A couple was referred to me by a coworker, seeking guidance as they planned to retire within a few years. Both had stable incomes and some retirement savings, and they were eager to leave the workforce as soon as possible.
Their long-term retirement goals included U.S.-based travel, DIY home projects, and managing potential healthcare costs related to caring for aging parents. Additionally, we discovered after several conversations that they wanted to purchase the mother’s home to keep it in the family while providing her with financial support.
Key Findings and Solutions:
- Retirement Savings: Although they had accumulated significant savings, they were several years behind where they needed to be. Retiring immediately would have risked their long-term financial security.
- Buying the Family Home: Purchasing the mother’s house was feasible, but it required a strategic approach to ensure it was both financially viable and aligned with their overall goals.
- Tax Efficiency: While they were saving diligently, their approach lacked tax efficiency. By recommending a slight adjustment to their savings strategy, we could help them save over $20,000 in unnecessary taxes over the coming years.
Why Personalized Planning Matters
While online tools and AI can offer general retirement advice, there’s no substitute for a dedicated, empathetic advisor. A trained professional can listen carefully and identify key priorities—like realizing that buying a family home isn’t just a passing thought but a crucial part of their retirement plan. Our goal is to ensure that your retirement dreams are achievable, even when complicating factors arise.
Complicating Factors: Educator’s pension, aging parents, early retirement.