consolidated their scattered assets, assessed potential risks from rising healthcare costs, and offered comprehensive advice. Our War Chest strategy allowed them to spend more while making their money last longer. We also helped them choose an insurance plan that not only protected them from future healthcare expenses but also aligned with their legacy goals.
Why Personalized Financial Planning Matters
This couple’s story illustrates the power of clear, personalized planning. By understanding their unique goals and concerns, we were able to build a strategy that let them retire with confidence, enjoy their hobbies, and secure a future for their loved ones.
Complicating Factors: Cash balance pension, multiple annuities, inherited funds.